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L'Oreal hits out at planned French tax increase-FT
September 26, 2012 / 11:37 PM / 5 years ago

L'Oreal hits out at planned French tax increase-FT

LONDON, Sept 27 (Reuters) - France will find it “almost impossible” to attract top talent if the government goes ahead with plans to impose a 75 percent marginal income tax rate, the chairman and chief executive of L‘Oreal said on Thursday.

“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 said in the Financial Times.

French President Francois Hollande is expect to unveil his popular campaign pledge to tax earnings above 1 million euros ($1.28 million) at 75 percent.

Agon was one of 16 executives and wealthy investors to sign a petition last year calling for a tax on the rich in a gesture of national solidarity, the FT said.

Other signatories included Liliane Bettencourt, France’s richest woman, whose family owns 30 percent of L‘Oreal.

“I thought that, in difficult times, people with high salaries should contribute,” FT quoted Agon as saying.

Agon was one of France’s highest-paid businessmen last year with a total remuneration of 3.96 million euros.

$1 = 0.7788 euros Reporting by Stephen Mangan; Editing by Richard Chang

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