This episode of the podcast Les Nouvelles Frontières Fiscales, hosted by Stéphane Baller for De Gaulle Fleurance, explores the intersection between public deficits, fiscal policy and business competitiveness, with insights from Sébastien Gonnet, partner at Accuracy.

Against the backdrop of current debates on budgetary pressures and international tax reforms, the conversation challenged the widespread assumption that increasing corporate income tax would be an effective way to address growing budget imbalances. Sébastien outlined a long-term global trend of declining corporate tax rates, with most countries now falling within a 20%–30% range and an average rate of around 25%. International coordination increased after the 2008 financial crisis and so did transparency and compliance requirements.

In this context, the room for fiscal maneuvering appears limited: corporate income tax represents only about 15% of total tax revenues and roughly 3% of global GDP, meaning that even major international reforms would have only a modest impact on overall tax intake.

The conversation then turned to the rising uncertainty created by shifting fiscal frameworks, including its direct impact on company planning, investment decisions and long-term strategy. This uncertainty, Sébastien argues, weakens the ability of firms to anticipate their tax environment and may discourage international investment.

Public debt challenges and the financing of major transitions cannot be addressed solely through corporate taxation but will depend primarily on competitiveness and innovation. A stable, predictable tax environment is thus a key condition for enabling companies to invest, innovate and contribute to long-term economic resilience.