Panic with French Stamp Duty
Not really an expert when it comes to French taxes. That’s okay as long as the only link is the tiny tourist tax. However, if you’re involved in trading French over-the-counter stocks and derivatives – you should take the time to figure out what’s happening at the moment.
See, there is this stamp duty tax in France. Used to be capped at EUR 5000, and only applicable for transactions with the existence of a “written deed” (“acte“). Nothing will change for regular executed trades on an exchange. But as of January 1st 2012 the law has changed. The scope of the law has been widened, and the cap is removed.
OTC trades in French stocks or options could be affected by this law. Nobody knows. Everybody is puzzled and this creates panic among the French brokers. Some brokers halted OTC trading altogether until clarifications from the French Tax Authorities arrive. Understandable, with the Sarkozy government viewing the financial world as the root of all evil.
- PWC Landwell newsflash (pdf)
its french elections, sarkozy is panicked, this has been discussed in some shape or form for long time now,
Any news from any of the big Market Makers on bonusses and the like? Haven’t read anything of the now quite usual IMC end of year “Sorry, no bonus, your fired”. Its been quiet around All Options for a while, might be a stupid question but anyone get a bonus over 2011? Expecting one for 2012? How many guys left there?
French government may be blind to finance – but the industry is huge and a key element of prestige and French pride. They’ll not ruin things.
tell that to sarkozy,
No more bonuses – only variable pay.