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Report: French prime minister promises tax breaks as Paris vies for UK expats

French Prime Minister Manuel Valls promised to improve analready-friendly tax regime for expatriates as the country looks to boostParis' standing as a European financial capital in the wake of Britain's voteto leave the EU, Reuters reported July 6.

Speaking at the annual conference of Europlace, the Frenchfinancial industry lobbying group, Valls said expats and French nationalsreturning from stints abroad would now be eligible for eight years of favorabletax treatment, up from five. He also reportedly said the government would setup a catch-all administrative facility for firms looking to do business inFrance, which would offer services in languages besides French.

Meanwhile, Banque de France Governor François Villeroy de Galhausaid regulators would expedite the application review process for U.K.-licensedfinancial institutions looking to operate in France, according to the report.

Valerie Pecresse, head of the Paris region, reportedly said:"We are not in a war with London … but there is competition and we want tomake Paris Europe's top financial center."

Elsewhere, the newly elected mayor of Milan, Giuseppe Sala,met July 6 with European Banking Authority Chairman Andrea Enria to advocatefor the Italian city to house the regulator's headquarters if it leaves London,Reuters wrote. Officials in Madrid said July 4 that they would consider tax breaks forbanks and other firms looking to exit the U.K.