The European Commission revealed on Wednesday that it is to formally request that France amends its taxation laws relating to personal equity plans so that tax benefits are extended to investments in all European Economic Area nations.
Despite significant improvements made by successive legislative amendments, the EU’s executive body is arguing that the tax benefits for investments in PEAs remain overly restrictive.
“The rules applying since 1 January 2004 continue to exclude from PEAs direct investments in company shares or investments through investment trusts established in countries forming part of the European Economic Area, i.e. Iceland, Liechtenstein and Norway,” the Commission said in a statement.
It added: “This runs counter to the free movement of services and capital under Articles 36 and 40 of the EEA Agreement.”
The Commission’s request takes the form of a reasoned opinion, the second stage in infringement proceedings under the terms of the European Treaty.
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