France's new Prime Minister Michel Barnier is considering a temporary increase in corporate tax on the country's biggest companies as well as a tax on share buybacks as part of efforts to plug a gaping hole in public finances,

The French government is weighing fresh taxes on corporates to cut the country’s budget deficit, newspaper Le Monde reported.

France's new Prime Minister Michel Barnier is reportedly considering a one-off increase in corporate tax on the country's biggest companies, as the government faces a deadline on Tuesday to present

The executive is reportedly examining a range of plans to reduce the public deficit, including a temporary tax on companies making more than €1 billion per year.

The 2025 budget could include an 8.5 percentage point increase in corporate tax for companies whose annual turnover is at least 1 billion euros ($1.1 billion), Le Monde newspaper reported on Sunday. The report said the tax would be temporary and could yield 8 billion euros in 2025.

Prime Minister Michel Barnier’s government is working on an exceptional, temporary tax on the profits of big corporations, as well as a new tax on share-buybacks, Le Monde reported.