France: Financial Transaction Tax approved and published

Following our TaxFlash T12006 of 2 February 2012, we inform you that the French Financial Amendment Bill for 2012 introducing the Financial Transaction Tax (the “FTT”), has been published today in the Official Gazette through Law N°2012-354 dated 14 March 2012.

Effective

1 August 2012

0,1% FTT rate will be applied on any acquisition of shares:

• issued by a French headquartered company with a minimum market capitalisation of EUR 1 billion on 1 January of each tax year; and
• are traded in French, European or foreign regulated markets; and
• the acquisition generates a transfer of property (notably securities purchases, exchange of shares, contributions, and transfer of securities deriving from a derivative instrument).

The operational details of FTT application are still being analysed by the market participants. We continue to closely monitor the market and will inform you as soon as further details are defined and officially communicated by the market.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk on:

or Clearstream Banking Customer Service or your Relationship Officer.