France Announces Income Tax Cuts For 2017
France will be cutting income tax of about a billion euro in 2017 to ease households from punishing revenue grabs.
French Minister Michel Sapin said the move has been taken as it has been lately necessary and fair.
France and Belgium are the biggest tax taker in Europe and in 2014 the two nations collected about 47.9 percent of gross domestic product through income taxes, reveals Eurostat figures.
Meanwhile, the government has denied the tax cut is linked to elections scheduled next year.
French President Francois Hollande had pressure from European Union (EU) to reduce budget deficit immediately after coming to power in 2012. There was no choice for him but to raise taxes.
On the eve of 2014’s New Year celebration Hollande proposed cut in payroll taxes in exchange for job creation by companies.
The Hollande government claims to have cut the income taxes by 6 billion euros sine 2014.
The Finance Ministry said new announced tax cuts are aimed at couples earning below 3,800 euros and single households earning less than 1,900 euros. With the calculation the average saving per household in 2017 would be about 200 euros.
German Finance Minister Wolfgang Schaeuble meanwhile said the growth of France is still lagging compared to neighboring countries Spain and Germany.http://www.dailynewsz.com/france-announces-income-tax-cuts-for-2017/http://www.dailynewsz.com/wp-content/uploads/2016/09/France-Announces-Income-Tax-Cuts-For-2017.jpghttp://www.dailynewsz.com/wp-content/uploads/2016/09/France-Announces-Income-Tax-Cuts-For-2017-300x300.jpgworld newsfrance,income tax,tax cut