Stronger measures against dividend arbitrage
Article 96 of the 2025 Finance Act amends Articles 119 bis and 119 bis A of the General Tax Code: dividend withholding tax is assessed by reference to the beneficial owner, and the anti-abuse rule on temporary transactions around the dividend date is extended to value transfers.
Measure originators
No official estimate found for this measure.
Measure impact
Concerns non-resident investors and financial institutions arranging temporary transfers of French shares around dividend dates to avoid withholding tax. Part of the scheme applies from 1 January 2026.
Official references
Sources
Procedure timeline
Follow the progress of this fiscal measure through the different stages of the parliamentary procedure.
Administrative implementation
Entrée en vigueur de la mesure et mise en œuvre par l'administration
Administrative implementation
Entrée en vigueur de la mesure et mise en œuvre par l'administration
President of the Republic signature
Publication au Journal officiel
Possible referral to Constitutional Council
Décision de conformité / censure partielle
Debate and vote
National Assembly has the final say
Si échec CMP
Joint committee
Désaccord éventuel
Debate and vote
Council of Ministers
Validation interne