French Parliament Approves Temporary Surcharge on Large Companies

On 14 November 2017, the French National Assembly (lower chamber of parliament) gave final approval for an amendment to the budget law for 2017 for the introduction of a temporary surcharge on large companies to offset the cost of pending refunds resulting from the repeal of the 3% tax on profit (dividend) distributions in October. The surcharge applies for financial years ending on or after 31 December 2017 up to 30 December 2018.

In the final version, the rate of the exceptional surcharge…