IPP Report n°25 - October 2019

Impact assessment of the taxation of dividends

IPP Report n°25 – October 2019

Authors: Laurent Bach, Antoine Bozio, Brice Fabre, Arthur Guillouzouic, Claire Leroy, Clément Malgouyres

Contacts: antoine.bozio@ipp.eu


This study was commissioned by the finance committee of the French Senate to shed light on the impacts of the introduction of the single flat-rate levy (prélèvement forfaitaire unique, PFU) in 2018. The objective of the study is to present the first results of the impact of the PFU – using the few sources of data now available – and to present a more complete assessment of the 2013 reform that abolished the flat-rate withholding tax (prélèvement forfaitaire libératoire, PFL). Particular attention is focused on assessing the impact of capital income taxation on dividend distribution, on possible income optimization or income shifting effects, as well as on the real economic effects on investment.


logo-pdf-min Impact assessment of the taxation of dividends (in French)


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