May 1, 2018 / 7:05 PM / 3 months ago

Macron says intends to end 30 pct French exit tax in 2019 - Forbes

PARIS, May 1 (Reuters) - France plans to scrap a 30 percent tax on entrepreneurs who seek to take their money out of the country as part of efforts to attract more business and investment, President Emmanuel Macron said in remarks published on Tuesday.

Macron, a former investment banker, and his government are pushing through social and economic reforms to re-shape the French economy and restore France’s image among investors.

He has already made hiring and firing easier by easing labour regulations, slashed a wealth tax, introduced a flat 30 percent tax rate on capital income and scrapped the highest bracket of payroll tax for banks.

In an interview with Forbes magazine, Macron is quoted as saying he intends to permanently end the 30 percent “exit tax” on entrepreneurs seeking to take money out of France.

“People are free to invest where they want. If you want to get married, you should not explain to your partner, ‘If you marry me, you will not be free to divorce,’” Macron said.

“I’m not so sure it is the best way to have a lady or a man who loves. So I’m for being free to get married and free to divorce.”

Opponents of the tax say it dissuades foreigners from starting businesses in the country while encouraging French citizens to start businesses elsewhere. (Reporting by John Irish)

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