France Plans Slower Tax Cuts as Finances Under Pressure
- Minister says CVAE production tax to be phased out by 2027
- Unbearable debt is a ‘danger’ for French nation, Le Maire says
Bruno Le Maire
Photographer: Jens Schlueter/AFP/Getty ImagesThis article is for subscribers only.
French Finance Minister Bruno Le Maire said billions of euros of promised tax cuts will be spread out gradually over several years as the government tries to reduce its budget deficit.
President Emmanuel Macron has pledged to slash a further €2 billion ($2.2 billion) in taxes on households and had planned to complete the second half of an €8 billion reduction in a levy on industrial production, known as CVAE, in 2024.