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."