Banks' systemic risk tax raised from 0.50% to 0.539%

Article 35 of the 2014 Finance Act raised the rate of the systemic risk tax (Article 235 ter ZE of the General Tax Code) from 0.50% to 0.539%. The tax is due by credit institutions and investment firms whose minimum capital requirements exceed €500m. The increase funds the banking sector's share of the support fund for local authorities that took out structured loans. The Government's bill proposed 0.529%; the 0.539% rate came from an amendment by the general rapporteur of the National Assembly finance committee.