#french-budget

#french-budget

A provision in last year's delayed Budget lowered the threshold at which micro-enterprises had to start collecting and paying VAT to €25,000 in annual turnover, rather than the current €37,500 for services and €85,000 for commercial activities. The micro-enterprise status is most commonly used by freelancers, contractors, sole traders and small businesses - it has a maximum earning threshold so most of those on the status are low to medium earners.

France's lower house on Friday rejected a wealth tax proposed by the left, which has threatened to bring down the government if a levy on the super-rich is not in the budget. France is under pressure to pass a spending bill by the end of the year to rein in its deficit and soaring debt, but efforts have been hampered by a political deadlock.