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The exit tax, buried by Emmanuel Macron, will finally be replaced

The exit tax, buried by Emmanuel Macron, will finally be replaced

Emmanuel Macron was controversial in the promise of removal: Bercy said Saturday, September 15 that "the exit tax", intended to curb the tax exemption of entrepreneurs, would in fact be "replaced" by a "more targeted".

"The exit tax as it is now will be removed," Bercy insisted and defended the controversial promise the President had made last May.

"Les Echos", who revealed the case on their website on Saturday, writes to them that "the supervisor waives the removal of the exit tax".

"Anti-abuse device"

The new "anti-abuse device" will focus on the sale of assets up to 2 years after leaving France, for up to 15 years at this time, AFP told a spokesman for the ministry. It is clear that it would tax taxpayers who emigrate for the sole purpose of selling their business or their shares without paying tax on the profits made.

The exit tax was introduced in 2011. This tax relates to the "unrealized capital gains" of entrepreneurs who decide to transfer their domicile abroad, in case of an effective transfer of their assets in France. fifteen years after their departure.

Only people who have spent at least six years in France and have assets in shares and bonds of more than 800,000 euros or at least 50% of the capital of a company are affected by this arrangement.

Except that the tax in its present form is an "administrative headache for taxpayers", which is mandatory to provide guarantees to a public accountant and to make annual statements to the French tax authorities during this long period after their departure , has to debate the Bercy spokesman.

With the new system, this guarantee will "only exist for people who leave a country without a convention for tax assistance with the recovery with France", he added.

This tax "not particularly interesting"

In an interview in May with the American magazine "Forbes", Emmanuel Macron had expressed the wish to remove this tax, deprived of "meaning" and send a signal "negative" for the attractiveness of France.

The proceeds of this tax is "not particularly interesting for public finances", Emmanuel Macron had also justified, who then did not speak to replace it with another device.

Several members of the government at that time estimate that this tax yielded about ten million euros per year.

Opinions differ, however, about the potential future income that the state would abandon by simply abolishing this tax. Knowing that the money only comes in the cash in case of an effective transfer of their shares by the taxpayer, an assignment that can take place years after their departure from France.

Signals to the left electorate

Emmanuel Macron's remarks, in a journal known for his annual ranking of the world's riches, had revived the criticism of a member of the board who had already been accused of serving only the interests of the rich after the abolition of the wealth tax (ISF).

The new scheme will be included in the Financing Act of 2019, which will be implemented by the government on 24 September.

This budget of 2019 is more difficult to fill than expected, because the executive power is torn between slow turnover growth and promises of good budget behavior in Brussels.

The announcement regarding the "exit tax" also comes at the moment Emmanuel Macron sends signals to the electorate on the left, very against the manager.

The poverty plan revealed Thursday, and the recognition of the French state's responsibility for torture death, Maurice Audin, a mathematically communist militant for the independence of Algeria, was interpreted in this sense. Even if the Elysée causes the coincidence between the two & # 39; coincidence & # 39; is.

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