French president Francoise Hollande has refused to back down after football clubs asked that they should be let off paying his 75 per cent income tax on salaries above €1m.
After a special meeting with football administrators the president said that the tax would apply for two years to all companies concerned. Opinion polls showed overwhelming opposition to the football clubs’ strike call and backing for the tax on millionaire footballers.
French president Francoise Hollande has refused to back down after football clubs asked that they should be let off paying his 75 per cent income tax on salaries above €1m.
After a special meeting with football administrators the president said that the tax would apply for two years to all companies concerned. Opinion polls showed overwhelming opposition to the football clubs’ strike call and backing for the tax on millionaire footballers.
Apart from the special cases of Paris Saint-Germain and Monaco, French league clubs generally make relatively small losses. However, clubs employ about 120 players paid more than the threshold. There is concern that top players will leave France.
Attacking the tax in The Times today, Matthew Syed argues that football is a ferocious meritocracy with low entry costs. Its top players often come from poor backgrounds.