France Plans Slower Tax Cuts as Finances Under Pressure (1)

French Finance Minister Bruno Le Maire said billions of euros of promised tax cuts will be spread out gradually over several years as the government tries to reduce its budget deficit.

President Emmanuel Macron has pledged to slash a further €2 billion ($2.2 billion) in taxes on households and had planned to complete the second half of an €8 billion reduction in a levy on industrial production, known as CVAE, in 2024.

Le Maire told France Info radio on Tuesday that the government has decided on a slower tax-lowering path that will be completed by the end of Macron’s second ...