Sarkozy Eyes New Tax On Wealth

Confirming government plans to conduct a reform of taxation in France in a supplementary finance bill in Spring 2011, French President Nicolas Sarkozy insinuated that both wealth tax (l’impôt de solidarité sur la fortune – ISF) and the highly unpopular tax shield mechanism (le bouclier fiscal) could be abolished as part of proposals for reform.
Underlining the fact that France is in global competition, President Sarkozy stated that it was simply “unacceptable” to have a gap in competitiveness with Germany, France’s principal trading partner. Alluding to the decision to endeavour to harmonize the French and German systems of taxation, Sarkozy emphasized the need to make taxes in France comparable and compatible in order to prevent an exodus of capital, jobs and industry away from France.
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