France Confirms Personal Income Tax Cut PlansOver three million low income households will benefit from a EUR1bn (USD1.37bn) cut to personal income tax this year, French Prime Minister Manuel Valls announced recently.
The Government will trim 2014 tax bills for low-income pensioners and employees paying tax on their 2013 income, he said. Meanwhile, 1.8 million workers will be moved out of the income tax scale.
For example, a minimum wage earner, and a couple with two children and a combined gross monthly salary of EUR3,600, will be exempt from tax in 2014, while pensioners receiving monthly pensions of EUR1,200 will pay tax of EUR300 annually, instead of EUR1,000.
The tax relief will increase workers' purchasing power after five years of tax rises, Valls said. The tax cuts will be funded through measures to combat tax evasion, which will be included in the nation's 2014 supplementary finance bill, to be adopted by the summer.
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