The Parliament passed a number of measures merely to increase revenue.
First, the act doubles the rate of the tax on financial transactions enacted by the first 2012 Amending Finance Act, passed last February by the previous Parliament. Hence, the tax rate on sales of shares in companies listed in Paris (whose capitalization exceeds 1 billion euros) is raised from 0.1% to 0.2% of the amount of the transactions performed, as of August 1, 2012 (date on which the tax enters into force). In addition, this act brings the date forward for assessing stock market capitalization to December 1 of the year preceding the taxation year (instead of January 1 of the taxation year).
In addition, the Senate made depository receipts issued by foreign banks listed on foreign markets subject to the tax.
Second, the act enacts for only 2012, an exceptional additional contribution to the bank tax on systemic risks, originally created by the 2011 Finance Act for banking institutions under the control of the Prudential Supervisory Authority and subject to minimum requirements of more than 500 million in shareholders’ equity. This additional contribution doubles the tax on systemic risks due in 2012, since it is due by the same taxpayers at the same rate (0.25%) applicable to the same base of minimum requirements of shareholders’ equity assessed on a consolidated basis and set over the previous fiscal year. It will have to be paid by no later than September 30, 2012.
In addition, an amendment passed during the vote made permanent the doubling of the systemic risks tax as of January 1, 2013.
Lastly, for only 2012, an exceptional contribution on the value of oil products inventory, due by owners of such products on July 4, 2012 is enacted. “Oil products and products deemed as such” are mentioned (mentioned in Graph B of Article 265-1 of the Customs Code, which are within the scope of a tax suspension regime).
This contribution, calculated at 4% based on the value of their 2011 end-of-year inventory, shall be paid by taxpayers no later than December 15, 2012.