Author Topic: France To Hit Supercars With Luxury Taxes  (Read 94 times)

0 Members and 1 Guest are viewing this topic.

Offline cawimmer430

  • Der Benz Experte
  • Bloggers
  • *
  • Posts: 88324
    • Wimmer Fotografie
France To Hit Supercars With Luxury Taxes
« on: October 10, 2017, 12:34:05 pm »
France To Hit Supercars With Luxury Taxes



French President Emmanuel Macron is set to propose a tax which will affect supercars, luxury yachts, and precious metals.

Since taking office, the former banker has scrapped the country’s long-standing wealth tax and is set to replace it with a new tax on goods which fail to contribute to France’s economy, such as supercars.

No indication has been given as to how steep the taxes on supercars would be but they wouldn’t be without precedent. In Australia, for example, the Luxury Car Tax imposes a 33 per cent levy on vehicles that cost more than $65,094, those which consume more than 7L/100 km and $75,526 for those more fuel-efficient exotics.

Speaking to The Independent, leader of the Republic on the Move parliamentary group Richard Ferrand said, “The idea of the wealth tax reform was that there should not be a brake on contributors to economic production, that we suppress taxes that deter investors.

“Taxing real estate wealth is compatible with this, but goods such as yachts, luxury cars or precious metals do not contribute to the productive economy either."


Link: http://www.carscoops.com/2017/10/france-to-hit-supercars-with-luxury.html
-2007 BMW 118i Automatic 5-Door Hatchback (E87)

WIMMER FOTOGRAFIE - Professional Automotive Photography based in Munich, Germany
www.wimmerfotografie.de
www.facebook.com/wimmerfotografie
www.flickr.com/photos/wimmerfotografie
http://wimmerfotografie.tumblr.com

Offline Xer0

  • ****
  • Posts: 3937
Re: France To Hit Supercars With Luxury Taxes
« Reply #1 on: October 10, 2017, 12:44:29 pm »
Replacing a wealth tax with a consumption tax I'm totally cool with.  But holy hell, 33% on anything costing more than 65K in Australia?  Damn, that explains why some cars are so expensive in Australia.

Offline cawimmer430

  • Der Benz Experte
  • Bloggers
  • *
  • Posts: 88324
    • Wimmer Fotografie
Re: France To Hit Supercars With Luxury Taxes
« Reply #2 on: October 10, 2017, 12:48:29 pm »
Replacing a wealth tax with a consumption tax I'm totally cool with.  But holy hell, 33% on anything costing more than 65K in Australia?  Damn, that explains why some cars are so expensive in Australia.


Not just Australia. To my knowledge similar luxury car taxes like this exist in Norway, Denmark, The Netherlands and Belgium.
-2007 BMW 118i Automatic 5-Door Hatchback (E87)

WIMMER FOTOGRAFIE - Professional Automotive Photography based in Munich, Germany
www.wimmerfotografie.de
www.facebook.com/wimmerfotografie
www.flickr.com/photos/wimmerfotografie
http://wimmerfotografie.tumblr.com

Offline SVT_Power

  • Edouard
  • *****
  • Posts: 19274
  • F.Y.A
Re: France To Hit Supercars With Luxury Taxes
« Reply #3 on: October 10, 2017, 01:13:15 pm »
Just a technicality but I read the other day in one of the European countries because of free flow of trade/people laws in the EU, the government couldn't impose a import duty if you circumvented the local sales tax by buying your car elsewhere in Europe. Instead they charge you a huge % for registering the car instead, which apparently is fine to do.
"On a given day, a given circumstance, you think you have a limit. And you then go for this limit and you touch this limit, and you think, 'Okay, this is the limit'. And so you touch this limit, something happens and you suddenly can go a little bit further. With your mind power, your determination, your instinct, and the experience as well, you can fly very high." - Ayrton Senna

Offline veeman

  • ****
  • Posts: 2552
Re: France To Hit Supercars With Luxury Taxes
« Reply #4 on: October 10, 2017, 02:40:00 pm »
Well something/someone has to pay for universal healthcare, free college, extended maternity/paternity leave, lots of holiday, and refugee resettlement. 

Offline MX793

  • Powered by OnePointTwentyOne JiggaWatts
  • *****
  • Posts: 19671
  • Haulin' Ass, Gettin' Paid
Re: France To Hit Supercars With Luxury Taxes
« Reply #5 on: October 10, 2017, 03:22:33 pm »
Just a technicality but I read the other day in one of the European countries because of free flow of trade/people laws in the EU, the government couldn't impose a import duty if you circumvented the local sales tax by buying your car elsewhere in Europe. Instead they charge you a huge % for registering the car instead, which apparently is fine to do.

Works that way in a number of US States as well.  If I buy a car in a state that doesn't have sales tax and then try to register it in NY, I pay the NYS sales tax on the value of the vehicle at the time I register it.  Other states base annual registration fees on the book value of the vehicle, so you're basically hit with a "wealth" tax every year by driving an expensive vehicle.
Needs more Jiggawatts

10 wheels, 17 cylinders, 728 hp
2016 Ford Mustang GTPP / 2006 VW Jetta 2.5 / 2014 Kawasaki Ninja 1000 ABS
1992 Nissan 240SX Fastback / 2004 Mazda Mazda3s / 2011 Ford Mustang V6 Premium / 2007 Suzuki GSF1250SA Bandit