Presenting the French government’s economic agenda in the run-up to the 2007 general election, new Finance Minister Hervé Gaymard has pledged to continue reducing the country’s tax burden with new tax cuts.
Gaymard announced on Tuesday that he would present a range of income tax cut proposals to Prime Minister Jean-Pierre Raffarin in the months ahead, which will include cuts for the middle classes and lower wage earners.
In addition, he stated that he will seek to improve relief on professional expenses, and increase tax incentives for firms to undertake research activities in an effort to enhance domestic investment.
Gaymard has also given the go-ahead to tax breaks originally advocated by former Finance Minister Nikolas Sarkozy designed to help invigorate the consumer credit market and encourage spending.
Prior to the 2002 election, Chirac promised to slash French income taxes by 30%. Despite a pause in the tax cutting programme last year to prevent an increase in the budget deficit target, Gaymard claimed that the conservative administration remains on course to achieve its target.
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