France Lower House Passes Law on Minimum Wealth Tax

The French lower house of parliament (Assemblee Nationale) Feb. 20 passed Draft Law No. 58 on a minimum wealth tax for the ultra-rich. The law includes measures to: 1) introduce a 2 percent minimum wealth tax for natural persons on the total value of their assets above 100 million euros (US$104.8 million), under specified conditions; 2) assess the taxable value on Jan. 1 of each year; 3) tax non-residents on the value of their property located in France; 4) require that taxpayers submit a declaration by Sept. 23 of each year, specifying the gross and taxable net value of their ...