November 5, 2012 / 3:20 PM / 5 years ago

Industry review recommends slashing French payroll taxes

PARIS, Nov 5 (Reuters) - Industrialist Louis Gallois recommended slashing 30 billion euros off French payroll taxes in under two years and compensating with public spending cuts and extra consumer taxes in a government-commissioned report submitted on Monday.

Gallois, ex-head of aerospace group EADS, proposed slicing 20 billion euros off employers’ contributions and 10 billion off those paid by workers, ideally within a year, to reverse an industrial decline that has eaten away at exports and bled factory jobs.

His 74-page report set out 22 measures which also included creating a French equivalent of a Small Business Act, to bolster the creation and success of start-ups, and tax changes to encourage life insurance funds to invest in shares.

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