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French finance act for 1999 / Vincent Renoux

Main Author: RENOUX, Vincent Conjunt level: / Intertax / ed. Fred C. de Hosson. - V. 27, n. 4(April 1999). - Hague : Kluwer, 1993. - ISSN 0165-2826. - P. 148-154. Topical name: Regulamentação Financeira | França | Imposto sobre as Sociedades | Empresa Estrangeira | Controlo Fiscal | Evasão Fiscal Classification: H320(44)
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Item type Location Call Number Status Date Due
Analítico Mediateca da Universidade Lusíada de Lisboa INTERTAX 11.01.02-59 (Browse Shelf) Empréstimo local

Sumário:

1. Introduction

2. Measures concerning individuals

A. Measures that the government has presented as a way to fight against tax avoidance

B. Reinforcement of tax control

This is the reason why, considering the new provisions which have result of cancelling well-known tax-optimization schemes, this particular Finance Act could be nicknamed as:

"all that the tax authorities always dreamed of doing but never dared asking".

The main provisions of the Finance Act for 1999 are described below.

C. Other various measures

D. Rental income

3. Measures concerning companies

A. Tax credit for research

B. Taxation of a lump amount equal to 2.5 per cent of the gross dividends received under the affiliation privilege

C. Reduction from 50 per cent to 45 per cent of the credit attached to the dividends distributed

D. 100 percent tax amortization of particular equipment

E. Investments

4. VAT

A. Residential villages for tourism

B. EU acquisition of new vehicles by individuals established in France

5. Business licence tax

A. Taxable basis: reduction of the importance of the salaries

B. Limitation to the added value produced

C. Minimal business licence tax based on the added value produced

6. Transfer duties - wealth tax

A. Acquisition of land with the purpose of erecting a construction

B. Sale of buildings - dwelling or professional activity

C. Sale of real estate companies

D. sale of non-listed shares

E. Reduction of the donation duties

F. Transfer of real estate through a donation or after a decease and for wealth tax purposes

G. Liability to transfer duties of French tax residents receiving foreign goods through donation or after a decease

H. Real estate properties indirectly owned by French tax residents

I. Life insurance

J. Split between bare-ownership and usufruct

K. Limitation of wealth tax

L. Deductible liabilities

Resumo:

The Finance Act for 1999 has been enacted by the French Parliament. Many of its provisions were brought before the French Supreme Court ("Counseil Constitutionnel") but only two of them were declared as contrary to the Constitution of 4 October 1958.

This Finance Act contains some very important provisions that clearly reinforce the possibilities for the French tax authorities to fight against tax avoidance but also, in many cases, simply to eliminate some well-known tax-optimization schemes.

As far as individuals are concerned, this goes along with restrictions on the freedom of establishment and possibly on the right to privacy. Time will say whether those particular measures described hereinafter will be declared by the Courts as contrary to the European Convention for Human Rights.

Other measures concerning companies reintroduce a quite significant complexity in the management of their tax position.

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