trending Market Intelligence /marketintelligence/en/news-insights/trending/AvrqV12akVs7jQYBTCJnrg2 content esgSubNav
In This List

Report: French budget proposes €10.2B in individual, corporate tax cuts

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Report: French budget proposes €10.2B in individual, corporate tax cuts

The French government plans to lower taxes on households and companies in a bid to revamp the economy and forestall another widespread protest, The Wall Street Journal reported.

The 2020 budget proposes tax cuts worth €9.3 billion for households and a €900 million reduction in the tax burden for companies. The government plans to lower the corporate tax rate to 31% from 33.3% for companies with annual revenue exceeding €250 million, and to 28% from 31% for smaller companies, the Journal added.

President Emmanuel Macron's decision to raise fuel taxes sparked widespread social unrest in France, called the "yellow vest" movement, where protesters took to the streets to show discontent about high taxes, low salaries, weak purchasing power and Macron himself.

The protests, which began in late 2018, spurred Macron to introduce a number of measures, including a €100-per-month rise in the minimum wage, that are projected to cause the French budget deficit to overshoot EU rules in 2019.

Macron's five-year term as president will end in 2022, when he may seek re-election.