International Tax Review
The French government has released a second corrective finance bill for 2017, which contains new provisions for cross-border mergers in response to ruling the European Court of Justice (ECJ) in March 2017 and complementing Emmanuel Macron’s pro-business agenda. The changes are expected to improve the state of affairs for taxpayers and tax professionals. Under the new measure, companies undergoing cross-border mergers would still have to file with the French tax authorities but the reform will do away with the obligation to keep shares in exchange for a partial contribution of assets for three years. Theses changes will free up cross-border restructuring. Seroin believes that this change “should make international legal restructuring operations much more business friendly and of a significantly higher legal certainty”.