5 FINANCIAL DATA Consolidated financial statements and notes Settlement of ongoing litigation a The EuropeanCourt of Justice has ruled the application of a share of costs and expenses, fixed at 5% of dividends received from subsidiaries based in another European Union Member State which, if they had been residents of France, could have belonged to a tax consolidation group, contrary to the freedom of establishment principle (EJC 2-9-2015, Case C-386/14, Groupe Steria SCA). Natixis thus received a reimbursement of the tax unduly paid on the 5% share of costs and expenses for a total of €6 million. a The Taxation of Dividends and CCI redemption proceeds from previous fiscal years: until 2013, Natixis held a 20% stake in the Banque Populaire banks and the Caisses d’Epargne, in the form of cooperative investment certificates (CCIs). This entire stake was bought back in August 2013. All dividends paid on the CCIs and all net proceeds from the 2013 buyback were subject to corporate tax in application of Article 145, 6 b ter of the French General Tax Code, which limits the application of the investment income exemption scheme to equity securities carrying voting rights. This condition was ruled unconstitutional by the ruling of July 8, 2016 of the French Constitutional Court (Natixis Ruling n° 2016-553 QPC). The French Council of State then canceled the doctrine of administrative law (CE Natixis n°397316 dated October 5, 2016) and the Finance Minister amended it in the October 5 Official Bulletin. On this basis, which makes a tax gain almost certain, the latter was recorded in the financial statements at December 31, 2016 for previous fiscal years in the amount of €326.0 million plus interest on arrears. a Reimbursement of flat-rate tax credits related to aerospace financing transactions intended to eliminate double taxation for €13 million: during the audit the tax authorities granted certain companies that were members of the tax group of which Natixis is the parent company and which receive fees from financial leases on aerospace assets the right to increase the amount of flat-rate tax credits directly offset against corporate tax payable from 66.67% to 100%. 300 REGISTRATION DOCUMENT 2016 - Natixis
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