World Economic outlook - 2013 France Budget Bill Will Be Introduced Sep 28 2012 : The French government will unveil the 2013 budget bill to parliament on Sept. 28, Finance Minister Pierre Moscovici said in an interview Monday, adding that the government needs to find between 30 billion euros ($38.4 billion) and EUR35 billion in additional revenue from spending cuts.
He reiterated the government expects gross domestic product to be 0.8% in 2013, Moscovici said Monday in an interview with TV channel BFM TV.
The government will seek as much as EUR20 billion from new taxes and EUR10 billion from spending cuts, Mr. Moscovici reiterated.
The measures are necessary to fulfill pledges to lower the country's budget deficit to 3% of GDP next year from a projected 4.5% in 2012 and to reassure investors, who have been more lenient with France than with other highly indebted euro-zone countries such as Italy and Spain.
The tax increases include a special 75% tax imposed on revenue above EUR1 million.
The finance minister also said the attitude of top businessmen, like Bernard Arnault, who controls LVMH Moet Hennessy Louis Vuitton (MC.FR) and who is France's richest man, must show "exemplary" attitude. Mr. Arnault said over the weekend that he has applied for Belgian citizenship, a move many have interpreted as a way to dodge paying higher taxes in France.
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