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SBD Global/December 17, 2013/Finance

French Government Exempts Monaco Footballers From 75% Tax

The French government on Friday performed a U-turn and "exempted Monaco from paying the 75 percent tax" on earnings of more than €1M ($1.37M) that will be introduced in '14, according to the AFP. Deputies in the National Assembly had agreed that Monaco, which is subject "to vastly different tax laws in the principality, would also be subject to the controversial new tax imposed on all other professional clubs in the French league set-up." However, Budget Minister Bernard Cazeneuve confirmed on Friday afternoon that "the decision had been reversed because of the 'risk' that the tax law could be considered unconstitutional if applied to a company not registered in France." As a result, a narrow majority (12 to eight) of deputies "went back on their vote of the previous night." However, Cazeneuve added that the aim was still to "treat all clubs equally." The amendment agreed by MPs on Thursday ahead of the '14 budget "sought to force all foreign-based sports clubs affiliated to a French federation and playing in a French competition to pay the tax" (AFP, 12/13).
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