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Financial stability obliges, everyone is called upon to straighten out public accounts, starting with credit institutions. Indeed, the latter are subject this year to an exceptional contribution in addition to the tax on systemic risk (TRS), which ultimately has the effect of doubling the amount of the latter.
Exceptional Contribution and Tax on Systemic Risk: Obligations for Credit Institutions:-
An amount equivalent to that of the tax on systemic risk paid in April 2012 by the major banking groups must be paid before the end of September 2012. lending institutions take the lead. This year, they are subject to an exceptional contribution in addition to the tax on systemic risk (TRS), thus doubling the amount of the tax.
Applicable institutions and payment guidelines: –
The following are liable for this tax and contribution: credit institutions, investment companies, market companies, members of clearing houses, companies authorized to carry out specific activities of custody or administration of financial instruments, payment institutions, financial companies and mixed financial holding companies . Article 9 of the second amending finance law for 2012 creates the exceptional contribution specifically for certain credit institutions.
The law provides that those liable for the systemic tax must pay an exceptional contribution equal to the amount of the TRS due in 2012. The deadline for payment is August 31, 2012 and must be paid before September 30 2012. To ensure revenue sustainability from the following year, the law also introduces the doubling of the systemic risk tax rate. From 1 January 2013, the TRS rate will drop from 0.25% to 0.5% of the minimum capital required of banking institutions .
The Ministry of Finance anticipates a return of 1.6 billion euros, mainly provided by the five major French banking groups (BNP Paribas, Société Générale, Banque Populaire Caisses d’Épargne, Crédit Agriculture and CIC), thanks to the doubling of the rate TRS. These measures aim to strengthen financial stability and strengthen the resilience of the banking sector in France.
