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France increases in 2017 the corporate tax to meet the deficit

The French government today approved a "temporary and exceptional" increase in corporate tax for companies that bill more than 1,000 million euros this year to offset another rate annulled by justice and thus be able to fulfill its commitment to reduce the public deficit.

Paris, Nov 2 (EFE) .- The French government approved today a "temporary and exceptional" increase in corporate tax for companies that bill more than 1,000 million euros this year to compensate another rate annulled by the justice and to be able to fulfill thus its commitment of reduction of the public deficit.

"The challenge is the balance of the public accounts", explained the Executive spokesman, Christophe Castaner in the press conference after the Council of Ministers in which the device was adopted, which will affect 320 companies, and that should serve to that the deficit is 2.9% of gross domestic product (GDP) in 2017.

The objective is to get France out of the European excessive deficit procedure in which there are now "only two countries", He noted in reference to France and Spain.

In practice, the corporate tax rate of 33.3% will rise for all companies to 38.3% for those who bill between 1,000 and 3,000 million euros and 43.3% for those that enter more than 3,000 million.

It is expected to raise about 5,000 million to pay part of the penalties derived from the opinion of the Constitutional Council of October 6, which invalidated the so-called "additional contribution to corporate tax" of 3% that had been created in August 2012 by the Government of the previous president, François Hollande.

The current executive believed that the justice would only partially revoke that contribution, and for that reason he had established a provision of 5,700 million euros. euros.

But when the sentence of the Constitutional Council is known, it now calculates that the reimbursements will be around 10 billion euros. concluded Castaner.

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