The
report underlines the importance of maintaining certain vital tax
shelters, however, including the reduced rate of value-added tax
(VAT) accorded to the construction industry, and the newly created
competitiveness and employment tax credit (CICE).
Furthermore,
the report suggests cutting the amount of taxes allocated to the
national cinema center to the tune of around EUR150m and reducing
levies flowing to the chamber of commerce and industry by
approximately EUR400m. The report also proposes that the tax regime
applicable for listed real estate investment companies be revised.
Finally,
the report underlines the importance of revising existing tax
advantages accorded to French overseas departments and reviewing fuel
tax breaks. These include the reduced rate of the domestic tax on the
consumption of energy products (TICPE) currently benefiting taxis,
farmers, and road hauliers in France. A revision of the Livret de
Développement Durable (LDD), the tax-free sustainable development
savings account, is also recommended.
Each
year, an estimated EUR60bn in fiscal aid (subsidies, tax breaks,
loans, investments in own capital) is used to support businesses in
France. The Government had tasked the mission back in February with
analysing the system, and with identifying EUR2bn in savings, namely
EUR1bn in 2014 and a further EUR1bn in 2015. The mission has
therefore gone beyond its initial remit.
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