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Economy

New tax cuts to benefit 3 million more French households

media Getty Images/Photodisc/Ken Welsh

French President François Hollande announced on Thursday new tax cuts in 2016 to benefit 3 million more French middle-class families.

“We are going to reach 3 million more homes that were not concerned so far by the previous tax cuts,” said French Finance Minister Michel Sapin.

“In addition, about a million new homes will be exempted from income tax,” he added.

The measure represents 2 billion euros in tax relief in 2016, after 3.2 billion euro in tax cuts in 2015 and 1 billion in 2014.

“Tax relief could go from 300 to 500 euros for a couple normally taxed between 1,500 to 2,000 euros,” said Sapin.

The percentage of French people taxable should drop to 46 per cent compared to 52.3 per cent in 2013.

A total of 8 million families are expected to benefit from tax relief in 2016.

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