ABC.NET.AU
French president Francois Hollande says there will be no exceptions to his plan to impose a 75 per cent tax rate on millionaires.
Mr Hollande's comments came after France's richest man, businessman Bernard Arnault, announced he was applying for Belgian citizenship.
Announcing the start of a two-year plan to fire up France's faltering economy, Mr Hollande stood by his plans for the top tax bracket, which would be the highest marginal rate in the industrialised world.
"I am in a battle and will not look back," he said.
"I am setting up a calendar... two years to create a policy for work and competitiveness. I am accelerating."
And he took a swipe at Mr Arnault, saying he had to decide whether he could consider himself a proud Frenchman while seeking another nationality.
Mr Arnault is the head of luxury goods giant LVMH, and his personal fortune has been put at $US41 billion by Forbes magazine.
He has denied the move to seek Belgian nationality means he will seek tax exile.
"I am and will remain a tax resident in France and in this regard I will, like all French people, fulfil my fiscal obligations," the world's fourth-richest man said.
"Our country must count on everyone to do their bit to face a deep economic crisis amid strict budgetary constraints," he said, adding that the bid for dual nationality was "linked to personal reasons" and began several months ago.
The AFP news agency quoted an "informed source" as saying Mr Arnault's move was linked to a "sensitive" investment project that could be eased if he acquired Belgian nationality.
Another expert said it could be "linked" to Belgian billionaire Albert Frere, a friend and business partner of Mr Arnault.
The move had been widely condemned by French political parties on both the left and the far-right right as treacherous and one that sends bad signals.
Marine Le Pen, leader of the far-right National Front, accused Mr Arnault of "scandalous behaviour".
But Francois Fillon, the prime minister under Mr Hollande's predecessor Nicolas Sarkozy, denounced "stupid decisions" on the part of the government which lead to "terrible results".
British prime minister David Cameron had triggered a war of words with France in June by vowing to "roll out the red carpet" for French firms if Hollande implemented the wealth tax.
ABC/AFP
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