French prime minister Edouard Philippe has announced a number of measures to render more attractive Paris’ financial place, on 7 July 2017, with the aim of making the French capital the first European financial hub once Britain will leave the United Kingdom.
Among flagship proposals Philippe highlighted, he confirmed corporate taxes will be trimmed to 25% by 2022 and specific tax regimes will be reformed. Also the financial tax on intraday trading, voted in 2016, will be removed.
So will the additional 20% rate that was applied since 2013 on the latest tranche of French salary taxes with the aim of reducing labour cost in the financial sector and easing the creation of direct and indirect jobs.
In addition, infrastructure as well as school supply will be developed in and around Paris.
Lastly, fintechs and green finance are two other axes of the development of Paris’ financial place.