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France. Luxury yachts tax revenue falling short of expectations

France. Luxury yachts tax revenue falling short of expectations

In 2017, with the abolition of wealth tax in France, the deputies of the presidential majority had introduced a tax on yachts which was supposed to bring 10 million euros. Two years later the results are far from the goal.

By Luxus Plus

Joel Giraud, the budget rapporteur of the French National Assembly, unveiled in a report the results of the amendment to introduce tax measures on yachts and luxury cars.

The revenue that was expected to be 10 million for the yachts, as originally planned, finally reached the global amount of only 86 700 euros, according to the data collected before the closure in May 2019.

Moreover the increase over the last year is very low because in May 2018 the total revenues of the tax was 82,500 euros, which means a rise of only 4200 euros in one year.

These disappointing figures are explained by the fact that french customs are struggling to collect taxes especially when the boats are foreign.

According to Joël Giraud, five of the seven yachts that were affected by the increase in the scale have not paid their tax obligations yet.

The amendment introducing the taxes on yachts also had a second part which dealt with luxury cars.

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It is more successful because it allows to collect 15 million euros last year, but this is still far from the originally estimated 30 million euros target.

 

 

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