Taxation: the end of a cycle and the acknowledged return of the tax burden
The reversal of the French tax trajectory under political and budgetary pressure, including changes affecting capital income and wealth-management strategies.
After several years marked by a reduction in compulsory levies, the French tax environment is changing direction. Budgetary constraints and political instability are bringing taxation back to the centre of economic adjustment.
ince the 2018 Finance Bill, France’s fiscal trajectory has appeared to be clearly geared towards a gradual reduction in compulsory levies. This trend, designed to boost the country’s attractiveness and support investment, has become a lasting feature of economic policy.
The 2025 Finance Bill marked the start of a shift. The 2026 bill now confirms a genuine change of course.