Doubling of the systemic risk tax rate on banks (0.50%)
The August 2012 Amending Finance Act raises from 0.25% to 0.50% the rate of the systemic risk tax paid by large credit institutions, based on their minimum capital requirements (Article 235 ter ZE of the General Tax Code). The doubling applies from 1 January 2013. For 2012, the same article creates an exceptional additional tax equal to the tax already due.
Measure originators
A positive amount is revenue or savings for public finances; a negative amount is a cost or lost revenue.
Measure impact
According to the Senate finance committee report, the tax at 0.25% was expected to raise over €800 million in 2013; doubling the rate brings its yield to €1.6 billion, paid mainly by the five large banking groups. The rate was raised to 0.539% in 2014.
Official references
Sources
Procedure timeline
Follow the progress of this fiscal measure through the different stages of the parliamentary procedure.
Administrative implementation
Entrée en vigueur de la mesure et mise en œuvre par l'administration
President of the Republic signature
Publication au Journal officiel
Possible referral to Constitutional Council
Décision de conformité / censure partielle
National Assembly has the final say
Si échec CMP