Taxation on donations: Bercy plans a relief

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Yes, when the public finances will allow it. The Minister of Action and Public Accounts Gérald Darmanin said Thursday he favored a reduction in taxation on donations.

"I suggested to the President of the Republic, if there should be a downward fiscal instability, that we can think about the issue of donations," said the Minister of Public Accounts at a debate during the Meeting of the entrepreneurs of France, the new summer university of Medef, at the racecourse of Paris-Longchamp.

Gérald Darmanin said he was in favor of a proposal by the CEO of Total Patrick Pouyanné to further exempt donations between parents who are still alive and children, while legacies are being made at an increasingly advanced age.

Pass on to the "generations who need it"

"We need a transmission for generations who need it," said Patrick Pouyanné. People "need to be supported at age 30 for housing and entrepreneurs, not at age 60 when their life is behind them," he said. "With (the Minister of Economy and Finance) Bruno Le Maire, we proposed" such a measure, answered Gerald Darmanin.

"It will not be in this finance bill (for 2020) but as soon as we have a little room for maneuver", and if "revenues and economic growth remain strong," he added.

According to the Minister of Public Accounts, "inheritance is very unfair at the same time to tax it because after all people have already been taxed in their lives by income tax and other taxes … it is a kind of double punishment.

"Seduced by what the government of President Sarkozy had done"

On the other hand, "we also think that it is the best of social reproductions and that it is an inequality to inherit or not to inherit", he added before saying "enough reluctant to go to (a reform of the imposition of) inheritance.

"I was pretty seduced by what the government of President Sarkozy had done," which had introduced a tax-free amount for donations between living, which was then reduced under the five-year Hollande.

The economist Agnès Benassy-Quéré for its part proposed the creation of an account on which would be written what each individual received in donation and inheritance during his life, with a global ceiling of tax exemption, taking again an idea of economist Tony Atkinson.



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