Photo: AFPThe Local · 9 Sep 2016, 10:37Published: 09 Sep 2016 10:37 GMT+02:00With next year's presidential elections looming large, the French government will make a raft of tax cuts for households and businesses. Around 5 million households would benefit from the 1-billion-euro ($1.1 billion) reduction in income taxes, worth about 200 euros per family. However Sapin said that despite the tax cuts France would honour its pledge to the EU to reduce its public spending deficit to 2.7 percent of gross domestic product in 2017. The announced cuts to income tax, coming just over seven months from the presidential election, would take the total reduction since 2014 to six billion euros. In addition, Sapin announced an increase in the tax credit for companies with low-wage employees, which he said would put an extra 3.3 billion euros in their accounts.

Source: The Local September 09, 2016 08:48 UTC