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VAT revenues barely increased in France in 2025, with only +0.2%, or 9 billion euros less than expected in the budget. This slowdown is more pronounced than elsewhere in Europe, how can it be explained?
Revenues related to VAT increased by only 0.2% in France in 2025, representing EUR 9 billion in losses compared to the budget forecast.
In 2023, the difference between the forecast entered in the law of finance and the actual execution of VAT revenues reached EUR 8.2 billion. Then, in 2024, this difference was further widened to EUR 11.1 billion. In 2025, the difference is estimated at EUR 6.2 billion. In other words, over the past three years, VAT revenues have been consistently below expectations, and this is in proportions not previously known since 2020. In total, these diff…
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