France promises tax credits for businesses
Source: Agencies |
November 7, 2012, Wednesday
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Print Edition
Print Edition
FRANCE'S government has promised 20 billion euros (US$25 billion) in tax credits to businesses as part a "competitiveness pact" that it hopes will spark innovation and lower unemployment.
The announcement of the plan yesterday came a day after a government-commissioned report by Louis Gallois, former head of Airbus parent EADS, which said the country's ailing economy needed a big kick to stay globally competitive.
French Prime Minister Jean-Marc Ayrault said the government's plan ? which includes a 500-million-euro fund to help small businesses ? would put the country "back at the heart of the world economy."
The tax credit is to be implemented over three years ? with 10 billion euros available in 2013 and the rest split over the following two years.
The announcement of the plan yesterday came a day after a government-commissioned report by Louis Gallois, former head of Airbus parent EADS, which said the country's ailing economy needed a big kick to stay globally competitive.
French Prime Minister Jean-Marc Ayrault said the government's plan ? which includes a 500-million-euro fund to help small businesses ? would put the country "back at the heart of the world economy."
The tax credit is to be implemented over three years ? with 10 billion euros available in 2013 and the rest split over the following two years.
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