#96-50Ordinance No. 96-50 on Repayment of Social Debt
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This French ordinance deals with the repayment of social debt. It establishes the Caisse d'amortissement de la dette sociale (CADES), a public financial institution, to manage the social debt repayment. Revenue for debt repayment comes from various contributions on income, sales of certain assets, and taxes on gambling and other financial instruments. These contributions are designed to ensure the fulfillment of social security financial obligations and redistribute fiscal responsibility across different sectors.
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Key Changes
- Establishment of a national public institution to manage social debt
- Introduction of various taxes and contributions on income and sales
- Funds raised are allocated for social security obligations
Obligations
What this law requires
CADES must prioritize revenues from specified sources (Article 6) to service and amortize social debt and fulfill obligations defined in Articles 4(I) and 4(II)
If annual revenue and expenditure projections indicate CADES cannot meet all commitments, Government must submit necessary measures to Parliament to ensure principal and interest payments on scheduled dates
Distribute loan repayment amounts from CADES to national funds (CNAMTS, CNAF, CNAVTS) proportionally based on negative carryover account balances as of December 31, 1995, effective January 1, 1996
A joint ministerial order must fix the amount of transfers to social security funds after consultation with national funds and central agency, as required by Article 10(I)
Impose and collect a contribution of 0.5% on sales of precious metals, jewelry, art objects, collectibles, and antiques by designated persons, effective February 1, 1996 through January 31, 2009