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12 November 2012

France cuts red tape in new "Competitiveness covenant"

Acting very fast on the basis of the Gallois report filed two days before, the French government announced on 9 November a national pact (covenant) for growth, competitiveness and jobs, which includes powerful measures such as a €20bn reduction of social contributions paid by business and a number of tax changes. Among the "non-cost-of-labour" measures, we can note the "simplification and stabilisation of the regulatory environment" of business, to be achieved by streamlining five recurring administrative procedures and "stabilising", over the five years of the legislature, five key tax schemes. Other measure promise to improve the administation's footprint on the economy: more efficient "commercial justice" and helping SMEs and innovating companies access public orders.

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