France to propose new tax on luxury goods

Purveyors of luxury goods could soon see themselves taxed in France, the country most associated with the production and export of all things luxury.

The proposal comes from the highest order, with French President Emmanuel Macron aiming to implement a tax on hard luxury goods for the upcoming budgetary year.

The tax would affect France’s haute jewellers, as well as those looking to purchase supercars, yachts and precious metals.

While campaigning, President Macron promised to do away with France’s wealth tax. Introduced in the 1980s by socialists, the wealth tax was applied to individuals with assets of more than 1.3 million euros, according to Luxury Daily.

France counts a number of high-end jewelry maisons that would be directly impacted by the tax on its goods, including Richemont’s Cartier and LVMH’s Chaumet, as would international brands that have a retail presence.

photo credit: Chaumet, source: Chaumet Facebook