France To Cut Business Taxes
French Minister of Finance Bruno Le Maire presented the 2021 Finance Bill to parliament on September 28, 2020, which includes provisions to reduced taxes on production and plans to reduce the corporate tax rate next year.
A statement released alongside the Finance Bill confirmed the Government's plans to lower the rate of corporate tax to 25 percent by 2022. It said the rate will drop to 27.5 percent for large companies and to 26.5 percent for companies with a turnover of less than EUR250m (USD293m) from 2021. The reduced rate of 15 percent is to be maintained for SMEs, it said.
Additionally, a further seven low-yield taxes will be abolished by the 2021 Finance Bill, following the repeal of 26 such taxes in 2019 and 20 in 2020.