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.

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.

French Prime Minister Michel Barnier plans to announce additional taxes to raise between €15 billion and €18 billion ($16.7-$20 billion) as he looks at ways to regain control of the country’s public finances,