French General Tax Code
In forceThe withholding tax provided for in 1 of l'article 119 bis et du prélèvement prévu au I de Article 125 A:
1° Interest, arrears and all other income from negotiable loans contracted from the entry into force of the law of 29 December 1929 and before 1 January 1965, by départements, communes, syndicates of communes and public establishments with the caisse des dépôts et consignations, the crédit foncier, the société anonyme Natexis or any company it controls within the meaning of Article L. 233-3 of the French Commercial Code and savings banks.
Interest, arrears and all other proceeds from negotiable loans issued directly to the public by the same local authorities, from the entry into force of the said law and before 1 January 1965.
The exemption applies to all negotiable loans issued by the same local authorities before 1 January 1930, when the tax has been borne by the said local authorities.
However, it does not apply to negotiable loans contracted as from 1 March 1942, under the conditions provided for in the first and second paragraphs, both by organisations falling within the provisions of Article 1 of the decree of 31 January 1942 issued for the application of Article 4 of the law of 28 June 1941, and on behalf of these organisations (1);
2° (repealed as from the date of entry into force of the loi n° 96-142 du 21 février 1996, articles 1er, 11 et 12 30°);
3° Negotiable bond securities not listed on the stock exchange that départements, communes, syndicates of communes and public establishments issued after 1 January 1939 and before 1 January 1965.
However, this exemption is not applicable to securities relating to loans contracted as from 1 March 1942 by bodies falling within the provisions of Article 1 of the decree of 31 January 1942 issued in execution of Article 4 of the law of 28 June 1941 or on behalf of these bodies (1);
4° Securities of bonds listed on the stock exchange that departments, communes, unions of communes and public establishments issued after 1 April 1945 and before 1 January 1965.
However, this exemption does not apply to issues intended to ensure the early repayment of non-exempt loans until the normal maturity of these loans, as well as to securities relating to negotiable loans contracted by organisations falling within the provisions of article 1 of the decree of 31 January 1942 issued in execution of article 4 of the law of 28 June 1941 or on behalf of these organisations (1).
