Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

APPENDIX E SOME NOTES CONCERNING THE POSITION OF COM- PANIES WHOSE SECURITIES ARE DEALT IN IN FRANCE IN THE MATTERS OF TAXATION AND STOCK EXCHANGE REGULATIONS. A. TAXATION Prior to the passing of the Law of 31st July, 1929, it was necessary for a foreign company to enter into an arrangement ‘known as the ABONNEMENT) regarding the payment of taxes before any financial service might be done for it or before its shares (which would be in the form of share warrants to bearer) might be dealt in (except in an unofficial manner) in France. The Law of 31st July, 1929, repealed this requirement; but the French Administration insists that the new provision does not release companies who had already entered into abonnements from their undertaking, which was irrevocable for the whole period of the Company’s existence in the case of shares, and until final redemption in the case of debentures, etc. Notwithstanding the legal irrevocability of their undertaking, companies who were unwilling to continue bearing the burden of taxation to which the abomnement subjected them withdrew themselves from the reach of the taxing authorities by terminating the appointment of their Responsible Representatives. The foreign companies whose shares are dealt in in France thus fall into three categories, namely: Those whose shares are abonné. Those whose shares are désabonné. Those whose shares are non-abonné. 1. ABONNE SHARES. The abonmement is an undertaking to pay certain annual taxes, namely: 1. The Stamp Duty (Droit de Timbre) of Fr. 0.20 per Frs. 100 upon the nominal value of the security, payable in equal quarterly instalments. The rate in the case of abonne- ments entered into after 31st December. 1920. is Fr. 0.05 per Frs. 100. Note.—When it has been proved to the Fisc that a company’s accounts have shown a debit balance on profit and loss account for three years in succession, the company is entitled to ask for a refund of the stamp duty paid for the third year, and to be allowed to discontinue paying stamp duty for successive years so long as the profit and lacs account continues to show a debit balance. 126A

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