E.C. Takes France To Court Over Tax Loophole

Law360, New York (October 25, 2006, 12:00 AM EDT) -- The European Commission said Wednesday it is hauling France to court over the country’s failure to repeal a tax exemption for takeovers of ailing companies that the agency considers to be incompatible with European Union rules governing state aid.

The legal wrangling has come to a head over a December 2003 decision in which the E.C. indicated that the loophole violated rules concerning the free movement of capital, instructing France to take measures to recover taxes that would have been due without the exemption in order...
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