Withholding Tax and Equity-Linked Financial Contracts

On 15 February 2023, the French tax authorities adopted an unprecedented interpretation of article 119 bis(2) of the French Tax Code, permitting its application to certain equity-linked financial contracts entered into by French banks in a cross-border context. The French Supreme Administrative Court ruled that the administrative guidelines were unlawful. In the authors’ opinion, that is fortunate given the doubts surrounding the legality and the relevance of these guidelines. The only way forward might be for the legislator to intervene.

Discover the study by Séverine Defert, Lawyer, Partner in charge of the Financial Services department, PwC Société d'Avocats, and Emilie Dussau, Tax Manager, PwC Société d'Avocats published in the journal European Taxation, 2024 (Volume 64), No. 2/3.

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Séverine Defert

Séverine Defert

Avocat, Associée, PwC Société d'Avocats

Emilie  Dussau

Emilie Dussau

Tax Manager, Département Doctrine, PwC Société d'Avocats