Daily Management Review

France to relax tax regime by €45B


France will cut taxes for households and companies for €45 billion by the end of 2021, said Minister of Economy and Finance Bruno Le Maire.

"We will cut taxes by €45 billion for households and businesses by the end of 2021. This is the largest tax cut in France in 20 years," the minister said at a briefing on Monday.

He also confirmed that taxes in France will not increase. "This policy (tax hike) has been in place for 30 years and has failed. It has resulted in strong tax pressure on those who work, on all households, companies, industries. We want to reverse this trend and continue the tax cut policy that we have made as a commitment from the beginning of the presidential term (of Emmanuel Macron)", - said Le Maire.

According to him, the residence tax will be completely abolished by the end of 2023. Also, from January 1, 2021, the production tax for companies will be reduced for a total amount of €10 billion. "We will restrain our commitment to bring the size of the income tax for all companies without exception to 25% by 2022, because supporting companies is supporting jobs," the head of the Ministry of Finance emphasized.

source: bfmtv.com