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19 December 2024

French Parliament approves Special Finance Bill for 2025

  • The French Parliament has approved the Special Finance Bill for 2025.
  • The Special Finance Bill allows a rollover of the 2024 budget to 2025, until a new budget for 2025 is voted.
 

Executive summary

On 18 December 2024, the French Parliament approved the Special Finance Bill for 2025 (the Special Bill).

The purpose of the Special Bill is to allow the tax rules existing in 2024 to roll over to 2025, until the vote of a new Finance Bill for 2025 occurs early in the new year.

Detailed discussion

The French Parliament failed to approve the draft Finance Bill for 2025 that was released on 10 October 2024,1 forcing the French Government to resign on 5 December 2024.

In the absence of a new budget for 2025 that can be voted by the end of 2024, the Special Bill, which the outgoing French Government presented on 11 December 2024, allows a rollover of the 2024 budget to 2025, in addition to empowering the authorities to levy taxes and borrow funds.

The French Parliament approved the Special Bill on 18 December 2024, therefore avoiding a shutdown, until a new French Government is appointed and a new budget for 2025 is voted by the French Parliament, likely during the first quarter of 2025.

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Endnote

1 For background, see EY Global Tax Alert, French Government releases draft Finance Bill for 2025, dated 15 October 2024.

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Contact Information

For additional information concerning this Alert, please contact:

Ernst & Young Société d'Avocats, Paris

Ernst & Young LLP (United States), French Tax Desk, New York

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor

Document ID: 2024-2344

 
 

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