PLF 2027: Corporate Surtax Abolished, Stablecoin Tax Remains

Two voices, two votes. On the evening of Tuesday, October 27, the Assembly removed Article 15 from the 2027 finance bill, by a vote of 79 to 77. This article extended the surtax on the profits of large companies. During the night, deputies adopted a communist amendment regarding multinational taxation by 74 votes to 72. This amendment calculates the tax based on the share of their global profits made in France. These are two setbacks for Roland Lescure and his budget effort of 54 billion euros for 2027. However, the final text may not retain any trace of these changes. The same fate could await the tax on conversions to stablecoins, which was voted on October 16.

Key Points

• The Assembly abolished the surtax on the profits of large companies by 79 votes to 77.
• A communist amendment calculates the corporate tax of multinationals based on their global profits, adopted by 74 votes to 72.
• The tax on crypto conversions to stablecoins, voted on October 16, is still included in the text.
• The solemn vote on November 3 could eliminate all these amendments at once.

Budget 2027: Corporate Surtax Abolished by 79 Votes to 77

The scenario unfolds just before 8 PM on Tuesday, October 27. Deputies vote by public ballot (No. 9123) on nine identical amendments to remove Article 15. Result: 79 votes in favor, 77 against, and 3 abstentions. Only 159 deputies voted. According to NosParlementaires, 48 deputies from the RN and 14 from Ensemble pour la République formed the majority of the 79 votes. Deputies from Horizons, Democrats, Republican Right, and UDR completed the total. The 63 left-wing deputies voted against. The general rapporteur Philippe Juvin and the government had given a negative opinion.

Article 15 extended the exceptional contribution on profits of large companies for a third year. This contribution was introduced with the 2025 budget. It targets groups with at least 1.5 billion euros in revenue, which amounts to about 400 companies according to the government. The text lowered the rate from 20.6% to 15.7% for the first bracket. Beyond 3 billion in revenue, it decreased from 41.2% to 31.4%. The government expected around 5 billion euros in 2027, compared to an estimated 7.3 billion this year. Its abolition also removes the contribution from large shipping companies.

<< An exceptional contribution lasting three years is no longer exceptional >>, argued Félicie Gérard (Horizons). Éric Coquerel, president of the LFI finance committee, deemed the vote << quite absurd >> and estimated the cost at an additional 5 billion euros in deficit.

Multinational Corporate Tax: Sansu Amendment Adopted by 74 Votes to 72

A few hours later, the assembly changed its stance. Amendment No. 3945 by Nicolas Sansu (GDR), defended by Emmanuel Maurel, was adopted by 74 votes to 72 (vote No. 9142). The text targets groups with more than 100 million euros in revenue. Their taxable profit in France would depend on the share of global revenue generated in the country. Emmanuel Maurel mentioned << 36 billion euros that escape taxation through this method >>. According to NosParlementaires, the adoption was due to the abstention of 53 RN deputies. In contrast, deputies rejected two similar amendments. That of Jean-Philippe Tanguy (RN) received 59 votes against 110, and that of Éric Coquerel (LFI) received 72 against 72.

The government did not approve. Roland Lescure called it << a very bad idea >>, arguing that it contradicts 125 bilateral tax treaties. Philippe Juvin added that << tax treaties and international agreements prohibit >> this method of calculation. This is reported in the LCP account from October 28. Deputies had previously adopted a similar Coquerel amendment on October 28, 2025, by 207 votes to 89. It later disappeared from the promulgated 2026 budget.

The session on Wednesday, October 28, afternoon turned into a series of rejections. One by one, the deputies dismissed the following amendments, several of which were signed by Nicolas Sansu or Charles de Courson. This is indicated in the report from the National Assembly.

Crypto and Stablecoins: What These Votes Change for You

If the repeal survives, the approximately 400 affected groups will save 5 billion euros in taxes next year. You, as a holder of bitcoins or ethers, are not affected by this surtax or the Sansu amendment. Your case is referred to as amendment no. 3898.

This text, also signed by Nicolas Sansu, was adopted on Friday, October 16 (vote no. 8836). The score: 38 votes in favor, 37 against, with 25 abstentions. It removes the tax deferral on conversions of cryptocurrencies to stablecoins compliant with MiCA, the European regulation on crypto-assets. In practical terms, exchanging bitcoin for USDC would become taxable at 31.4%, comprising 12.8% income tax and 18.6% social contributions. Currently, only the conversion to euros triggers the tax.

Other crypto amendments are still waiting their turn. This includes the exit tax on wallets exceeding 800,000 euros. Additionally, there is the declaration of self-hosted wallets beyond 100,000 euros, as desired by Charles de Courson. The Assembly prioritized Article 15 starting October 27. By the morning of October 29, none of the consulted reports mentioned a vote on these texts.

Solemn Vote on November 3: All These Amendments Could Fall

The parliamentary mechanics remain, and they work against all these votes. The solemn vote on the first part of the PLF 2027 is scheduled for Tuesday, November 3, afternoon. LCP considers the rejection "more than probable." All amendments adopted since October 13 would then fall as a block, including the repeal of the surtax, the "global" IS, and the stablecoin tax. The Senate would receive the government's initial text with its Article 15 intact. If the executive then triggers Article 49.3, it chooses alone which amendments to keep. If it waits for the expiration of the 70-day deadline on December 17, 2026, it can proceed by ordinance. Again, it would be the initial text that would apply. The 2026 surtax had only survived due to a 49.3.

Crypto holders thus have three dates to mark. November 3, 2026, will determine whether the stablecoin tax passes the Assembly or dies with the revenue part. The overall vote in the first reading will follow on November 17. Finally, December 17 opens the way for ordinances.