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1、POLICY PAPER FEBRUARY 2023European Production Tax Barometer 2023 European Production Tax Barometer 2023 POLICY PAPER FEBRUARY 2023Institut Montaigne is a nonprofit,independent think tank based in Paris,France.Our mission is to craft public policy proposals aimed at shaping political debates and deci
2、sion making in France and Europe.We bring together leaders from a diverse range of backgrounds government,civil society,corporations and academia to produce balanced analyses,international benchmarking and evidence-based research.We promote a balanced vision of society,in which open and competitive
3、markets go hand in hand with equality of opportunity and social cohesion.Our strong commitment to representative democracy and citizen participation,on the one hand,and European sovereignty and integration,on the other,form the intellectual basis for our work.Institut Montaigne is funded by corporat
4、ions and individuals,none of whom contribute to more than 3%of its annual budget.5www.institutmontaigne.org/enABOUT THE BAROMETERAuthor:Lisa Thomas-DarboisShe joined the Institut Montaigne in 2021 as a policy officer on economic and public finance issues.Before joining the Institut Montaigne,Lisa wa
5、s a M&A analyst in a consulting and auditing firm and a technical advisor in the office of the Minister of Action and Public Accounts.She is now in charge of the Economy and State Action Department at the Institut Montaigne.Working team:For this second edition of the European Production Tax Baromete
6、r,the Institut Montaigne has once again collaborated with the teams of Mazars Socit dAvocats.Their tax experts have proposed a harmonised legal approach to pro-duction taxes thanks to the support of its international network,based in each of the eleven countries concerned by the study.In this respec
7、t,the Institut Montaigne would like to warmly thank the following people for their contribution:Bruno Pouget,Partner at MazarsElena Aubre,Partner at Mazars Socit dAvocatsGuillaume Durand,Lawyer at Mazars Socit dAvocatsThere is no desire more naturalthan the desire for knowledge7www.institutmontaigne
8、.org/enwww.institutmontaigne.org6About the barometer.5I.Analyzing Barometer results for the year 2021 .71.Putting it into perspective:the challenges of production taxation .72.This year,France is once again among the countries with the highest taxes on production.83.The general trend of lowering pro
9、duction taxes seems to be continuing,although in a heterogeneous way across the various countries studied .94.Most of the European countries in this study have,according to our analysis,even lower taxes on production than the Eurostat data estimates.12Germany .13Belgium .13Denmark .13Spain .14France
10、 .14Italy .15Netherlands.15Poland.15Portugal .16Sweden.16Switzerland .17II.Barometer Methodology.181.Barometer Characteristics and Objectives.182.Specificities of the Second Edition of the Barometer .193.Defining precise specifications .194.A comparison of the specifications and of“Eurostat”data by
11、Mazars teams in France and Europe .205.Developing the indicator .22Acknowledgments .231 Les prlvements obligatoires en France(Fipeco,octobre 2022)https:/fipeco.fr/fiche/La-d%C3%A9finition,-le-niveau-et-la-r%C3%A9partition-des-pr%C3%A9l%C3%A8vements-obligatoires2 Les impts sur la production(Fipeco,no
12、vembre 2022)https:/www.fipeco.fr/fiche/Les-imp%C3%B4ts-sur-la-productionIANALYZING BAROMETER RESULTS FOR THE YEAR 2021 1.Putting it into perspective:the challenges of production taxationIn 2021,despite a slight decrease of 0.5 percentage points,France once again has the second highest compulsory tax
13、 rate all taxes and social contributions combined in the European Union(EU);this represents 47%of GDP,just behind Denmark(48.8%),nearly 5 points higher than the EU average.1Production taxes,mostly payable by companies,are no exception:based on Eurostat figures,French production taxes reached 4.5%of
14、GDP in 2021(compared with 5.3%of GDP in 2020).With an average at 1.7%for the European Union,2 France remains one of the countries with the highest taxations on production,behind Sweden(9.9%),whose social welfare system is significantly financed by these taxes.Following the last presidential election
15、,the issue of production taxes seems to have become more central to the political discourse and to government action notably with the announcement that the value-added tax(CVAE)will be phased out over two years,as outlined by the latest finance bill for 2023.However,this downward trend must be susta
16、ined and increased,in view of the stated objective to reindustrialize and restore French competitiveness.The perma-nent lowering of this tax is a prerequisite to restore French economic sovereignty.Hence,the need has never been greater to contribute this clear and objective tool to the public debate
17、,in order to measure the actual margins of progress in this area over time.TABLE OF CONTENTS89www.institutmontaigne.org/enwww.institutmontaigne.org/enEUROPEAN PRODUCTION TAX BAROMETER 20232.This year,France is once again among the countries with the highest taxes on productionANALYZING BAROMETER RES
18、ULTS FOR THE YEAR 2021 As in the previous year,Eurostat data ranks France among the“poor performers”of the European Union,with production taxes amounting to 4.5%of GDP,proportionally half as much as Sweden(9.9%)but twice as much in total value.France remains the country with the highest production t
19、ax revenues(113billion),four times higher than Germany despite German GDP being almost 1.5times higher.Our barometer reaches similar conclusions in terms of ranking within the European Union,but with a much greater level of precision.Thanks to a refined legal metho-dology,the amounts and relative bu
20、rdens of the various production taxes taken into account in our barometer are as close to the economic reality as possible.According to our analysis,in 2021,the burden of Frances production tax was the second highest of all countries studied(3.8%of GDP)behind Sweden(9.9%of GDP),a level well above th
21、e median calculated for the eleven countries in the study(which is close to 1.7%).In absolute terms,France also ranks first according to the results of our barometer:production taxes in France reached nearly 95billion down 5billion from 2020 compared to 25billion in Germany.In the other eight countr
22、ies,the share of production taxes rarely exceeded 2%of GDP,in some cases it was at a level of 1%of GDP or less as in Germany,Belgium,the Netherlands and Switzerland.3.The general trend of lowering production taxes seems to be continuing,although in a heterogeneous way across the various countries st
23、udied This new edition confirms this downward trend in production taxes in Europe:this drop in the tax burden for companies reflects a European desire to improve the competitiveness of its industrial fabric.Of the 11 countries studied,nine have expe-rienced a decrease in their production tax burden.
24、9.9%4.5%3.0%2.7%2.3%2.1%2.1%1.6%1.5%9.9%3.8%2.8%2.7%1.7%2.1%1.0%1.5%8%10%6%4%2%0%SwedenFranceItalyDenmarkPolandSpainBelgium0.8%0.4%0.7%0.7%0.4%Median:1.7%Average:2.5%PortugalNetherlandsGermanySwitzerlandShare of production taxes in GDP by countryEurostat data 2021Institut Montaigne Barometer 2021,wi
25、th the help of Mazars1011www.institutmontaigne.org/enwww.institutmontaigne.org/enEUROPEAN PRODUCTION TAX BAROMETER 2023ANALYZING BAROMETER RESULTS FOR THE YEAR 2021 Two countries have experienced a particularly sharp decline in the share of production taxes in their GDP:France and Sweden.France is t
26、he country with the strongest change among the countries observed(-0.6points of GDP over the period).This reduction in the tax burden on production is mainly due to two measures implemented in 2021:the halving of the CVAE and the halving of the business property tax(CFE)4.The forthcoming abolition o
27、f the CVAE,planned to be phased out between 2023 and 2024,should confirm this downward trend.-0.6-0.4-0.1-0.1-0.1-0.10.20.10.10.2Points of GPD-0.1-0.2-0.3-0.4-0.5-0.60FranceSwedenPortugalNetherlands DanermarkBelgiumSwitzerlandGermanySpainItalyPoland000Change in production taxes in GDP points between
28、 2020 and 20217%9%11%5%3%1%10.3%4.4%2.7%2.8%2.1%1.5%1.6%1.1%9.9%3.8%2.8%2.7%2.1%1.7%1.5%1.0%8%10%12%6%4%2%0%SwedenFranceItalyDenmark 3SpainPolandPortugal0.7%0.7%0.4%0.7%0.7%0.5%BelgiumGermanySwitzerland NetherlandsChanges in production taxes between 2020 and 2021Institut Montaigne Barometer 2022(202
29、0 data),with the help of MazarsInstitut Montaigne Barometer 2023(2021 data),with the help of Mazars3 Denmark was not included in the previous edition,so our methodology was applied retroactively to the 2020 data,in order to allow for a comparison with the 2021 data.4 CFE-related revenues have fallen
30、 from 7.1billion to 5.6billion over the period 2020-2021 according to our barometer.1213www.institutmontaigne.org/enwww.institutmontaigne.org/enEUROPEAN PRODUCTION TAX BAROMETER 2023ANALYZING BAROMETER RESULTS FOR THE YEAR 2021 These figures show clear improvement regarding the share of production t
31、axes for French companies,and thus potential improvement in competitiveness.While this is an encouraging trend,it should be remembered that France remains one of the countries with the highest production tax burden:3.8%in 2021,compared to an average of 2.5%for the countries studied in this second ed
32、ition.While the relative weight of these taxes in national GDP is falling,it should be noted that this trend is more nuanced in absolute terms,with a rather upward trend.Only France and the Netherlands have seen a decline in production tax revenues in total value.But this data must be considered alo
33、ngside the general increase in GDP over the period 2020-2021.Take Sweden,for example:production taxes have increased in total value by almost 10%,but its GDP has increased by 12%.In relative terms,we thus observe a decline in its production tax burden.Finally,two countries have seen a significant in
34、crease in the weight of their production taxes:Italy and Poland.This increase is driven by a strengthening of environmental taxation in Poland and by measures to increase taxation linked to the health crisis in Italy(details below).4.Most of the European countries in this study have,according to our
35、 analysis,even lower taxes on production than the Eurostat data estimates Thanks to the specifications produced by Mazars(found in the appendix),these variations,more or less significant from one country to the next,are explained hereafter.It should be noted that this endeavor is not without its dif
36、ficulties,since each country has its own approach and hence presents its own set of difficulties in terms of understanding.GermanyInstitut Montaigne Barometer:0.7%of GDPBased on Eurostat data:0.8%of GDP2020 Reminder:Institut Montaigne Barometer:0.7%of GDPIn Germany,some taxes,considered to be produc
37、tion taxes by Eurostat,have been removed from our barometer,such as“Steuerhnliche Einnahmen”,or“Rundfunkbei-trag der Unternehmen”for a total amount of 2.6billion in 2021.Germany stands out with a significantly stable production tax at a very low level,which contributes to substantially strengthening
38、 the competitiveness of its industrial fabric.BelgiumInstitut Montaigne Barometer:1%of GDPBased on Eurostat data:2.1%of GDP2020 Reminder:Institut Montaigne Barometer:1.1%of GDPIn Belgium,some of the production taxes taken into account by Eurostat are in fact a contribution payable by households,not
39、by companies.This is the case for the“Advance tax payment on property(PP)”for example,with an amount of 4billion in 2021,which is not taken into account by our barometer.Other taxes,with amounts under 100 million,also do not meet the definition of production taxes according to our specifications.Den
40、markInstitut Montaigne Barometer:2.7%of GDPBased on Eurostat data:2.7%of GDP2020 Reminder:Institut Montaigne Barometer:2.8%of GDPThe taxes listed as production taxes by Eurostat are essentially the same as those used in our specifications.However,it should be said that there was a slight decrease in
41、 the production tax burden in Denmark between 2020 and 2021.Though this fluctuation is more correlated to the increase in GDP over this period than due to a real drop in production tax revenues.Indeed,the latter increased by 4%between 2020 and 2021,and was compensated by an increase of almost 8%in D
42、anish GDP over the same period.1415www.institutmontaigne.org/enwww.institutmontaigne.org/enEUROPEAN PRODUCTION TAX BAROMETER 2023SpainInstitut Montaigne Barometer:2.1%of GDPBased on Eurostat data:2.1%of GDP2020 Reminder:Institut Montaigne Barometer:2.1%of GDPThe vast majority of Eurostats production
43、 taxes have been taken into account in this second edition of the barometer.Smaller taxes have been removed from the analysis,but did not have a significant impact on the weight of production taxes in relation to GDP.Although it should be noted that for the real estate tax(“Impuesto sobre bienes inm
44、uebles”),almost 13.6billion in 2021,segregating the share potentially paid by households could not be done due to missing data.The share of production taxes in Spain could therefore actually be lower.FranceInstitut Montaigne Barometer:3.8%of GDPBased on Eurostat data:4.5%of GDP2020 Reminder:Institut
45、 Montaigne Barometer:4.4%of GDPIn France,most production taxes taken into account by the Eurostat data have also been listed as production taxes in the Mazars specifications.Thus,about 80%(nearly 95billion)of the 113billion in French production taxes,as identified by Eurostat,are also classified as
46、such by Mazars.On the other hand,the legal expertise of Mazars teams has made it possible to distinguish between property tax revenues paid by households and those paid by businesses.Thus,unlike the Eurostat data,which takes into account all property tax revenues,the barometer only takes into accoun
47、t property tax revenues paid by businesses.As a result,a downward adjustment of 20billion in property tax revenues paid by households has been made in relation to the Eurostat data.This adjustment explains the reduction in the share of production taxes in France,com-pared to the Eurostat figure of 4
48、.5%of GDP.Other upward adjustments have also been made.In fact,according to the definition used in the specifications,other taxes are included in the scope of production taxes:this is the case for revenues from the household waste collection tax for instance,ANALYZING BAROMETER RESULTS FOR THE YEAR
49、2021 which have been added to our barometer(an addition of nearly 7billion,for this tax alone).ItalyInstitut Montaigne Barometer:2.8%of GDPBased on Eurostat data:3%of GDP2020 Reminder:Institut Montaigne Barometer:2.7%of GDP after adjustment(compared with 2.5%of GDP previously)Tax revenues from produ
50、ction taxes have increased compared to the previous year.Due to lack of structural reform to the system,tax revenues increased by almost 3.2billion,this was particularly the case for the“Regional tax on productive activi-ties”(IRAP).As this increase is similar to other taxes,it could be the conseque
51、nce of the various measures taken by local authorities to deal with the Covid-19 health crisis(postponements and delays in the payment of tax installments).NetherlandsInstitut Montaigne Barometer:0.4%of GDPBased on Eurostat data:1.5%of GDP2020 Reminder:Institut Montaigne Barometer:0,5%of GDP after a
52、djustment(compared to 0.4%of GDP prior)There has been a significant decrease in tax revenues generated by production taxes compared to the previous year.This is the case for“Loonbelasting”,and miscellaneous taxes on salaries whose tax revenues have decreased by nearly 800million between 2020 and 202
53、1.PolandInstitut Montaigne Barometer:1.7%of GDPBased on Eurostat data:2.3%of GDP2020 Reminder:Institut Montaigne Barometer:1.5%of GDP after adjustment(compared with 1%of GDP prior)1617www.institutmontaigne.org/enwww.institutmontaigne.org/enEUROPEAN PRODUCTION TAX BAROMETER 2023In Poland,most of the
54、production taxes included in the Eurostat data do not qualify as production taxation,according to the legal definition of production taxes deve-loped in our methodology.This is why the share of taxes on production is reduced in our barometer.On the other hand,a significant increase in tax revenues g
55、enerated by produc-tion taxes can be seen compared to the previous year,such as real estate taxes(+1billion)and taxes on polluting substances emissions(+7billion).However,segregating the share potentially paid by households,and the breakdown of the different taxes included in their tax bases,could n
56、ot be carried out due to missing data.Thus,the weight of taxes on production in Poland could actually be lower.PortugalInstitut Montaigne Barometer:1.5%of GDPBased on Eurostat data:1.6%of GDP2020 Reminder:Institut Montaigne Barometer:1.6%of GDPFor Portugal,some taxes,considered as production taxes b
57、y Eurostat,have been removed from our barometer.These taxes are not listed as production taxes accor-ding to the legal definition developed in the methodology.The total amount of these changes remains very marginal,since the total amount of these taxes does not exceed 200million,which explains the s
58、imilarity with the figures provided by Eurostat.SwedenInstitut Montaigne Barometer:9.9%of GDPBased on Eurostat data:9.9%of GDP2020 Reminder:Institut Montaigne Barometer:10.3%of GDPSweden,which is ranked ahead of France,is the leading country in terms of produc-tion taxation as a percentage of GDP.Th
59、e significant share of production taxation in Sweden is explained by a decision to finance its social system,which is based,for the most part,on taxes,and not on social contributions,as is the case in France.Thus,the vast majority of production taxes are actually levied on the wage bill,instead of o
60、n social security contributions.Here again,certain taxes have not been taken into account in the calculations,while others have been added,arriving at a similar result to that of the Eurostat data.ANALYZING BAROMETER RESULTS FOR THE YEAR 2021 SwitzerlandInstitut Montaigne Barometer:0.7%of GDPBased o
61、n Eurostat data:0.4%of GDP2020 Reminder:Institut Montaigne Barometer:0.7%of GDPFor Switzerland,some taxes that were not considered to be production taxes by Eurostat have been added to our barometer.These taxes are considered to be production taxes according to the legal definition developed in our
62、methodology.19www.institutmontaigne.org/enwww.institutmontaigne.org18IIBAROMETER METHODOLOGY1.Barometer Characteristics and ObjectivesThe various indicators or studies of production taxation are usually based on data provided by Eurostat,though these may be skewed since the data(i)does not guarantee
63、 a harmonized comparison of the various types of production taxes and(ii)does not dissociate the various categories of taxpayers subjected to these taxes(households,administrations or companies).Our European Production Tax Barometer overcomes these limitations,delivering two significant innovations:
64、The first is a legal and fiscal analysis of production tax revenues in France and in ten other European countries with comparable economies:Denmark,Sweden,Spain,Portugal,Italy,Belgium,Poland,the Netherlands,Germany and Switzerland.The expertise and methodology implemented by Mazars have thus made it
65、 possible to compare,in an exhaustive and harmonized manner,the burden of production taxes actually borne by companies in these countries,including France.The second is a long-term analysis,as this Barometer is currently in its second edition,and shall be regularly updated over the next five years.T
66、hus,since Frances position in terms of production taxation can be analyzed and compared with that of its main European neighbors,taking into account future tax reforms.This new tool is another step towards improving tax transparency for French and European economic players.The barometer aims to prov
67、ide clarity on a crucial issue for all companies,especially companies in the industrial sector,which is heavily affected by this category of taxes.To what extent do production taxes differ between countries?To find out,Mazars teams helped the Institut Montaigne develop a common reference indicator b
68、y benchmarking the legislative and tax systems of ten countries with the French BAROMETER METHODOLOGYsystem.This barometer now allows us to see the weight and effects of the different production taxes for companies in each country studied.2.Specificities of the Second Edition of the BarometerThis se
69、cond edition of the Production Tax Barometer follows up on the work started the previous year.In light of past,current and future tax reforms particularly in France with the CVAE phase out the Institut Montaigne,in collaboration with Mazars,has decided to give it another go in order to provide a cri
70、tical and relevant perspective on these issues.This year,the United Kingdom has been removed from the list of countries studied,mainly because of its withdrawal from the European single market.As the United Kingdom is no longer subject to the same legislative constraints and no longer part of the sa
71、me economic environment,comparing the UK with the other countries in this study is no longer relevant.Moreover,Eurostat no longer studies the United Kingdom since its exit from the European Union,depriving our barometer of reliable data useful for our analysis.Denmark enters this new edition of our
72、barometer.The country has a strong pre-sence in the common market,thanks in particular to a strong export industry:the study of Danish production taxes is an excellent case study to illustrate the challenge of competitiveness for European companies.3.Defining precise specificationsThe experts relied
73、 on the European Regulation No 549/2013 of May 21,2013,which defines production taxes,as well as on French legal standards,in particular from case law determined by the French High Courts.Once the scope of the legal definition of production tax were formalized,Mazars teams in France drew up a set of
74、 specifications listing the information required to identify and analyze production taxes for each of the eleven countries studied.The specifications thus include a list of all existing taxes with an indication of the taxes,duties and contributions that meet the definition of taxes on production(e.g
75、.,property taxes or taxes on use of land,buildings and constructions for production 2021www.institutmontaigne.org/enwww.institutmontaigne.org/enEUROPEAN PRODUCTION TAX BAROMETER 2023BAROMETER METHODOLOGYpurposes CFE,property tax.),taxes on movable assets used for production purposes(corporate vehicl
76、e tax.),taxes on labor(payroll tax.),based on 4 main criteria.These taxes must be:mandatory payable by companies levied by public administrations or European Union institutions due for production capacitiesThese specifications also include the sticking points and offer a substantiated justification
77、for the classification of certain taxes,for example,the exclusion of the tax on commercial wasteland(payable on account of possessing an vacant building and therefore does not constitute a means of exploitation)or the inclusion of the Contribution Sociale de Solidarit des Socits or C3S(mainly based
78、on turnover,though its specificities nevertheless allow it to be considered a tax on production).4.A comparison of the specifications and of“Eurostat”data by Mazars teams in France and EuropeMazars experts based in the ten other countries involved in the study received the terms of reference as well
79、 as the“Eurostat”data on production taxes from Mazars in France which is the coordinating country for the project.While the Eurostat data is an interesting starting point,it takes into account contributions and taxes that are based on an interpretation of production taxation that is different from t
80、he one used by Mazars in certain respects,because it is less precise.Thus,on the basis of these specifications,Mazars experts were asked to classify the Eurostat information,to analyze and,if necessary,to revise the pre-existing classification with regard to the established criteria.For example,Euro
81、stat data for France classifies all property tax as a production tax,without distinguishing the share paid by companies from that paid by households.The unprecedented analysis provided by this new barometer,based on pre-existing legal sources,required a particularly meticulous analysis by Mazars tax
82、 spe-cialists.The degree of precision achieved is unprecedented.However,it should be noted that there is a possible margin of error in isolating the share of these taxes paid by households versus those paid by companies.Indeed,for some countries,such as Spain and Sweden,some data is missing and does
83、 not allow us to conclude that households do not contribute to production taxes,which must be borne by companies according to the established legal definition.The teams then drew up an exhaustive list of all the taxes by country and determined,line by line,whether or not they were taxes on productio
84、n,justifying their decisions and taking into account the complexity of the tax rules specific to each country.Finally,while the specifications have not changed between the two editions of the barometer,it should be noted that certain methodological improvements have been made(as described below),upd
85、ating certain figures from the previous edition.This is notably the case for three countries:Italy,the Netherlands and Poland,whose 2020 data has been updated in light of these new analyses.55 Details of the production taxes recorded for each country are provided in the specifications prepared by Ma
86、zars,which are appended to this note.6 levies on environmental exploitation.Originally published dataRevised dataItaly2.5%2.7%Netherlands0.4%0.5%Poland1%1.5%Proportion of production taxes in national GDP 2022 edition of the Barometer(2020 data)For Italy and the Netherlands,the revision is mainly due
87、 to the inclusion of production taxes relating to the banking sector,for amounts of 1.9billion and 650million euros respectively,in 2020.For Poland,the main difference lies in the inclusion of taxes on the emission of polluting substances.In the previous edition,taxes on activities with a negative i
88、mpact on the environment were not included,6 yet these amounted to 2.5billion in 2020,which explains the shift of almost 0.5percentage points with the revised data.2223www.institutmontaigne.org/enwww.institutmontaigne.org/enEUROPEAN PRODUCTION TAX BAROMETER 20235.Developing the indicatorMazars then
89、sent the data,with comments and classifications,to the Institut Montaigne.The Institut Montaigne,with the help of HEC Junior Conseil,then used this data to construct the indicator necessary to compare Frances overall annual amount of production taxes with that of the ten other European coun-tries.Fo
90、r 2021,this shared indicator is presented as a percentage of GDP.7The Institut Montaigne would particularly like to thank the following people for their contribution:Author:Lisa Thomas-Darbois,Head of the Economy and State Action Unit,Institut MontaigneWork team:Elena Aubre,Associate Lawyer,Mazars S
91、ocit dAvocats Maxence Delespaul,Assistant Project Manager,Institut Montaigne Guillaume Durand,Lawyer,Mazars Socit dAvocats Bruno Pouget,Partner,MazarsThe Institut Montaigne would particularly like to thank ric Chaney,economic advisor,for his valuable proofreading and HEC Junior Conseil for its contr
92、ibution during the extraction and exploitation of the indicators data.The opinions expressed in this policy paper are not necessarily those of the above-mentioned persons or of the institutions that they represent.ACKNOWLEDGMENTS7 Source:Eurostat,November 2021.25www.institutmontaigne.org/enwww.insti
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104、ic Trends 2020(June 2020)Covid-19 the Clarifier:The Impact of the Virus on Frances Foreign Policy(June 2020)Europes Pushback on China(June 2020)Seine-Saint-Denis:A French Suburbs Quest for Employment and Inclusion(May 2020)French Youth:Online and Exposed(April 2020)Fighting Covid-19:East Asian Respo
105、nses to the Pandemic(April 2020)Algorithms:Please Mind the Bias!(March 2020)OUR PREVIOUS PUBLICATIONSOUR PREVIOUS PUBLICATIONS2627C O R P O R AT E M E M B E R SC O R P O R AT E M E M B E R SABB FRANCE ABBVIEACCENTUREACCURACYADECCOADEOADITAMAAIR FRANCE-KLMAIR LIQUIDEAIRBUSALLEN&OVERYALLIANZAMAZONAMBE
106、R CAPITALAMUNDIANTIN INFRASTRUCTURE PARTNERSARCHERY STRATEGY CONSULTINGARCHIMEDARDIANARQUUSASTRAZENECAAUGUST DEBOUZYAVRILAXABAKER&MCKENZIEBEARINGPOINTBESSBG GROUPBNP PARIBASBOLLORBONA FIDBOUYGUESBROUSSE VERGEZBRUNSWICKCAPGEMINICAPITAL GROUPCAREITCARREFOURCASINOCHUBBCISCISCO SYSTEMS FRANCECLIFFORD CH
107、ANCECLUB TOP 20CMA CGMCNP ASSURANCESCOHEN AMIR-ASLANICOMPAGNIE PLASTIC OMNIUMCONSEIL SUPRIEUR DU NOTARIATCORRZE&ZAMBZECRDIT AGRICOLEDANGELIN&CO.LTDDASSAULT SYSTMESDE PARDIEU BROCAS MAFFEIDIOT SIACIDOCTOLIBECL GROUPEDENREDEDFEDHEC BUSINESS SCHOOLEGISEKIMETRICS FRANCEENEDISENGIEEQTESL&NETWORKEUROGROUP
108、 CONSULTINGFIVESGETLINKGIDE LOYRETTE NOUELGOOGLEGROUPAMAGROUPE BELGROUPE M6GROUPE ORANGEHAMEUR ET CIEHENNERHITACHI ENERGY FRANCEHSBC CONTINENTAL EUROPEIBM FRANCEIFPASSING BANK FRANCEINKARNINSTITUT MRIEUXINTERNATIONAL SOSINTERPARFUMSINTUITIVE SURGICALIONIS DUCATION GROUPIQOISRPJEANTET ASSOCISJOLT CAP
109、ITALKANTAR2829C O R P O R AT E M E M B E R SC O R P O R AT E M E M B E R SKATALYSEKEARNEYKEDGE BUSINESS SCHOOLKKRKPMG S.A.LA BANQUE POSTALELA COMPAGNIE FRUITIRELINEDATA SERVICESLLOYDS EUROPELORALLOXAMLVMH-MOT-HENNESSY-LOUIS VUITTONM.CHARRAIREMACSFMAIFMALAKOFF HUMANISMAREMMAMAZARSMDIA-PARTICIPATIONSM
110、EDIOBANCAMERCERMERIDIAMMICHELINMICROPORT CRMMICROSOFT FRANCEMITSUBISHI FRANCE S.A.SMOELIS&COMPANYMOODYS FRANCEMORGAN STANLEYNATIXISNATURAL GRASS NESTLODDO BHFOLIVER WYMANONDRA PARTNERSONEPOINTONETOPTIGESTIONORANOORTEC GROUPPAI PARTNERSPELHAM MEDIAPERGAMONPOLYTANEPRODWAREPRUDENTIA CAPITALPWC FRANCE&M
111、AGHREBRAISERAMSAY GNRALE DE SANTRANDSTADRATPRELX GROUPRENAULTREXELRICOL LASTEYRIERIVOLIERROCHEROLAND BERGERROTHSCHILD&CORTESAFRANSANOFISAP FRANCESCHNEIDER ELECTRICSERVIERSGSSIER CONSTRUCTEURSNCFSNCF RSEAUSODEXOSNEFSPVIESTANSUEZTASTETECNET PARTICIPATIONS SARLTENEOTHE BOSTON CONSULTING GROUPTILDERTOFA
112、NETOTALENERGIESUBS FRANCEUNIBAIL-RODAMCOVEOLIAVERLINGUEVINCIVIVENDIWAKAMWAVESTONEWENDELWILLIS TOWERS WATSON FRANCEZURICH3031Imprim en FranceDpt lgal:fvrier 2023ISSN:1771-6756BOARD OF DIRECTORSCHAIRMANHenri de Castries Chairman,Institut MontaigneMEMBERS OF THE BOARDDavid Azma Partner,Perella Weinberg
113、 PartnersEmmanuelle Barbara Senior Partner,August DebouzyMarguerite Brard Head of French Retail Banking,BNP ParibasJean-Pierre Clamadieu Chairman of the Board of Directors,ENGIEPaul Hermelin Chairman of the Board of Directors,CapgeminiMarwan Lahoud Executive Chairman and Managing Director,ACE Capita
114、l PartnersNatalie Rastoin President,Polytane;Senior Advisor,WPPRen Ricol President,Ricol LasteyrieJean-Dominique Senard Chairman of the Board of Directors,Groupe RenaultArnaud Vaissi Chairman and CEO,International SOSNatacha Valla Economist;Dean of Sciences Pos School of Management and InnovationFlo
115、rence Verzelen Executive Vice President,Dassault SystmesPhilippe Wahl Chairman and CEO,Le Groupe La PosteHONORARY CHAIRMANClaude Bbar Founder and Honorary Chairman,AXACover picture Ambiento-Institut Montaigne59,rue La Botie-75008 Paris Tl.+33(0)1 53 89 05 60 www.institutmontaigne.org/enSign up for o
116、ur weekly newsletter on:www.institutmontaigne.org/enISSN 1771-6756 FEBRUARY 2023Follow us on:THERE IS NO DESIRE MORE NATURAL THAN THE DESIRE FOR KNOWLEDGEEuropean Production Tax Barometer 2023 In line with the European Production Tax Barometer 2022,this new edition aims to compare taxation levels ac
117、ross different European countries,in a reliable and harmonised way.The Institut Montaigne,with the support of Mazars,has updated the data from the previous edition in order to analyse the national and European production tax trends.This European Production Tax Barometer 2023 shows that in 2021,Franc
118、e remained among the countries with the highest production taxes as a percentage of GDP,reaching 3.8%,just behind Swedens 9.9%.Yet in absolute terms,France still ranks first,with 95 billion-i.e.,almost four times more than in Germany.This indicator will be regularly updated by the Institut Montaigne,and is therefore another step towards improving tax transparency for the French and European economies.