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French Parliament Passes Transaction Tax in Hollande Budget

France’s parliament passed President Francois Hollande’s revised 2012 budget, including a 0.2 percent transaction tax on share purchases that takes effect today.

Both houses of Parliament approved the budget law, which includes 7.2 billion euros ($8.9 billion) of tax increases to meet deficit-reduction goals. The budget law was voted on last night by the National Assembly and the Senate, both of which are controlled by Hollande’s Socialist Party.