While the Finance Bill for 2025 had been significantly amended this week, the Finance Committee voted to reject it on Saturday. What’s next now?
The amended version of the Finance Bill for 2025 was rejected
Saturday afternoon, the Finance Committee was responsible for voting on the new version of the Finance Bill (PLF) for 2025. We saw yesterday morning, the said version had been profoundly amended by the left-wing deputies, at point of pose great risks to the savings of all French people.
As a reminder, here are some non-exhaustive points that were added to the initial version:
- Flat tax at 33%;
- Minimum holding period of the main residence of 5 years to benefit from a tax exemption;
- Removal of the exemption from inheritance tax capped at 152,000 euros per heir on life insurance;
- An “exit tax” called “targeted universal tax”;
- Integration of cryptocurrency assets into the calculation of real estate wealth tax.
For the moment, these initial concerns are therefore dismissed, given that the text was rejected en bloc, by 29 votes to 22.
While France is already one of the most taxed countries in the world, this new version of the PLF 2025 added 50 billion euros in additional tax revenue compared to what had been envisaged in the government's first version.
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On X, the Minister of Budget and Public Accounts, Laurent Saint-Martin, denounced an increase in taxation, which was not only unacceptable, but also irresponsible :
The urgency is not to increase taxes on the French by 50 billion but to sharply curb our public spending. This is the project that I am carrying for the government and that I will defend from Monday in public session, and I know it is shared by the majority base of the National Assembly.
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For its part, the New Popular Front (NFP) denounced an alliance between “ Macronie » and the National Rally (RN):
BILL FINANCE 2025 | The “revenue” part of the finance PJL desired by Mr. Barnier was significantly modified by the NFP. This shows that the left has significant weight in the AN, even pushing – again – Macronie and the RN to join forces to reject the text. pic.twitter.com/mIht0V9ixA
— New Popular Front
(ex NUPES News) (@NupesNews) October 19, 2024
For his part, Prime Minister Michel Barnier expressed his relief to the Journal du Dimanche (JDD) in the face of a text which was “ become unbearable “. He thus warns that the governmentt will be attentive to the next debates which will continue from Monday from the initial version:
As part of the parliamentary debate, we will pay attention to amendments which preserve or improve competitiveness and, more broadly, economic activity. Because things must be clear: the effort that everyone must take part in cannot turn into a Lépine tax competition.
On the same subject — What does the first version of the PLF 2025 contain?
Although this is not, for the moment, on the agenda, the person concerned also suggested the possibility of recourse to article 49.3 of the Constitutionso as not to “ compromise the management of state finances and endanger France's financial credibility “.
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Sources: X, JDD
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
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