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Sarkozy plans tax on large firms
French President Nicolas Sarkozy's plan to institute a minimum tax on large, listed companies based in France if he is re-elected will apply to groups with a market value of €1 billion and above, according to Finance Minister Francois Baroin.
French President, Nicolas Sarkozy's tax plan is to target large international companies that keep company headquarters in France
The tax, which the government expects will raise an additional €2-3 billion annually to help cut the country's public deficit, would be based on companies' overall sales, though the rate has not yet been fixed, Baroin said in an interview with RTL radio on Friday.
Sarkozy revealed his tax plan during a three-hour televised debate on Tuesday as the battle heats up between him and front runner Francois Hollande weeks away from the first stage of the two-round presidential election.
The president, who has been criticised on the left for changes to the tax system that favour companies and the wealthy, said in the debate on France 2 television that the tax would target international companies such as oil major Total.
Hollande dismissed the proposal as a belated act of contrition after five years in power.
