France to tax yachts, supercars and precious metals
By Staff Writer - October 14, 2017
Photo: Monaco Life
French President Emmanuel Macron’s abolition of the wealth tax soon after he took office was designed to stem the flow of millionaires from the country, but following a sustained outcry from his critics – who have called him “President of the rich” – his government is planning to introduce a tax on luxury yachts, supercars and precious metals in the 2018 budget.
The wealth tax was brought in by the Socialists in the 1980s, and was levied on individuals with assets above €1.3 million. Although there were plans to replace it with a real estate tax, yachts, luxury cars and jewellery were supposed to escape the levy.
“The idea of the wealth tax reform was that there should not be a brake on contributors to economic production, that we suppress taxes that deter investors,” Richard Ferrand, leader of the Republic on the Move parliamentary group, has said.
“Taxing real estate wealth is compatible with this, but goods such as yachts, luxury cars or precious metals do not contribute to the productive economy either.”
The 2018 budget bill will be studied by parliament’s finance commission this week.
Meanwhile, Tuesday, October 10, will see another national day of strike action against the President’s changes to France’s labour laws. Expect delays and cancellations for regional train service in and out of Monaco until 8 am on Wednesday, October 11.
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The owner of the 40-metre yacht that caught fire in spectacular fashion off Nice last Thursday has been revealed as Italian industrial tycoon, Diana Bracco.
The yacht caught fire and sank before the eyes of stunned tourists six kilometres from Nice-Côte d’Azur Airport and the Promenade des Anglais. Ms Bracco was reportedly on-board “If Only” at the time. She was rescued along with 10 other passengers, while one was taken to hospital in nearby Antibes.
The fire took hold early on Thursday afternoon and the yacht finally sank at around 10 pm at night.
Born in Milan, Diana Bracco is President and CEO of the Bracco Group, a healthcare multinational and world leader in imaging diagnostics with a consolidated turnover of over €1.3 billion, 3,400 employees and a portfolio of over 1800 patents, according to the company.
She is also the former vice-president of Confindustria, the largest organisation representing manufacturing companies in Italy. She was Commissioner General of Section for the Italian Pavilion at the Expo Milan 2015.
A Russian shopper said she was in too much of a hurry to pay for a tank top after she was apprehended on suspicion of shoplifting in the Louis Vuitton Pavilion in Monte-Carlo.
The woman, in her forties, was not present in court to hear that on the day in question, August 10 this year, staff became suspicious when she offered to pay for a sweater but not the tank top, which she was wearing underneath.
She had money enough in her purse to pay for the item, and in her defence she said she was in a hurry to leave because she was due to collect new boots in the nearby Christian Louboutin store, which she feared might close.
The public prosecutor was not convinced by the defendant’s excuse, and asked for a fine of €5,000. The court took into account the lack of any criminal record and the restitution of the tank top, and cut the penalty in half.
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