France

Millionaires Tax given go ahead


Published

The Constitutional Council of France announced yesterday that President François Hollande’s “millionaires’ tax” was constitutional and could go ahead. The new tax, a 75% levy on the portion of more than €1 million (£834K; $1.34 million) paid to any employee, will be taken through the employee’s company for 2013 and 2014.

The tax is expected to raise around €210 million a year and will affect about 500 companies and football clubs.

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