Sarkozy tax cap refunds €679m

President's flagship tax policy hands back millions as state look elsewhere to pay off debt

Published Wednesday 30 November 2016 - 15:36 Modified Wednesday 30 November 2016 - 15:36

FRANCE'S tax cap, the bouclier fiscal has resulted in €679m of tax being refunded.

The cap limits the amount of tax a person pays to 50% of their income each year.

It take into account both local taxes, wealth tax, social charges and income tax.

President Sarkozy reduced the limit to 50% shortly after being elected to office and has repeatedly defended the policy against detractors who believe it only benefits the rich.

The Economy Ministry has released figures for the tax rebates in 2009, which saw 18,764 tax payers receive a total refund of €679m.

The figure is higher than the minstry's estimation earlier this year that 16,350 people would recieve €586 million.

Over 1,169 households received cheques of at least €362,000, while 9,789 received payouts of €559.

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