PARIS: The French government will cut the annual taxes companies have to pay in addition to normal corporate income tax by $11.4 billion, not $22.8 billion, a minister said on Friday.
The cuts are designed to encourage firms to produce in France.
Finance Minister Bruno Le Maire said on Wednesday that a cut of $11.4 billion next year would be followed by another cut of $11.4 billion in 2022, for a cumulative annual reduction of $22.8 billion.
But Industry Minister Agnès Pannier-Runacher told the radio station BFM Business that the recurring annual decrease from 2021 onwards would be $11.4 billion.
“It’s a $11.4 billion decrease, and it’s a massive decrease for companies,” she said.
This brings the planned support for domestic industry and services to $34.2 billion, not $45.6 billion as announced on Wednesday by the new prime minister, Jean Castex, Pannier-Runacher added.
French business tax cut amounts to annual $11.4 billion: finance minister
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French business tax cut amounts to annual $11.4 billion: finance minister
- Cuts designed to encourage firms to produce in France
