Predicting a slow recovery of the country’s economy in 2010, French Prime Minister François Fillon has dismissed recent suggestions of an increase in taxation, although he has revealed plans to introduce a “confiscatory” tax on enhanced final salary pensions accorded to some company managers.
According to the Prime Minister, an increase in taxation would not serve to boost growth in France, merely to exacerbate the financial crisis and prevent economic recovery. The solution to the current problems, he maintained, lies in a reduction in public spending.
Referring to the system whereby enhanced final salary pensions are granted to a certain number of company managers and directors, notably in the banking sector, as unacceptable, François Fillon disclosed that the text proposing the introduction of the new confiscatory tax will be examined during the course of the next budgetary debate.
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