French President, Jacques Chirac this week provided detail on the government's tax cutting plans for the coming year.
According to reports in the European media, President Chirac revealed that despite the country's deficit difficulties, a 3% income tax cut is planned for 2004.
He also revealed that there will be an eighteen month hiatus on the payment of taxes on new investments made by businesses and non-salaried professionals. He explained that this move was intended to "free up capacity for investments among our businesses", and to help to bring about a "healthy and durable economic recovery".
The payments will reportedly be replaced by another, less industry-focused system for the eighteen month period, and any shortfall in revenue to local authorities will be compensated for.
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