Mr. Pascal Saint-Amans:

We issued a report three years ago on tax and growth. This is an economic piece. It is not about low tax but about the economic analysis of tax policies. The findings of this report were that indirect taxes were more favourable or less distortive and, therefore, more favourable to growth than direct taxes. One of the recommendations of this report was that more emphasis should be placed on property taxes rather than increasing direct tax rates. Overall, we recommended in terms of policy a shift towards indirect taxes rather than direct taxes. In the field of indirect taxes, we thought property taxes had good potential for raising revenue while not being too distortive of growth.