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France’s Audit Court Flags €5.5 Billion 2024 Cost for Dutreil Pact and Recommends Tightening

The new tally of the pact’s bill at roughly €5.5 billion in 2024 ratchets up pressure for targeted reform in the budget talks.

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La Cour des comptes appelle à revoir ce qui transforme le Pacte Dutreil en outil d’optimisation fiscale. Ici, Pierre Moscovici, président de la Cour des comptes, le 6 novembre 2025.
Si la Cour des comptes ne préconise pas la suppression de ce pacte Dutreil, elle recommande deux types de réformes.
Pierre Moscovici, le président de la Cour des comptes, à Paris, le 6 novembre 2025.

Overview

  • The Cour des comptes published its first comprehensive assessment of the Dutreil pact, estimating a fiscal cost of about €5.4–€5.5 billion in 2024 after €3.3 billion in 2023 and around €1.2 billion in 2020–2021.
  • The report finds the pact’s expected economic gains to be limited or not clearly observed and indicates the benefits are heavily concentrated among the wealthiest heirs.
  • The court proposes excluding non‑professional or somptuary assets, lengthening mandatory holding periods, curbing optimization mechanisms, and modulating the 75% abatement, which it says could more than halve the bill.
  • Bercy says the regime should be preserved with limited adjustments and has floated an explicit list of luxury assets to exclude, while questioning some of the court’s calculations.
  • Employers’ groups Medef and Meti condemn the analysis as partial and warn of risks to family firms, as lawmakers who already backed initial tightening on November 3 prepare further budget debates later this month.