France backtracks on plan to impose supertax on art

The French government will not impose a wealth tax on works of art following an angry backlash against the planned levy from the country's leading museums, including the Louvre.

Prime Minister Jean-Marc Ayrault was forced to backtrack on Tuesday, insisting: "The position of the government is very clear. There will be no inclusion of works of art in the calculation of taxes on wealth."

via Business feed http://www.scmp.com/business/money/money-news/article/1065081/france-backtracks-plan-impose-supertax-art