The French government will impose heavy taxes on domestic firms that have any kind of establishment in 18 countries it has designated as tax havens, the daily newspaper, Le Figaro, reported yesterday.
The tax on dividends, interest and licence fees that flow through these tax havens will be hiked from 15 to 50%.
In addition, a 95% tax exemption on dividends paid by subsidiaries to parent companies will be annulled if the subsidiary is active in one of the countries on France’s blacklist.
Others will follow.
The power of finance in these locations to cause harm has to be broken.