left-wing MPs push through a tax on superdividends

On Thursday, November 7, the National Assembly adopted a tax on superdividends from very large companies. These socialist, “rebellious”, communist and environmentalist amendments were widely adopted (145 votes for, 37 against), thanks to the addition of the votes of the left and the National Rally (RN), against those of the government camp.

This additional tax concerns companies which have a turnover greater than or equal to 1 billion euros and which distribute dividends exceeding by 20% the average of dividends distributed over the previous five years. The fraction which exceeds this 20% is then taxed at 5%.

According to the socialists, this tax aims “the very large companies which have benefited from the succession of crises” and continued to “paying dividends at record levels”citing in particular « BNP Paribas, Sanofi, Axa, LVMH or Total ». Superdividends “only serve to inflate financial bubbles and enrich a few”defended MP Aurélien Le Coq (La France insoumise) during the debates.

Macronist MP Pierre Cazeneuve deplored a measure likely to penalize shareholders and French companies in a globalized system. Businesses “will pay more dividends to ensure the same return to their shareholders and therefore invest less”producing « l’exact inverse »he also pleaded.

“Euro-incompatible” amendments

The general budget rapporteur, Charles de Courson, issued an unfavorable opinion, arguing that a similar measure adopted in 2017 had been annulled after in particular an appeal to the European Court of Justice: “These amendments are Euro-incompatible, we can regret that,” more, “if you vote for it, it will happen again” the same.

A risk for which the “rebels” say they are prepared: “we assume disobedience” towards the European Union, affirmed Eric Coquerel during a press conference. The president (LFI) of the finance committee claimed in passing the fact of “tackling the hundreds of billions [d’euros] of surplus accumulated by capital » since the election of Emmanuel Macron in 2017.

In the same vein, the deputies also adopted an LFI amendment aimed at making the payment of the research tax credit (CIR) conditional on the prohibition, for a company, of relocating its activities for ten years.

At the start of the evening, the Assembly voted to exempt from property tax the premises of associations recognized as being of public utility working in the social field. An amendment carried by the Socialist Party (PS), against the advice of the government. Green light also for the extension of the tax on commercial premises to giant warehouses – with the e-commerce sector in the crosshairs. Earlier, several tax measures encouraging agricultural businesses to adopt more sustainable operating systems had been passed.