France May Waive Tourism, Hotel Taxes to Speed Up Recovery

France could waive payment of taxes for the tourism, hotel, and events and leisure sectors if their recovery is too slow after the virus lockdown measures are lifted.

The country has already announced companies can delay payment of tax if they have suffered under restrictions meant to curb the virus spread. Minister of Economy and Finance Bruno Le Maire said in a Tuesday tweet that the government is prepared to go even further, saying “the deferral of charges may turn into cancellation if these sectors do not quickly recover turnover.”

• France has one of the largest tourism sectors in the world, bringing nearly 8% of the country’s GDP, according to the tourism ministry.
• France intends to run a government deficit to help companies weather an expected economic downturn following the end of the lockdown, Budget Minister Gerald Darmanin has said.