French General Tax Code
In forceProfits invested in Saint-Pierre-et-Miquelon, New Caledonia, French Polynesia, Saint-Martin, Saint-Barthélemy, the Wallis and Futuna Islands and the French Southern and Antarctic Territories may, under the same conditions, benefit from the scheme provided for in article 217 undecies, including for the acquisition or construction of new homes meeting the criteria mentioned in b and c of 1 of I of Article 244 quater X. The turnover threshold provided for in the first sentence of the first paragraph of I of the same article does not apply to investments made in the communities mentioned in the first sentence of this paragraph.
Aid granted by New Caledonia, French Polynesia, Wallis and Futuna, Saint-Martin, Saint-Barthélemy and Saint-Pierre-et-Miquelon as part of their own tax jurisdiction in respect of investment projects has no impact on the determination of the amount of eligible expenditure retained for the application of Article 217 undecies, with the exception of investments made in the cruise shipping sector in accordance with the provisions of the last sentence of the fifth paragraph of I of the same Article 217 undecies
For the application of schemes arising from Articles 199 undecies A, 199 undecies B, 217 undecies as well as this article, the words: "restaurants whose manager or an employee holds the title of maître-restaurateur mentioned in article 244 quater Q, classified tourist restaurants" and "classified hotel" shall be assessed with regard to the regulations specific to each overseas collectivity.
Ia of Article 217 undecies is applicable to Saint-Barthélemy, Saint-Martin, Saint-Pierre-et-Miquelon, New Caledonia, French Polynesia and the Wallis and Futuna Islands. In these local authorities, for the application of 1° and 3° of the same I bis, the reference to the loi n° 84-595 du 12 juillet 1984 defining rent-to-own property is replaced by the reference to the regulations applicable locally. The condition set out in 2° of the same I bis is not applicable.
In the local authorities mentioned in the first paragraph, this article is applicable to new investments brought into service until 31 December 2021, to renovation and refurbishment work on hotels, tourist residences and classified holiday villages completed no later than this date, to the acquisition of buildings to be constructed and to the construction of buildings whose foundations are completed no later than this date and to subscriptions paid until 31 December 2021.
However, on option, this article remains applicable in its wording prior to law no. 2020-1721 of 29 December 2020 on finance for 2021:
1° To investments for which an application for approval has been received by the administration by 31 December 2021 at the latest and for which the event giving rise to the tax benefit has not occurred by that date;
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To the acquisition of tangible personal property
2° Acquisitions of tangible movable property ordered by 31 December 2021 at the latest and for which at least 50% of the price has been paid in advance by that date;
> 3° Work to renovate existing buildings or renovate new buildings, including the construction of new buildings
3° Renovation work on buildings for which instalments equal to at least 50% of the price have been paid by 31 December 2021;
4° The construction of buildings for which a declaration of commencement of work has been filed by 31 December 2021 at the latest.
The option is made on a document conforming to a model drawn up by the administration, to the tax department of the place where the income tax return is filed, with the income tax return for the financial year in respect of which the deduction provided for in this article is made.
The VI of Article 217 undecies does not apply to investments made in Saint-Pierre-et-Miquelon, New Caledonia, French Polynesia, Saint-Barthélemy, the Wallis and Futuna Islands and the French Southern and Antarctic Lands.
