Banks Face €5 Billion French Dividend Tax Bill, Senator Says

Banks in France are facing a combined tax bill of as much as €5 billion ($5.8 billion) over contentious trades allegedly designed to escape levies on dividend payments, according to a lawmaker who dubbed the process a “fraud.”

Senator Jean-François Husson made the announcement on Thursday after a review of confidential documents from French tax officials — suggesting that the liability for banks has doubled since authorities released estimates in 2023.