France Pledges Payroll Tax Cuts in Bid to Lure Bankers
- Prime Minister Philippe proposes three new initiatives
- ‘Each trader coming to settle in Paris will help’ create jobs
Edouard Philippe speaks to the press at the Monnaie de Paris on July 7, 2017.
Photographer: Thomas Samson/AFP/Getty ImagesThis article is for subscribers only.
French Prime Minister Edouard Philippe used a rooftop presentation with a sweeping view over Paris to announce new tax initiatives benefiting bankers and traders as the race to win Brexit jobs heats up.
France will suppress the highest bracket of a payroll tax paid by banks and other financial companies and scrap a levy on intraday trading, Philippe said Friday in news conference atop the centuries-old Paris mint. His government also proposes to exclude bonuses from the calculation of severance pay for traders who are laid off, he said.