PARIS (Reuters) – Tax cuts for French households will amount to 9.3 billion euros ($10.3 billion) next year, Les Echos reported in a preview of its Monday edition, citing anonymous sources.
Some 5 billion euros will come from an income tax cut pledged by President Emmanuel Macron, the French financial daily reported, with a further 3.7 billion saved in the final phase of the abolition of the country’s residence tax for 80% of households.
Once the latest cuts are implemented, France will have pared 20.6 billion euros from its overall tax burden since Macron’s election in 2017, according to the report.
The country will reduce its public sector deficit by less than planned in 2020 despite billions of euros in windfall savings from record low borrowing costs, finance ministry sources said on Friday.
(Reporting by Laurence Frost and Leigh Thomas; Editing by Sandra Maler)