News by tag: France

15.11.2017

HSBC Private bank agrees to pay €300 million to avoid tax fraud trial

HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay €300 million to avoid going to trial in France for enabling tax fraud, prosecutors said on Tuesday.  HSBC was accused last year of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe. 

 
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10.10.2017

Luxury tax becomes a hot topic for Macron

Following a couple of weeks of public uproar after the French government said it was going to scrap a wealth tax that applies to personal assets of more than $1.5 million, Emmanuel Macron’s administration will propose a tax on luxury yachts, supercars and precious metals in France’s 2018 budget.  Macron, a former Rothschild banker, has been trying to shake off the label of “president of the rich,” but the September proposal of replacing the tax on high-end assets such as jewellery with just a real estate tax didn’t help his cause.

 
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04.10.2017

UBS France : La Maison de Gestion is the house for wealth management

UBS France's new 4.5 billion euros wealth management division, La Maison de Gestion, is looking at hiring new staff to grow the business, the company said on Tuesday. The Swiss bank's La Maison de Gestion arm was formed from a deal struck in December last year when UBS France agreed to buy the local private banking business of Italy's Banca Leonardo. The new division was formally launched on Tuesday. With the transaction in France, UBS thus has acquired the access to the circle of super rich individuals and families.

 
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25.09.2017

Air France unveils Joon, the unit company for Millennials

Air France formally launched on Monday its new “Joon” lower-cost airline, which the company hopes will attract a younger clientele and restore some routes to profitability. Air France said on Monday that Joon would start off by flying to six destinations. Joon is “especially aimed at a young working clientele, the millennials (18- to 35-year-olds), whose lifestyles revolve around digital technology,” Air France said in a statement, without elaborating on what new technology would be deployed.

 
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11.09.2017

EU Members ask for a web tax on digital tech giants

The finance ministers of France, Germany, Italy and Spain have written a joint letter to the European Union's presidency and Commission calling for taxes on tech giants' revenues, not just their profits. The four nations want the Commission to produce an "equalization tax" that would make companies pay the equivalent of the corporate tax in the countries where they earn revenue. France is leading a push to clamp down on the taxation of such companies, but has found support from other countries also frustrated at the low tax they receive under current international rules.

 
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31.08.2017

France: Microsoft may face €600 mln tax payment

Tax authorities in France are reportedly seeking €600m in taxes from the local subsidiary of software giant Microsoft. The company paid €32.2 million in corporate tax in France last year, and billed French customers from its operation in Ireland, where business tax rates are considerably lower, the weekly L'Express reported on Wednesday.

 
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10.08.2017

France: Tax system unacceptable for platform as Airbnb

The issue of tax in Europe does not seem to be a happy one when it comes to tech giants like Apple, Google, Amazon, and Facebook. According to France's new Finance Minister, Bruno Le Maire, France and Germany can harmonize their corporate tax rates by 2018, paving the way for full harmonization across the eurozone. Le Maire made the comments during a television interview with Bloomberg. When asked if he wishes to lower the corporate tax rate to 25 percent across all states in the eurozone, Le Maire replied that the Macron Government has decided first to reduce the level of taxation in France. He argued that the tax burden is "too high and too unstable."

 
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08.08.2017

OECD: economic growth in France and Germany, UK slows

The U.S. is set for steady economic growth, while the U.K. and Russia appear to be heading for slowdowns, according to leading indicators released Tuesday by the Organization for Economic Cooperation and Development. The leading indicator for the U.S. was unchanged at 99.7 for the third straight month, signaling that its growth outlook has steadied, albeit at a weaker rate than normal. This is an improvement on indicators published in July, which hinted at a U.S. slowdown, and implies global economic prospects could be boosted as U.S. trade flows pick up.

 
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08.08.2017

France: the Giant Airbnb pays taxes as a small company

France is Airbnb's second largest market and yet in 2016, the internet giant paid the country just €92,944 in taxes – equivalent to the amount paid by small and medium-sized enterprises (SMEs). With 350,000 listings, France is Airbnb's second-largest market after the United States, and Paris, the most visited city in the world, is its biggest single market, with 65,000 homes.

 
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13.07.2017

Switzerland, France to set tax data exchange

Switzerland and France have smoothed over concerns which had blocked the exchange of tax data between the two countries, a boost to French efforts to pursue cash hidden from the taxman. The way in which data sent over by Switzerland was used in a French legal case involving UBS, Switzer­land’s biggest bank, had raised concerns for the Swiss that the two countries had different understandings of their double taxation agreement (DTA). DTAs are in place to try to prevent double taxation and also set the ground rules for administrative assistance in tax matters.

 
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