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| French 'supertax' will make it harder to recruit talent, says L'Oreal boss | French 'supertax' will make it harder to recruit talent, says L'Oreal boss |
| (5 days later) | |
| France will find it difficult if not impossible to recruit talented business leaders to work in the country if the government presses ahead with its "supertax" band of 75%, the head of L'Oréal said on Wednesday. | France will find it difficult if not impossible to recruit talented business leaders to work in the country if the government presses ahead with its "supertax" band of 75%, the head of L'Oréal said on Wednesday. |
| President François Hollande's Socialist government will unveil its austerity budget for 2013 on Friday, which will include tax hikes and budget cuts to save €30bn and bring France's public deficit down to the 3% of GDP he promised in his election campaign. | President François Hollande's Socialist government will unveil its austerity budget for 2013 on Friday, which will include tax hikes and budget cuts to save €30bn and bring France's public deficit down to the 3% of GDP he promised in his election campaign. |
| Jean-Paul Agon, the chief executive of the world's biggest cosmetics company, told the Financial Times: "If there is such a new tax rule, it's going to be very, very difficult to attract talent to work in France, almost impossible; at a certain level, of course." | Jean-Paul Agon, the chief executive of the world's biggest cosmetics company, told the Financial Times: "If there is such a new tax rule, it's going to be very, very difficult to attract talent to work in France, almost impossible; at a certain level, of course." |
| Hollande has pledged to impose the 75% rate on anyone earning more than €1m a year, a move popular with the public, but that has brought criticism from business leaders who fear it will hit their competitiveness, make hiring the best managers difficult and provoke a rush of wealthy taxpayers leaving the country. | Hollande has pledged to impose the 75% rate on anyone earning more than €1m a year, a move popular with the public, but that has brought criticism from business leaders who fear it will hit their competitiveness, make hiring the best managers difficult and provoke a rush of wealthy taxpayers leaving the country. |
| Agon was one of 16 wealthy French business leaders who signed a public petition last year offering to pay more tax as a gesture of "national solidarity". Asked by the FT whether he thought they should be paying 75%, he replied: "No, clearly not." | Agon was one of 16 wealthy French business leaders who signed a public petition last year offering to pay more tax as a gesture of "national solidarity". Asked by the FT whether he thought they should be paying 75%, he replied: "No, clearly not." |
| Earlier this month, Bernard Arnault, head of the luxury goods group Louis Vuitton Moet Hennessy, admitted he had applied for Belgian citizenship. The announcement caused a storm but Arnault insisted he was not trying to avoid paying taxes in France. | Earlier this month, Bernard Arnault, head of the luxury goods group Louis Vuitton Moet Hennessy, admitted he had applied for Belgian citizenship. The announcement caused a storm but Arnault insisted he was not trying to avoid paying taxes in France. |
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