France to replace 'exit tax' on capital gains

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President Emmanuel Macron's government is to abolish in January next year a so-called 'exit tax', introduced by conservative president Nicolas Sarkozy and which required individuals with more than 800,000 euros-worth of assets in stocks and bonds, or at least 50 percent of the capital of a company, to pay capital gains on assets sold up to 15 years after they left the country.

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France will abolish a tax imposed on the capital gains of top earners and entrepreneurs who leave France and sell their assets with a more-targeted levy designed to deter tax optimisation, a finance ministry spokesman said on Saturday, reports Euronews.