"Golden parachutes": tax deduction limited to six times the annual social security ceiling per beneficiary

Article 21 of the 2009 Finance Act inserts a paragraph 5 bis into Article 39 of the General Tax Code: deferred remuneration of public limited company executives covered by Articles L. 225-42-1 and L. 225-90-1 of the Commercial Code (compensation, remuneration or benefits due on termination or change of duties, or afterwards) is deductible from taxable profit only up to six times the annual social security ceiling per beneficiary. Above that, these amounts are subject to corporate income tax.