French President Emmanuel Macron is preparing a new wave of business-friendly measures to woo high earners to the French capital. According to French newspaper Les Échos, the government wants to introduce tax cuts in January in an attempt to make Paris Europe’s chief financial centre.
Why This Matters
Macron’s pro-business approach makes a marked difference from the previous government. France still has a 75% income tax – one of the highest in the world – from the Hollande era. Earlier this year, the French government proposed scrapping the wealth tax and lowering corporation tax from 33% to 25%, as well as introducing a lower rate of 30% on incomes derived from dividends and interest.
In 2016, three million French-born people were living abroad. However, Macron’s fast-track visa to attract tech talent has been incredibly popular. Whilst UK businesses still face uncertainty over Brexit, Macron’s attempt to reverse France’s long-time brain drain could bring about a shift of skills and expertise across the channel.
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