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France May Revise Tax, Trim Holiday in Budget Plan, Express Says

Nov. 5 (Bloomberg) -- France’s 2012 budget will be the most “rigorous” ever and the government may announce a tax increase for restaurants and scrap an annual holiday, L’Express reported, citing French Prime Minister Francois Fillon.

The French government is preparing to announce another set of austerity measures on Nov. 7 that could include a new rate of value added tax for sectors like restaurants as well as one less annual holiday a year for workers, according to a report on the website of the weekly magazine.

The country doesn’t have any “hidden treasure” to pay for public spending, Fillon was quoted as saying in the report while on a visit to Morzine in the French Alps. Details of the budgetary measures will be decided this weekend and announced after a cabinet meeting in two days, the report said.

To contact the editor responsible for this story: Steve Rhinds at srhinds@bloomberg.net

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