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

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France plans to scrap 1 billion euros 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   -   Copyright  CHARLES PLATIAU(Reuters)
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PARIS (Reuters) – France plans to scrap 1 billion euros (890.15 million pounds) 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.

Darmanin said 95% of taxpayers would see a reduction in their income taxes from January.

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.

(Reporting by Dominique Vidalon; Editing by Mark Potter)

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