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French Prime Minister Edouard Philippe confirmed in an address to the National Assembly that the Government would go ahead with planned corporate tax cuts during its mandate, but indicated that other tax proposals made by recently elected President Emmanuel Macron may face delays.
Phillip said in his opening speech to the National Assembly on July 4 that the Government would seek to make several pro-business reforms, in particular cutting tax from 33 percent to 25 percent by 2022. "Businesses must want to set up and develop on our territory rather than elsewhere," he added.
Macron's En Marche party pledged EUR20bn (USD22.7bn) worth of tax cuts during the recent presidential election campaign. However, Philippe indicated that some proposed measures might have to wait until the public finances have been stabilized. These could include reductions in property and wealth taxes.
Warning that France sits atop a "debt volcano," Philippe said that France must shed its "addiction" to public spending in order to reduce the budget deficit and stem the tide of rising public debt, which stands at about 100 percent of France's gross domestic product.
The new Government will therefore prioritize polices to reduce the budget deficit to less than three percent of GDP, the maximum level permitted under EU fiscal rules.
French Prime Minister Edouard Philippe confirmed in an address to the National Assembly that the Government would go ahead with planned corporate tax cuts during its mandate, but indicated that other tax proposals made by recently elected President Emmanuel Macron may face delays. Phillip said in his opening speech to the National Assembly on July 4 that the Government would seek to make several pro-business reforms, in particular cutting tax from 33 percent to 25 percent by 2022. "Businesses must want to set up and develop on our territory rather than elsewhere," he added. Macron's En Marche party pledged EUR20bn (USD22.7bn) worth of tax cuts during the recent presidential election campaign. However, Philippe indicated that some proposed measures might have to wait until the public finances have been stabilized. These could include reductions in property and wealth taxes. Warning that France sits atop a "debt volcano," Philippe said that France must shed its "addiction" to public spending in order to reduce the budget deficit and stem the tide of rising public debt, which stands at about 100 percent of France's gross domestic product. The new Government will therefore prioritize polices to reduce the budget deficit to less than three percent of GDP, the maximum level permitted under EU fiscal rules.
Phillip said in his opening speech to the National Assembly on July 4 that the Government would seek to make several pro-business reforms, in particular cutting tax from 33 percent to 25 percent by 2022. "Businesses must want to set up and develop on our territory rather than elsewhere," he added.
Macron's En Marche party pledged EUR20bn (USD22.7bn) worth of tax cuts during the recent presidential election campaign. However, Philippe indicated that some proposed measures might have to wait until the public finances have been stabilized. These could include reductions in property and wealth taxes.
Warning that France sits atop a "debt volcano," Philippe said that France must shed its "addiction" to public spending in order to reduce the budget deficit and stem the tide of rising public debt, which stands at about 100 percent of France's gross domestic product.
The new Government will therefore prioritize polices to reduce the budget deficit to less than three percent of GDP, the maximum level permitted under EU fiscal rules.
French Prime Minister Edouard Philippe confirmed in an address to the National Assembly that the Government would go ahead with planned corporate tax cuts during its mandate, but indicated that other tax proposals made by recently elected President Emmanuel Macron may face delays. Phillip said in his opening speech to the National Assembly on July 4 that the Government would seek to make several pro-business reforms, in particular cutting tax from 33 percent to 25 percent by 2022. "Businesses must want to set up and develop on our territory rather than elsewhere," he added. Macron's En Marche party pledged EUR20bn (USD22.7bn) worth of tax cuts during the recent presidential election campaign. However, Philippe indicated that some proposed measures might have to wait until the public finances have been stabilized. These could include reductions in property and wealth taxes. Warning that France sits atop a "debt volcano," Philippe said that France must shed its "addiction" to public spending in order to reduce the budget deficit and stem the tide of rising public debt, which stands at about 100 percent of France's gross domestic product. The new Government will therefore prioritize polices to reduce the budget deficit to less than three percent of GDP, the maximum level permitted under EU fiscal rules.