French to steer investors from tax havens

| 17/11/2009

(AFP) The French government has drawn up a bill proposing a series of financially punitive measures to discourage individuals and companies from investing in tax havens, officials said Monday. One measure would impose a 50-percent tax rate on dividends, interest payments or other proceeds paid by French firms to people or other firms domiciled in tax havens, according to the bill presented at a cabinet meeting. Such proceeds are currently either tax free or taxed at a maximum 30 percent rate. The new measure would come into effect on January 1, according to AFP. The measures would apply to states on an OECD "grey list" of countries that pledged to implement internationally agreed tax standards but have not yet done so, and with which Paris has not signed deals to exchange fiscal information.

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