France wishes to improve the attractiveness of its financial platform following the Brexit vote last month. French Prime Minister, Manuel Valls, announced on Wednesday, July 6 a series of measures to encourage impatriation as well as the setting up of more financial companies so as to make Paris “the financial capital of the future”.
According to media reports, corporate tax should be reviewed as previously announced by François Hollande. The normal corporate tax rate will gradually decrease from 33% to 28%. Moreover, Business France should be responsible for coordinating the facilitation of administrative procedures for foreign companies wishing to set up in France.
The new service is expected be a one-stop administrative point for foreign businesses and their employees, particularly en terms of permits, housing, and schooling, etc. Schools, for their part, will be called to offer more classes to expat children in their native language if necessary.
Manuel Valls also announced changes to the impatriates scheme enabling employees to benefit from tax reductions. Henceforth, the impatriates scheme will be tax exempt over eight years.
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