September 28, 2012 / 10:18 AM / 6 years ago

France's 2013 budget hikes taxes on companies, rich

PARIS (Reuters) - France’s draft 2013 budget imposed a total of roughly 20 billion euros in new taxes on large companies and wealthy households, including hikes in taxation on dividend income and reductions in the tax deductibility of interest payments.

The budget, approved by France’s cabinet on Friday, said that the creation of a new 75 percent tax on millionaires and higher marginal tax rates on high earners would raise some 530 million euros next year.

The lowering of the threshold for wealth tax on individuals would raise a further 1 billion euros.

Reporting By Daniel Flynn; Editing by Catherine Bremer

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