(Bloomberg) --
France's tax deferrals for airlines won European Union approval, the first state subsidies for carriers to be cleared under looser EU rules to help companies survive the coronavirus downturn.
France can now defer payments of some aeronautical taxes due between March and December this year, allowing payments to be made after Jan. 1, 2021 over a period of up to 24 months, the European Commission said in an emailed statement on Tuesday. It didn't say how much the deferred taxes would be.
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The EU said it could authorize the program because it compensates for financial harm directly linked to the virus outbreak and “does not exceed what is necessary to make good the damage.”
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