Brought to you by: Pastor Real Estate & Barclays
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.
Additionally, over this same period, there is a French air traffic control strike which will affect Nice airport. See the airport’s website for real-time flight arrivals and departures.
Monaco now has four new Ambassadors from Belarus, Malayia, Mali and the European Union.
For the first time, Monte Carlo will play host to the World Top Model final, set to take place on 14th December at the Fairmont Hotel.
Same sex couples in Monaco will be able to benefit from a host of legal rights afforded to married couples and their children, under a new Free Union law that has just been passed by the National Council. After reading a very detailed report by Pierre Van Klaveren on bill 974 and the civil contracts of […]
Princess Charlene of Monaco has shared what life is like raising her strong-willed twins in a new interview published recently. The South African born Princess also revealed that her husband, Prince Albert, is a “fun” father who personally takes his kids to school every day.