Markets

Horses, riders say 'nay' to French tax hike

PARIS (AP) — Thousands of riding enthusiasts — and hundreds of horses — took over Paris' Bastille square Monday to say "nay" to a proposed tax hike on riding schools.

Several horses wore the red caps that have come to symbolize a regional tax revolt and others were cloaked in banners reading "No to the 20% VAT" as they clopped alongside human protesters. Beginning next January, France plans to lift the value added tax on riding schools to 20 percent from 7 percent to bring France into line with EU regulations.

Opponents say the tax hike will lead to job cuts and the closure of stables and riding schools. France's Equestrian Federation estimates the tax hike could result in up to 6,000 job losses.

Related Headlines