(Bloomberg) -- France plans to eliminate tax benefits for companies worth one billion euros ($1.12 billion) from next year to help finance a pledged reduction in personal income taxes of five times that amount, Budget Minister Gerald Darmanin said on Sunday.
The government plans to finance the remaining four billion euros through lower spending, Darmanin said on LCI television.
French President Emmanuel Macron proposed lightening the income tax burden in April in response to months of Yellow Vest protests and following a series of national debates. Darmanin said 95 percent of taxpayers will see a reduction from next January as part of the measures.
To contact the reporter on this story: James Regan in Paris at jregan65@bloomberg.net
To contact the editors responsible for this story: Geraldine Amiel at gamiel@bloomberg.net, V. Ramakrishnan, Namitha Jagadeesh
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