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France announces tax cut timetable

France announces tax cut timetable

By Staff Writer - August 30, 2017

Taxes

By 2022, successive cuts in France’s corporate tax rate for the present 33.33 percent could provide a total relief of €11 billion, according to the government’s own figures. The reduction in corporate taxes, which the government wants to take to 25 percent by the end of the five-year period, will be uniform for all companies of all sizes starting in 2019.

The announcement was made in front of hundreds of bosses gathered for their summer schools since Tuesday on the HEC campus in Jouy-en-Josas.

This reduction in the tax rate will be gradual. It will fall to 25 percent in 2022 instead of 33.33 percent, as committed to by Emmanuel Macron during the presidential campaign. The first stage will take place in 2018, when the rate of 28 percent will now apply to all companies for profits of less than €500,000.

In 2019, above the €500,000 profit mark, the rate will now be 31 percent and then 28 percent in 2020. The decline will then continue in 2021 to 26.5 percent and then to 25 percent in 2022.

The government’s goal is to encourage investment. Meanwhile, several unions are organising opposition to tax cuts and have called for a day of action on September 12.


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