MOSCOW, December 30 (RAPSI) - France’s Constitutional Council approved a plan by the country’s government to tax salaries in excess of EUR 1 million by 75 percent for 2013 and 2014, Reuters reported Sunday.
According to the report, Hollande’s plan would impose a 50% duty on the portion of earnings exceeding EUR 1 million, which – when combined with other taxes and fees – would come out to 75% of wages above the mark.
A similar plan, which would have imposed a 75% tax against high earners, was initially shot down in December 2012 as members of the Council held that it would have been illegal to impose taxes exceeding 66% against individuals, the report added.
The new version of the plan taxes companies rather than the individuals working for them.
Famed French actor Gerard Depardieu received fast-tracked Russian citizenship in January. He said he had renounced his French citizenship ahead of the government’s planned implementation of a 75 percent tax rate for annual earnings above $1.3 million.