STAMP OUT STAMP DUTY
Stamp duty could soon be a thing of the past, if French presidential candidate François Fillon gets his way.
In a bid to become the next president of France, the Republican party candidate is proposing significant property-based tax reductions and a liberalisation of the private housing sector.
A main objective of his manifesto that was presented during the primary elections is to make the housing sector “fairer and more efficient”, by giving more freedom and incentives to local authorities, developers and investors, and by reducing regulations and taxes. A key proposal in achieving this is the abolition of stamp duty on the sale of property.
Stamp duty is currently at the rate of 5.9%. If Fillon’s proposal were to be implemented, the measure would likely be introduced in stages. A timescale was not included in Fillon’s policy statement.