France – Muhasebe News

France’s unemployment rate has dropped to a 12-year low

MuhasebeNews — Wed, 26 Apr 2023 10:44:09 +0000

The number of people registered as unemployed in mainland France declined by 11.1 thousand from the previous month to 2.789 million in March 2023, the lowest since September 2011, indicating that the European employment market remains tight despite the ECB’s aggressive rate hikes. Unemployment among those aged 25 to 49 years declined by 4.4 thousand to 1.625 million, while joblessness among those aged 50 and beyond fell by 5.9 thousand to 791.6 thousand. Meanwhile, the number of people unemployed under the age of 25 declined by 800 to 372 thousand. The number of people registered as unemployed declined by 163.3 thousand in comparison to the same month the previous year.

Source: Trading Economics
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France’s Trade Gap Closes to EUR 12.9 Billion

MuhasebeNews — Mon, 13 Mar 2023 06:10:14 +0000

According to statistics from the customs office, France’s foreign trade deficit decreased at the beginning of the year as imports declined more quickly than exports.

From EUR 14.7 billion in December, the trade gap decreased to EUR 12.9 billion in January.

The deficit in the comparable month of 2022 was EUR 8.6 billion.

Imports fell by 4.5 percent from the previous month, while exports fell by 2.2 percent.

Exports in January increased 9.8 percent year over year. Imports experienced a quicker growth of 15.7% at the same period.

Source: RTT News
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

For the First Time in Three Months, France’s Industrial Output Declines

MuhasebeNews — Mon, 06 Mar 2023 06:00:50 +0000

In January 2023, output decreased over a month in the manufacturing industry (‑1.8% after +0.2%), as well as in the whole industry (‑1.9% after +1.5%).

Over a month, output folded sharply in the manufacture of transport equipment

In January 2023, output declined again over a month in the “other manufacturing” industries (‑2.0% after ‑0.2%). It folded sharply in the manufacture of transport equipment (‑6.7% after +8.0%), particularly in the manufacture of other transport equipment (‑9.5% after +13.5%) and more moderately in the manufacture of motor vehicles, trailers and semi-trailers (‑2.6% after +0.9%). Output decreased in mining and quarrying, energy, water supply (‑3.0% after +9.7%). It was stable in the manufacture of food products and beverages (after ‑1.2%). On the contrary, output recovered in the manufacture of machinery and equipment goods (+1.0% after ‑3.0%) and it increased again in the manufacture of coke and refined petroleum (+3.6% after +8.2%).

Over a year, manufacturing output was up by 2.2%

In the manufacturing industry, output of the last three months (November 2022 to January 2023) was 2.2% higher than that of the same months of the previous year. However, it was stable in the whole industry due to the decline in energy production.

Over this one-year period, output plummeted in mining and quarrying, energy, water supply (‑11.0%), mainly because of the drop in electricity production. It declined in the manufacture of food products and beverages (‑1.6%). On the contrary, it expanded markedly in the manufacture of transport equipment (+10.9%), particularly in the manufacture of motor vehicles, trailers and semi-trailers (+13.1%), less impacted than a year before by supply difficulties for electronic components. Output was up in the manufacture of machinery and equipment goods (+3.9%) and the “other manufacturing” industries (+1.0%). Finally, it went up substantially in the manufacture of coke and refined petroleum products (+20.0%), due to the reopening of a refinery that was shut down in the same period a year earlier.

The evolution of the December 2022 manufacturing index is revised downwards

The evolution of the manufacturing index between November and December 2022 is revised downwards by 0.1 points (after rounding), compared to the previous release, at +0.2% instead of +0.3%. The evolution of the index for the whole industry is revised upwards by 0.4 points (after rounding), at +1.5% instead of +1.1% due to an upward revision of electricity production in December.

Source: INSEE
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Unemployment rate in France was virtually stable at 7.2% in Q4 2022

MuhasebeNews — Wed, 15 Feb 2023 06:58:38 +0000

In Q4 2022, the unemployment rate stood at 7.2%, virtually stable over the quarter and 0.3 points below its level a year ago

In Q4 2022, the number of unemployed people as defined by the International Labour Office (ILO) decreased by 45,000 over the quarter, and reached 2.2 million people. The ILO unemployment rate in France (excluding Mayotte) was thus virtually stable (‑0.1 points) at 7.2% of the labour force. Over the year, it decreased by 0.3 points and stood 1.0 point below its pre-crisis level (at the end of 2019). It is its lowest level since the Q1 2008, except for the sharp fall in Q2 2020 during the first lockdown.

Over the quarter, the unemployment rate for people aged 15 to 24 decreased by 1.0 point, at 16.9%. It stood 0.4 points above its Q4 2021 level and 4.9 points below its pre-crisis level. The unemployment rate was stable over the quarter for people aged 25 to 49, at 6.5%, 0.3 points below its level a year ago. Finally, it decreased barely (‑0.1 points) for those aged 50 or more at 5.0%, 0.7 points below its level a year ago.

Over the quarter, the women’s unemployment rate slightly decreased (‑0.2 points) to 6.9% such as the men’s unemployment rate (‑0.1 points) at 7.4%.

The halo around unemployment barely increased quarter-to-quarter

Among the inactive people as defined by the ILO, 1.9 million wanted a job without being considered unemployed, because they either do not seek a job or are not immediately available: they made up the halo around unemployment. This number rose slightly over the quarter (+38,000), thus the share of halo in the population of people aged 15 to 64 was virtually stable quarter-to-quarter (+0.1 points), remaining at the same level as in Q4 2021 (4.5%). Over the quarter, the share of halo was virtually stable (+0.1 points) for all ages, at 6.3% for those aged 15 to 24, 4.6% for those aged 25 to 49 and 3.1% for those aged 50 to 64.

The long-term unemployment rate was stable

Among the unemployed, 580,000 people on average in Q4 2022 declared being jobless and having been job seeking for at least one year. This number decreased barely over the quarter. Thus, the long-term unemployment rate was stable over the quarter at 1.9% of the labour force. It stood 0.3 points below its Q4 2021 level and at its lowest level since Q2 2009.

The 15-64 employment rate was stable over the quarter

On average, in Q4 2022, the employment rate of people aged 15 to 64 was stable at 68.3%, standing at its highest level since INSEE started measuring it (1975). It rose by 0.5 points over the year.

Among young people, the employment rate increased by 0.3 points over the quarter to 35.3%. It grew by 1.4 points over the year and by 5.5 points over 3 years. For those aged 25 to 49, the employment rate was virtually stable over the quarter at 82.7% (+0.1 points), after a 0.3 point increase in the previous quarter. It rose by 0.4 points over the year and stood at it highest level since the beginning of 2008. Finally, for those aged 50-64, the employment rate was stable over the quarter at 66.2%, standing at its highest level since INSEE started measuring it (1975).

Underemployment was virtually stable over the quarter

In Q4 2022, 4.6% of employed people were underemployed. This share war virtually stable over the quarter (+0.1 points) and stood 0.4 points above its level a year ago.

On average, in Q4 2022, 16.5% of participants in the labour market (active people or in the halo around unemployment) were constrained in their labour supply, either by the absence of a job (unemployed or halo around unemployment), or in a situation of underemployment. This share was virtually stable over the quarter (+0.1 points) and stood 0.7 points below its level in Q4 2021.

In Q4 2022, the average number of hours worked per week and per job was 31.2 hours (seasonally-adjusted), down by 1.0% compared to the fourth quarter of 2019. This decline may be explained by two effects: on the one hand, the Christmas holidays began earlier in 2022, which led to more days off during Q4 2022 than during Q4 2019. On the other hand, the number of non worked days due to sick leave (including periods of self-isolation) or childcare remained higher than before the health crisis.

Full-time employment rate rose again while part-time employment rate was stable

The full-time employment rate stood at 57.2% in Q4 2022. It stood at its highest since INSEE started measuring it on a quarterly basis (2003). It grew by 0.2 points over the quarter and by 0.9 points over the year. The part-time employment rate was stable quarter-to-quarter, at 11.2%, slightly below its Q4 2021 level (‑0.3 points). As a result, the share of part-time employment in total employment decreased by 0.1 points over the quarter, to 17.1%, 0.5 points below its level in Q4 2021. This share in Q4 2022, this share was at its lowest level since 2002.

Source: Statistical Office INSEE
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Turkey’s Social Security Agreements with 28 Countries!

MuhasebeNews — Tue, 09 Apr 2019 06:03:11 +0000

Social Security of Our Citizens Working Abroad
Social Security Agreements provide various rights such as;

Equal treatment of citizens of both parties in terms of rights and obligations,
Aggregation of periods of insurance completed in the territory of the other contracting party for the determination of entitlement to a benefit,
In case of an illness, the insured person and his/her family members can avail themselves of the right to healthcare benefits while staying in the territory of the other contracting party,
Family members can avail themselves of the family benefits (child benefits and increments) while residing in the territory of the other contracting party,
Entitlement to a retirement pension for an insured person, who attains the required age after returning to the other contracting party,
Continuing to receive the pension, acquired regarding the employments in one of the contracting parties, after transferring of the residence to the other contracting party,
In case of death of the insured person, family members residing in the territory of the other contracting party can be entitled to a widow’s or orphan’s pension and a lump sum payment as the survivors of the deceased.

Accordingly, those who will avail themselves of the provisions of the agreement are considered equal in the legislations of the contracting parties to the citizens of that country in terms of rights and interests through a common and key provision of the agreements. Thus our citizens employed in the contracted countries and their dependents can benefit from their social security rights under the same conditions as the nationals of that country.

As a result of the social security agreements, our citizens in Turkey have the opportunity to avail themselves of their social security rights, arising from the legislation of the other country and acquired with respect to long and short term insurance branches. In addition to the insured person himself/herself, his/her family members living with him in the country of employment, the family members living in Turkey can benefit from this right.

Turkey has signed Social Security Agreements with 28 countries. These agreements are enumerated in the table below.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Digital taxes are coming to France

MuhasebeNews — Tue, 18 Dec 2018 06:00:17 +0000

France is preparing to levy taxes on Alphabet, Apple, Facebook and Amazon.

French Minister of Economy Bruno Le Maire said during a press conference on Monday that the GAFA (Google, Apple, Facebook, Amazon) Tav will go in effect on January 1st.

Indeed, European Comission proposed in March to impose taxes of 3% on tech firms that has a global net worth of €750.

But the proces stalled due to some disagreements among some member states such as Ireland and The Netherlands.

UK, and now France, are preparing to place its own taxes on tech firms.

British Chancellor Phillip Hammond stated in October that they are planning on placing a ‘digital services tax’ on big tech firms that do business in The UK.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

How to Get Refund of VAT Paid in Turkey?

MuhasebeNews — Thu, 16 Aug 2018 18:00:19 +0000

I have a refund regarding transportation activities:
– If your domicile, workplace, legal center and work center is not located in Turkey,
– If you are a resident of a country providing reciprocity between Turkey on VAT refund, ( Bosnia- Herzegovina, Bulgaria, Denmark, Finland, France, Netherlands, Ireland, Switzerland, Italy, Malta, Norway, Portugal, Romania, Serbia, Slovakia, Slovenia) ( VAT Law – Circular numbered 60)
– If the delivery of goods and services regarding the transportation activity are fuel, spare part, maintenance and repair,
– If the cost of the purchased goods/services, including VAT, is over the limit of invoicing within the related period. (900 TL for 2016 and 2017)
– You can get your VAT refund by applying to the İstanbul Tax Office Directorate Boğaziçi Corporate Tax Office Directorate or Marmara Corporate Tax Office Directorate with a petition.

I have a refund regarding participation to exposition, exhibition and fair:
– If your domicile, workplace, legal center or work center is not located in Turkey,
– If you are a resident of a country providing reciprocity between Turkey on VAT refund, ( Bosnia- Herzegovina, Bulgaria, Denmark, Finland, France, Netherlands, Ireland, Switzerland, Italy, Malta, Norway, Portugal, Romania, Serbia, Slovakia, Slovenia) ( VAT Law – Circular numbered 60)
– If the delivery of goods and the execution of services regarding the participation to exposition, exhibition and fair are exclusively related to these jobs (accommodation included),
– If the cost of the purchased goods/services, including VAT, is over the limit of invoicing within the related period. (900 TL for 2016 and 2017)
– You can get your VAT refund by applying to the tax office determined by the Tax Office Directorate/ Defterdarlık at the province where the exposition, exhibition and fair activities are executed with a petition.

I have a refund resulting from the touristic shopping:

You cannot get VAT refund in case you bought a touristic service.
– If you are a foreign national individual not residing in Turkey,

You can get refund of VAT providing that you get the goods out of Turkey within 3 months beginning from the date of the invoice or similar documents and if:

each invoice for the goods you purchased is over 100 TL (VAT exclusive),

the goods you purchased are not among the goods listed in Special Compsumtion Tax Law Annex I,

the seller from whom you purchase goods is a taxpayer who has the License of VAT Export Exception or is eligible to prepare the special invoicing.

The special invoice which is prepared by the seller for the sales under exception needs to involve the following information;
– Type and number of your passport,
– The branch of your bank and your account number in that bank.

The seller has to prepare the invoice as 4 copies and submit 3 of them to you.

If you want to get your refund from the bank branch at customs;

The salesperson should give you a cheque belong to a bank he has contract; indicating the date and number of the invoice and the total amount of VAT as TRY (Turkish Lira)

You may get your VAT refund from the bank branch at the customs after you get the cheque and the invoice approved by the customs officer.

If you want your refund to be paid to your bank account;

In case you sent your invoice; which is approved as you carry the goods with you, within 3 months following the date of your departure; your refund might be deposited to your bank account or might be sent to your address within 10 days after the salesperson receives the invoice indicates your refund amount.

If you want your refund to be paid in cash;

The salesperson may pay your refund in cash in case you bring the approved copy of your invoice to the salesperson within 3 months following the date of your departure.

‘Euro Is Dead’: Marine Le Pen Calls for Return to French National Currency

MuhasebeNews — Sat, 02 Jun 2018 06:46:45 +0000

Euro Is Dead’: Marine Le Pen Calls for Return to French National Currency

French right-wing presidential candidate Marine Le Pen said Sunday that “euro is dead,” adding that France should return to the national currency

Euro is a “burden” for the French economy, the country needs to be able to control its national currency, Le Pen said in her interview with the Parisien newspaper. She stressed that she planned to gain the right to control the national currency, explaining that it would mean turning euro into the money that would only be used by “big companies engaged in international trade.”

If elected, Le Pen plans to hold the referendum on leaving the European Union in the first half of 2018 after negotiations with other EU member states. If elected, Le Pen plans to hold the referendum on leaving the European Union in the first half of 2018 after negotiations with other EU member states.

____________________________________________________________________

Source:express.co.uk
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

What are the Meanings of Legally Obligated and Limited Taxpayer in Turkey?

MuhasebeNews — Mon, 19 Mar 2018 16:00:56 +0000

1- WHAT IS THE MEANING OF LEGALLY OBLIGATED?
Companies whose registered office [1] or business center [2] is in Turkey will be subjected to tax through their incomes that they gain both in Turkey and abroad.

If registered office or business center of institutions listed below is in Turkey, they will be subjected to tax as legally obligated.
    1.1- Company with share capital,
    1.2- Cooperatives,
    1.3- State-owned economic enterprise,
    1.4- Commercial enterprise belonging to associations or foundations,
    1.5- Joint ventures,

Sample-1: Fontaine citizen of France,
– He was employed on 20 March 2010 in Turkey and then he went on leave on 15 May 2016. (6 years 1 month 26 days).
– He came back to Turkey on 20 October 2016 and he kept at his job until 31 December 2016. (2 months 2 days).
Liabilities of Fontaine for 2016 are explained below.
Explanation-1:
Fontaine is legally obligated.
Even though he stayed in Turkey less than 6 months separately, the duration of his staying for a calendar year is more than 6 months.
Legal Basis-1:
Article related to “Legally Obligated” of the Income Tax Law is stated below;
Persons listed below are regarded as domiciled in Turkey and they are considered as legally obligated:
1- Person whose residence is in Turkey. (Residence is a place stated in article 19 and its consecutive articles of the Civil Law.)
2- Person who persistently resides in Turkey more than 6 months in a calendar year. (Provisional leaving does not affect time of settlement in Turkey.)

2- WHAT IS THE MEANING OF LIMITED TAXPAYER?
Companies whose registered office and business center are not in Turkey will be subjected to tax through their incomes that they gain only in Turkey.

If registered office and business center of institutions listed below are not in Turkey, they will be subjected to tax as limited taxpayer.
2.1- Company with share capital,
    2.2- Cooperatives,
    2.3- State-owned economic enterprise,
    2.4- Commercial enterprise belonging to associations or foundations,
    2.5- Joint ventures,

3- CORPORATE INCOME CONSISTS OF INCOMES AND REVENUES STATED BELOW IN LIMITED LIABILITY TO TAX;
3.1- Commercial incomes gained through businesses made with foreign institutions whose registered office or business center in Turkey or through these kinds of institutions.
(Even though they carry abovementioned conditions, if they gain incomes through goods purchased in Turkey for export and they send them to abroad without selling them in Turkey, their incomes will not be regarded as obtained in Turkey. Selling in Turkey means that either customer or supplier or both of them should be in Turkey or sales agreement should be made in Turkey.)
(In line with Tax Procedure Law provisions numbered 04.01.1961 – 213)
3.2- Incomes gained in Turkey from agricultural enterprise,
   3.3- Self-employment earnings gained in Turkey ,
   3.4- Revenues gained by renting estate and assets and rights in Turkey,
     3.5- Income from moveable capitals gained in Turkey
3.6- Other incomes and revenues gained in Turkey.

Sample 2: Mr. John citizen of USA,
– He was in Turkey between the dates of 01.10.2015-10.12.2016 and he gained commercial income from commercial activities that he carried out in Turkey and America in that period. (1 year 2 months 10 days)
– By 2015, he gained 100.000 TL in Turkey and 200.000 TL in USA
– By 2016, he gained 300.000 TL in Turkey and 500.000 TL in USA.
The income being subjected to tax is explained below.
Explanation -2:
Mr. John resided in Turkey less than 6 months in calendar year 2015, he was regarded as limited taxpayer.
During that period of time, his income gained in Turkey and valuing at 100.000 TL would be subjected to tax in Turkey.
However, by 2016 he resided in Turkey more than 6 months, so he will be regarded as legally obligated.
Total amount of income is 800.000 TL (300.000+500.000), which he gained both in USA and in Turkey, and income tax would be calculated through that amount.
If a taxpayer is subjected to tax in the ratio of income that he gained in America, it can be deducted from the tax calculated in Turkey.
Legal Basis-2:
Article related to “Legally Obligated” of the Income Tax Law is stated below;
Persons listed below are regarded as domiciled in Turkey and they are considered as legally obligated:
1- Person whose residence is in Turkey. (Residence is a place stated in article 19 and its consecutive articles of the Civil Law.)
2- Person who persistently resides in Turkey more than 6 months in a calendar year. (Provisional leaving does not affect time of settlement in Turkey.)

[1] Registered Office: It is an office stated in law of establishment, regulations, main status or agreements of institutions being subjected to tax.
[2] Business Center: It is a center where all businesses are gathered virtually and managed.

Source: Corporate Tax Law Numbered 5520 (Article 3)

What Are The Most Polluting Countries In Europe?

MuhasebeNews — Wed, 08 Nov 2017 07:00:10 +0000

The most polluting countries in Europe!!!

According to the recent researches, Poland is the most polluting country when it produces energy.

In accordance with the real-time statistics prepared by the founder of Tomorrow Oliver Corradi, Germany and Estonia are one of the most polluting countries.

In compliance with the same statistics, France and Sweden turn out to be among the least polluting countries together with Norway, despite the use of nuclear energy which is regarded as hazardous and uneconomic in the long run.

The experts indicate that EU countries need to exchange more energy so that they can export renewable energy which they produce more than they use.

Source: Euronews
Date: 14 January 2017