France plans to scrap 1 billion euros of tax breaks for companies

France plans to scrap 1 billion euros ($1.1 billion) of tax breaks for companies...

FILE PHOTO: Gerald Darmanin, French Minister of Public Action and Accounts, attends a news conference on tax collection reform at Bercy Finance Ministry in Paris, France, February 4, 2019. REUTERS/Charles Platiau

PARIS - France plans to scrap 1 billion euros of tax breaks for companies to help fund a pledged 5-billion-euro reduction in personal income taxes, Budget Minister Gerald Darmanin said on Sunday. The government will finance the remaining 4 billion euros through lower spending, Darmanin said during an interview for the Grand Jury show with reporters from LCI television, RTL radio and Le Figaro newspaper.In his response to months of anti-government protests, French President Emmanuel Macron said in late April he would cut income tax by a further 5 billion euros.

The planned reduction came on top of a 10 billion-euro package of concessions to protesters in December aimed at boosting the income of the poorest workers and pensioners.

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