“Yes, there will be a contribution” for companies that have made significant profits during the Ukrainian crisis, confirmed Emmanuel Macron during his television interview on Thursday July 14. But a priori not in the form of a tax, a measure which, according to the Head of State, is largely a matter of “demagoguery”.
The idea gathers widely in the opposition, whether at Nupes and RN, and has begun to seduce in the camp of the Republicans. Economists are not left out. The Circle of Economists pleads for “a 25% tax on surplus profits linked to the economic situation to contribute to measures to support purchasing power”. As early as last March, the Secretary General of the OECD, Mathias Cormann, judged “possible to increase the level of taxation” energy companies for “redirect part of these revenues towards measures aimed at cushioning the impact of rising prices on consumers”.
The vice is tightening on France, while more and more countries have finally resolved to adopt such a device. Great Britain will thus take 25% of the profits of its oil giants, while Italy has decided to impose an additional 25% surcharge on the profits of large energy companies. After having retreated for the first time, Spain announced on Tuesday July 12 that it wanted to recover 2 billion euros from the accounts of energy companies and 1.5 billion from those of banks.
“Major carriers” put to work
However, this is not the option defended by Emmanuel Macron. The Head of State argued that the situation of British or Italian energy companies was not comparable to that of French groups and that EDF had already been heavily used to finance the tariff shield. He also pointed out that TotalEnergies made most of its profits abroad, which would make a national tax inoperative.
In the line defended by Bercy in recent weeks, the Head of State prefers to encourage companies to make a direct gesture in favor of households. What TotalEnergies did by offering a rebate on gasoline at its motorway stations.
Emmanuel Macron also quoted “big carriers” : “We are going to put them around the table, we have already started, to help us lower prices and even repair some of the increases in raw materials and food, in particular for our overseas territories”. At the invitation of the government, the shipowner CMA-CGM, whose profits have exploded, has announced a rebate to its customers.
In the past, France has nevertheless used exceptional tax measures. Thus the “Juppé surcharge” of 10% on corporation tax from 1995 to 2005, to enable public finances to meet the Maastricht criteria, or, after the 2008 crisis, the “exceptional contribution” which, from 2011 in 2016, allowed the state to levy 38% tax on the profits of the largest companies. “We must not forget the 3% tax on digital services to which the Gafa are subject: France is therefore not completely lacking in this area”recalls Béatrice Hingand, director of tax-accounting editorial staff at Éditions Francis Lefebvre, who is nevertheless concerned about the “bad signal that could be sent to companies at a time when we are trying to attract them”.
“The effectiveness of such a measure is always difficult to estimate”
“In recent years, we have lowered the level of corporate taxation from 33% to 25%, not to give gifts but to align ourselves with our neighbors who are also tax competitors, recalls this tax specialist. Overtaxing companies could have implications for the transfer of registered offices abroad. »
“The effectiveness of such a measure is always difficult to estimate, notes for his part Frédéric Douet, director of the master’s degree in business law and taxation at the University of Rouen-Normandy. I doubt it will change anything, but there is an important psychological aspect to satisfy the French. »