Corporation tax rates are once again undermining France and its economy; it is a familiar story.
In the administration of former president François Hollande it was claimed that key players in the cabinet such as Pierre Moscovici and Michel Sapin Labour and then Finance) knew what was needed to solve the French competitiveness problem.
Back in June 2012 when Air France-KLM announced 5000 redundancies by year end Sapin’s reaction was to stress that he supported the right of the unions to engage the management. He added that corporations must realise that:That shows a complete lack of understanding as to how business works Further, why take such a strident tone given that at the time the Republic of France held a mere 18.6% stake in the airline.
This standoff led to an exodus of French creative business talent at a time when the Euro zone’s second largest economy needed growth. Macron announced that France had sourced €5 billion , from a wide range if institutional investors that would be directed toward technology startup firms. All European countries tax corporate income. However, corporate income tax rates differ substantially across countries. The lowest rate in Europe is 9% in Hungary and France has the highest rate.
Macron has overseen a change but not in way that will be a magnet for new investment. By 2020, the whole taxable income of all companies will be taxed at 28%. This is a disastrous rate as Europe’s average CIT rate is just 22.5% and the global average is 21.4%.
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