France signals retreat on tax hikes after small-business uproar |
| Globe and Mail - Oct 4, 2012 |
France’s government indicated that it would retreat on plans to raise taxes on capital gains in its 2013 budget after it caused an uproar among small businesses and entrepreneurs, according to a variety of reporting, including this from Reuters, this from AFP, this at CNBC and this on Bloomberg BusinessWeek.
President Francois Hollande’s government last week unveiled a package of tax hikes and spending cuts aimed at saving €30-billion next year. Among the proposed measures were increases in capital gains tax on equity sales that would hit entrepreneurs hard. Entrepreneurs who sell their businessses would pay capital gains tax at a significantly higher rate.
Small businesses were incensed, saying it would discourage investment, business creation and innovation. A group calling itself “Les Pigeons” – French for ‘suckers’ – turned to social media to campaign against the hikes.
“We will probably have to change it,” Reuters quoted Finance Minister Pierre Moscovici as having told France Inter Radio.
Read Full Article from Globe and Mail
- Posted: 2012-10-04 13:31:59
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