French budget adds 7 bln euros in taxes on rich, big firms

World News
04-07-2012 | 06:30
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French budget adds 7 bln euros in taxes on rich, big firms
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French budget adds 7 bln euros in taxes on rich, big firms
France will impose 7.2 billion euros in new taxes this year, including large one-off levies on wealthy households and big corporations, to plug a revenue shortfall left by slowing economic growth, according to a revised 2012 budget.
   
The Socialist government plans a 2.3-billion-euro one-off levy on those with net wealth of more than 1.3 million euros as well as 1.1 billion euros in extraordinary taxes on large banks and on energy firms holding oil stocks, according to a spending plan presented to parliament on Wednesday.
   
President Francois Hollande, in power since mid-May, has said that the rich should pay their share as France struggles to cut its public deficit from 5.2 percent of GDP last year to within 4.5 percent this year and 3 percent in 2013 despite a stagnant economy and rising debt levels.

REUTERS
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