An update on France's parliamentary fiscal folly: “exceptional” additional tax on the profits of large companies and tax on share buybacks

The Lépine competition for the most anti-economic tax measure is in full swing at the French National Assembly. The extension of the additional tax on large French companies at a higher level than announced last year is bad news, but it can be absorbed and is relatively unsurprising. The proposed massive increase in tax on share buybacks would be disastrous for the Paris stock exchange if it were to survive the budgetary process: we list in this Flash the CAC companies most exposed to this measure. As for the (revised) "Zucman tax", it is due to be debated this Friday in the French National Assembly. The skies are darkening for French equities, and for the country's economy in general.