Europeupdated 1h ago2 min read
Archive photo · 29 September 2011France Postpones 2027 Budget Vote as National Assembly Debates Revenue Section
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National Assembly postpones vote on 2027 budget revenue section for the second time. MPs remove doubling of VAT on pay TV; amendments shift tax measures.
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France budget deadlock
France postponed the 2027 budget vote on the revenue section for the second time, with the French National Assembly set to continue debating the revenue section on Tuesday instead of holding a planned vote.
France’s National Assembly faced a backlog of 758 amendments still pending examination, and the Assembly’s end-of-session notice said the first-reading examination had a deadline of midnight on Nov. 17.
France’s government planned 43 billion euros in efforts to bring the public deficit to 5% of GDP, while France’s economy contracted by 0.1% in the third quarter after a bleak start to the year.
France’s budget debate also unfolded under the pressure of high school student protests, a surge in fuel prices, and demonstrations against the high cost of living, as the government tried to keep its deficit goal on track.
VAT, pay TV, and 49.3
French MPs rewrote VAT on pay TV during first reading by removing the doubling of VAT on pay TV, and they adopted amendments ranging from the National Rally to the Communist group. Canal+ threatened to raise subscription prices, and the budget bill provided for eliminating the reduced rate of 10% for classic pay television channels that broadcast their programs in real time.
Minister of Action and Public Accounts David Amiel defended the measure, saying it would bring in 400 million euros, and he estimated that since the start of the examination the public deficit had "virtually worsened by 23.9 billion euros." The National Assembly’s calendar remained under the threat of Article 49.3, and the LCP-Assemblée nationale account said the deputies had until midnight on November 17 at the latest to examine and vote on the bill in first reading.
Crypto exit tax rejected
France rejected two proposals that would have applied exit taxes to unrealized crypto gains when taxpayers transferred their tax residence abroad, and the National Assembly rejected the first proposal with 27 votes in favor, 55 against and one abstention.
France’s National Assembly rejected a separate proposal with 31 votes in favor and 60 against, which would have taxed unrealized gains on household crypto holdings worth more than 800,000 euros when taxpayers transferred their tax residence outside the country.
France’s crypto debate also included a proposal to require reporting of self-custodied crypto holdings worth a combined value of at least 100,000 euros to tax authorities, based on their value at year-end.
France’s National Assembly also approved a proposal on Oct. 16 to tax gains when crypto assets are converted into fiat-pegged stablecoins, and the measure "has not become law."