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France raises tax on policies to support terrorism victims

French President Francois Hollande and Paris Mayor Anne Hidalgo unveil a commemorative plaque in front of the "Carillon" cafe and restaurant, in Paris, France, November 13, 2016, during a ceremony held for the victims of last year's Paris attacks.
French President Francois Hollande and Paris Mayor Anne Hidalgo unveil a commemorative plaque in front of the "Carillon" cafe and restaurant, in Paris, France, November 13, 2016, during a ceremony held for the victims of last year's Paris attacks. REUTERS/Christophe Petit Tesson/Pool

French citizens will contribute an extra 1.60 euro on their property insurance policies to help finance a fund for victims of extremist attacks which have recently hit the country. The measure comes into force on Sunday.

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The new measure requires policy holders to contribute 5.90 euro instead of 4.30 euro.

French government officials said in October when they revealed the scheme that about 90 million insurance policies are floating the fund, which currently has reserves of 1.45 billion euro.

More than 200 people have died in France as a result of terror attacks over the last 20 months.

The Bastille Day truck attack in Nice which left 86 dead this summer cost between 300 and 400 million euro, approximately the same as the November 13 attacks in Paris, which killed 130 people.
 

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