France to Cut Business Tax by $10 Billion

Feb. 5, 2009

Will eliminate local taxes in 2010 to keep factories

France will slash business tax by eight billion euros (US$10 billion) next year in a bid to stop firms going bust during the economic crisis, President Nicolas Sarkozy said on Feb. 5.

"We will get rid of local taxes on business in 2010, I want us to keep factories in France," he said in an interview he gave to defend his handling of the crisis.

The interview came a week after more than a million strikers took to the streets in protest at his response to the downturn.

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