Firmly rejecting a broad cut in value-added tax (VAT), French Finance Minister Christine Lagarde, has, however, revealed that targeted reductions in the tax are currently being evaluated by the French government, in a further bid to protect vulnerable businesses from the effects of the global economic storm.
Dismissing outright the British government’s decision to immediately implement a temporary across-the-board 2.5% VAT reduction, Lagarde affirmed that the French government is considering measures aimed at reducing VAT in specific, priority, sectors, such as the car industry.
Earlier this week, Prime Minister François Fillon had also promised to deliver fresh fiscal measures, specifically designed to revive the flagging car industry.
A stimulus package, thought to contain details of the proposed VAT cuts, along with other measures intended to boost the construction and car industries, is expected to be announced by President Nicolas Sarkozy within ten days.
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