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Tax cuts will save French pounds 11 billion over three years.

The tax-cut package, touted as the most extensive in 50 years, is widely seen as a response to a pounds 27 billion five-year tax cut plan adopted by the German government last month.

France is also lowering its headline rate of corporate tax to 33.3 per cent by 2003 from 37 per cent, by scrapping a 10 per cent surtax introduced by the country's previous conservative administration.

The tax-cut package includes relief on social security contributions for the lowest paid and scraps an annual vehicle registration fee at a cost of pounds 10 billion.

Fabius backed away from an overall cut in fuel taxes and instead, he opted for a cut in the levy on domestic heating oil, worth pounds 326 million and introduced measures to reduce the degree which crude-oil price rises will be exaggerated by VAT.
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Publication:The Birmingham Post (England)
Date:Sep 1, 2000
Words:139
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