France Is ‘Killing’ Its Industry With Taxes, Michelin CEO Says
- Michelin scouting for deals in Italy amid worries over France
- Tiremaker says European Union should allow crossborder deals
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France is destroying its industrial base by over-taxation, Michelin Chief Executive Officer Florent Menegaux said, with a thinly veiled threat to take business elsewhere.
“You’re economically killing your country when you’re imposing taxes that are much higher than in other countries,” the French tiremaker’s CEO said in an interview in Paris. “Right now, the direct and indirect taxation in France is the highest in Europe. Don’t expect corporations to be able to swallow that all the time.”