Friday 19 January 2018

France to target wealthy and big companies with €7.2bn in new taxes this year

FRANCE will impose €7.2bn in new taxes this year, including large one-off levies on wealthy households and big corporations, to plug a revenue shortfall left by slowing economic growth, according to a revised 2012 budget.

The Socialist government plans a €2.3bn one-off levy on those with net wealth of more than €1.3m as well as €1.1bn in extraordinary taxes on large banks and on energy firms holding oil stocks, according to a spending plan presented to parliament today.

President Francois Hollande, in power since mid-May, has said that the rich should pay their share as France struggles to cut its public deficit from 5.2pc of GDP last year to within 4.5pc this year and 3pc in 2013 despite a stagnant economy and rising debt levels.

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