In a television interview on March 28, François Hollande declared that the 75 per cent tax on income in excess of €1m will be collected from companies rather than individuals, as initially planned.

This option was deemed to be preferable by the Council of State, which took the view that an income tax rate of 66.66 per cent was “confiscatory”.

However, for the business daily, “the solution has advantages and disadvantages (...) companies may choose to pay, but highly placed executives will still benefit from the same salaries. Furthermore, there is a risk that the measure will be circumvented. Finally, what about [highly paid] artists, sports personalities, and independent professionals?”