France says coming tax hikes on the wealthy to be 'temporary'

France's finance minister on Wednesday promised that the tax hikes the government says are required to bring the country's finances back on track will be targeted at high-income groups and limited in time.

A day after Prime Minister Michel Barnier pledged to tackle France's "colossal" debt through spending cuts and new taxes, Antoine Armand told the RTL broadcaster that low- and middle-earners would be spared from the extra fiscal burden.

France is looking to improve its financial situation by some 60 billion euros ($66 billion) in 2025 in the hope of bringing the public sector deficit to five per cent of gross domestic product (GDP) from an estimated 6.1 per cent this year, a government source told AFP on Wednesday.

Some 40 billion of the total are to come from spending cuts, and 20 billion from new revenue.

This projection, the source said, is based on assumed GDP growth of 1.1 percent in 2025, similar to this year's economic growth rate.

"Once we have managed to cut spending significantly, an exceptional and temporary effort will be required from those with extremely high incomes," Armand said.

Income tax brackets for "those who go to work every day" would not change, he promised.

"Large and very large companies" will also be asked to pay higher taxes, Armand said, although he ruled out such an extra burden "lasting for several years".