France’s National Assembly rejected a tax on windfall profits on Saturday in a close vote, as pressure mounts to tax energy and transport companies that have benefited from rising prices.
As they were discussing an update of the finance bill for this year, 114 members of the lower house rejected amendments that would have set up an exceptional tax on so-called “superprofits” from companies such as TotalEnergies SE, Engie SA and shipper CMA CGM SA. The tax was proposed by the left, and backed by 96 members of parliament, including one who belongs to French President Emmanuel Macron’s coalition. Some deputies from Macron’s party have advocated for such a tax, but abstained during the vote.
On Friday, Total and CMA CGM said they would grant fuel and freight-rate rebates in France, bowing to political pressure for measures to soften the impact of inflation and counter the call for a windfall tax.
While the government did not back the tax, French Finance Minister Bruno Le Maire had asked both firms to make a bigger effort to help consumers and welcomed the firms’ announcements, saying pressure on the companies has been “efficient.”
Since he lost his outright majority in the lower house of parliament last month, Macron has been forced to seek ad hoc coalitions to pass legislation. He passed his first test earlier last week, with the adoption of measures aimed at sheltering households from surging inflation, passed thanks to the support of Marine Le Pen’s National Rally party and the conservative Les Republicains.
On Saturday, lawmakers also agreed to scrap the TV license fee and to fund media such as France 24 TV channel or France Inter via the value-added tax. Other measures on the agenda of the National Assembly include the funding of the full nationalization of energy company Electricite de France SA as well as cuts on fuel prices and subsidies for energy.
Debates were to continue over the weekend, and legislation still needs to be approved by the Senate.
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