French Shipping Billionaire Signals Willingness to Pay Higher Taxes Amid Fiscal Pressure

French shipping magnate Rodolphe Saadé has expressed his company’s readiness to contribute more in taxes as France grapples with strained public finances. His comments reflect a growing acceptance among the nation’s wealthiest citizens and largest corporations of the government’s shift towards increased taxation. Saadé, the CEO and chairman of CMA CGM, remarked that if a solidarity tax were imposed on profitable companies, his firm would meet its obligations. He emphasized, however, that his primary responsibility remains to ensure CMA CGM’s continued growth.

The statement comes as France’s new Prime Minister, Michel Barnier, faces mounting pressure to address the country’s expanding budget deficit. On Sunday, Barnier signaled plans to raise taxes on the country’s largest businesses and wealthiest individuals in an effort to shore up the nation’s finances. His administration is under a tight deadline to present the 2025 budget bill to parliament, with an October 1 deadline likely to be missed. According to insiders, the submission could be postponed by about a week.

The lack of clarity on how the government plans to tackle the growing deficit has unsettled financial markets, leading to an increase in France’s borrowing costs relative to other European countries. On Monday, the yield premium on French government bonds over German debt reached its highest point since August, reflecting investor anxiety over France’s fiscal direction.

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