Budget 2027: the tax on financial transactions increases, ETFs also targeted

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https://cryptoast.fr/taxe-transactions-financieres-ttf-hausse-budget-2027/

The National Assembly adopted on Monday an amendment from La France insoumise (LFI) which could shake up the taxation of stock market investments. The text plans to increase the financial transactions tax (TTF) and extend it to new products, notably ETFs and bonds.

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Created in 2012, this tax currently applies to purchases of shares in listed French companies whose capitalization exceeds one billion euros, or around 120 companies.

Amendment No. I-2527, carried by LFI deputy Aurélien Le Coq, would increase its rate from 0.4% to 0.5%, an increase of 25%. For 1,000 euros of shares purchased, the tax would increase from 4 to 5 euros.

In addition, transactions carried out on the same day, currently exempt, would be taxed at 0.1%. Derivatives, which notably allow speculation on the evolution of an asset, would be subject to a rate of 0.01%.

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The most important change, however, concerns the scope of the tax. The text now targets purchases and sales of any “financial instrument”, without market capitalization conditions. ETFs, bonds and foreign stocks could therefore be affected, although they are currently exempt from the FTT.

But this extension is accompanied by a particularity: the tax would apply when at least one party to the transaction is established in France and a financial institution with its headquarters in France is involved in the transaction.

Conversely, a French investor using a foreign broker could, according to this editorial, escape the new tax if no French financial institution intervenes.

This would be a major change: today, the purchase of a TotalEnergies share is taxed regardless of the country of residence of the investor or their broker.

LFI estimates that this reform could bring in up to 11 billion additional euros per year. But this calculation remains uncertain, as investors could shift their operations to foreign intermediaries.

The Court of Auditors recalls that the introduction of the FTT in 2012 led to a drop of 10 to 20% in the volumes traded on the securities concerned.

Adopted by 33 votes to 26, with 37 abstentions, the amendment received an unfavorable opinion from the government and the general budget rapporteur. Nothing is definitive yet. The text must pass the next parliamentary stages, and the reform could disappear from the final version of the 2027 budget.

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Machine-translated from French