Ahead of an official announcement, French Prime Minister François Fillon has revealed key details of the government’s 2010 budget, which contains a raft of tax initiatives designed to reduce the country’s budget deficit and to prepare for growth.
According to the Prime Minister, the 2010 budget contains a series of proactive measures, which aim to support the French economy and to prepare for a return of growth. These measures include doubling the zero rate loan scheme, exempting from social contributions very small companies which take on new employees, reimbursing tax credit granted for research, and abolishing local business tax in France or “taxe professionnelle”.
The 2010 budget also contains a number of “green” tax initiatives designed to protect the environment. Measures include the introduction of a new carbon tax in France or “contribution climat-énergie”, and plans to re-orientate the existing “Scellier” initiative, which enables individuals to reduce their income tax either by investing in rental property directly, or via a property investment company, towards properties with low carbon emissions. The government also plans to maintain, although readjust, its new car incentive scheme. The bonus sum accorded to individuals trading in a car more than ten years old in order to buy a new environmentally-friendly vehicle will be progressively lowered, the Prime Minister stated.
In a bid to address the highly problematic issue of “tax loopholes” or “niches fiscales” in France, the Prime Minister has confirmed that the tax levied on stock options and on golden handshakes will be increased, and that capital gains derived from the sale of moveable assets will become subject to social charges.
Daily hospital fees are also set to increase from EUR16 to EUR18.
A tax on the amount of daily compensation received following an injury at work will not, however, be included in this year's budget, the Prime Minister added.
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