France warns on use of derivatives to evade new transaction tax

Tax adviser to the French finance minister tells Risk the country's authorities will act on "tax evasion through synthetic instruments" if necessary, as cash equity volumes fall

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The French government has warned it could take action if derivatives are used to evade its new tax on cash equity transactions. Market participants report volumes in the cash market have shrunk 10-15% since the tax was introduced - therefore reducing receipts - while volumes in exempt derivatives instruments, such as contracts for difference (CFDs), have increased.

"We will be very careful on the risk of bypassing and tax evasion through synthetic instruments and take appropriate measures where

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