The French government plans to introduce in its draft budget for 2025 presented on Thursday an “exceptional tax” on large maritime freight companies, which should bring in 500 million euros next year. It should only affect the main French shipowner serving overseas territories, CMA CGM, which anticipated the measure.
To find 60 billion euros and straighten out public finances, the government is planning a major cut in state spending.
In the presentation of the 2025 finance bill, presented to the Council of Ministers this Thursday, October 10, the French government wishes to establish a “exceptional tax” on large ocean freight companies. Supposed to report 500 million euros next year, it should only affect the main French shipowner serving overseas territories, CMA CGM.
Bercy says he wantstake into account the specific taxation methods of this sector“, an allusion to the favorable tax regime from which it has long benefited.
The tax “will apply for two financial years to maritime transport companies with a turnover of more than 1 billion euros“, specified the government. It will be based on the share of operating income corresponding to maritime freight operations, at a rate of 9% for the first financial year and 5.5% for the second – which should bring in 500 million euros in 2025 and 300 million in 2026.
This tax “will only effectively apply to the CMA CGM“, the only one to exceed the turnover threshold of one billion euros, according to a government source.
The CEO of the Marseille group, Rodolphe Saadé, had anticipated such a measure at the end of September. “If the government decided on an exceptional solidarity contribution from big businesses, we would be there“, he said.
“The most important thing above all was to maintain the tonnage tax (the advantageous tax system specific to maritime transport) and from this point of view, we are satisfied“, for his part indicated the president of Armateurs de France, Edouard Louis-Dreyfus.
CMA CGM has seen its profits increase since the Covid-19 pandemic thanks to the explosion in freight rates. They peaked in 2022 with a net profit of $24.9 billionopening a debate on the taxation of corporate “superprofits”.
Rates have since largely normalized and the shipping carrier posted a profit of $1.4 billion in the first half of 2023.
