- Title: France to boost domestic production with tax breaks, PM says
- Date: 15th July 2020
- Summary: PARIS, FRANCE (FILE - JUNE 10, 2020) (REUTERS) STUDENTS FROM CODIS IGS GROUP ENTERING APPRENTICE TRAINING SCHOOL VARIOUS OF STUDENTS DURING COURSE
- Embargoed: 29th July 2020 15:39
- Keywords: France Jean Castex PM coronavirus national assembly tax
- Location: PARIS AND FLINS, FRANCE
- City: PARIS AND FLINS, FRANCE
- Country: France
- Topics: Lawmaking,Government/Politics
- Reuters ID: LVA004CMX7TXJ
- Aspect Ratio: 16:9
- Story Text: France will cut domestic business taxes to weather a coronavirus crisis that has underscored its over-dependence on imports, new Prime Minister Jean Castex said on Wednesday (July 15).
Speaking during his first appearance before lawmakers since his July 3 appointment at the head of President Emmanuel Macron's reshuffled government, Castex did not say how the tax relief - long sought by companies - would be financed but said that French taxpayers would not be called on to pay more.
A 100-billion-euro ($114 billion) economic recovery package to be announced on Friday (July 17) will include 40 billion in support for domestic industry and services including tax breaks, he said.
Castex also promised to help the 700,000 youth in France who will enter the labour market this summer, just as the euro zone's second largest economy is forecast to shrink by 11 percent.
France has struggled to provide enough long-term jobs for its young. The youth unemployment rate sat above 20% in the fourth quarter of 2019, the fourth highest in Europe behind Greece, Spain, and Italy, according to the OECD.
(Production: Yiming Woo)
- Copyright Holder: FILE REUTERS (CAN SELL)
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