French MPs have voted to grant a tax credit to anyone taking out a new subscription to a current affairs newspaper or magazine after the government argued that the sector was “suffering enormously” from the coronavirus crisis, reports The Guardian.
Deputies voted to allow a one-off deduction of up to 50 euros (£45) to households subscribing for the first time, and for at least 12 months, to a newspaper, magazine or online news service “providing news of a general or political character”.
News publishers around the world have been hit hard by the crisis, hindered from printing, distributing or selling paper copies and devastated by a collapse in advertising revenues while obliged to continue paying fixed costs such as office rents and staffing.
Most have placed staff on furlough and many – particularly those that are not part of a big group, have not developed a strong digital business and are heavily reliant on advertising and print – are unlikely to survive or have already folded.