France Extends 5% corporate tax surcharge till 2015: International Tax Consulting Team
France has extended till 2015, the 5% corporate tax surcharge on corporate income tax liability payable by certain companies. Here are some highlights of the development from Nair & Co.,
(prHWY.com) March 22, 2013 - Sunnyvale, CA -- * The extension is until fiscal year ending on December 30, 2015. Originally, the 5% surcharge was implemented only for fiscal years ending on or after December 31 2011 and until December 30 2013.
* The new provision has been approved by the French Parliament in the Finance Law 2013 (Loi de finances pour 2013, LF 2013). The new Provision is applicable to companies whose turnover is more than EUR 250 million.
* Parent companies of tax groups with an overall turnover of more than EUR 250 million will automatically fall under the new 5% surcharge provision.
* Under this new provision, the temporary 5% surcharge is calculated on the gross corporate income tax liability. It is calculated on the amount of the standard rate (33.33%) or according to a reduced rate (19% or 15%).
The marginal corporation tax rate will continue to be considered at the rate of 36.10% for both fiscal years 2013 and 2014.
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