Posted July 4, 2012 by CFO Worldwide Team in Money
 
 

France slaps 7 billion euros in taxes on rich and big firms | Reuters

France's President Francois Hollande (R) and Prime Minister Jean-Marc Ayrault

France’s President Francois Hollande (R) and Prime Minister Jean-Marc Ayrault pose for the traditional family photo of the government after a minor government reshuffle outside the Elysee Palace in Paris July 4, 2012. Credit: Reuters/Philippe Wojazer

(Reuters) – France’s new Socialist government announced tax rises worth 7.2 billion euros on Wednesday, including heavy one-off levies on wealthy households and big corporations, to plug a revenue shortfall this year caused by flagging economic growth.

In the first major raft of economic measures since Francois Hollande was elected president in May promising to avoid the painful austerity seen elsewhere in Europe, the government singled out large companies and the rich.

An extraordinary levy of 2.3 billion euros ($2.90 billion) on wealthy households and 1.1 billion euros in one-off taxes on large banks and energy firms were central parts of an amended 2012 budget presented to parliament.

via France slaps 7 billion euros in taxes on rich and big firms | Reuters.