SIFMA and ICI Submit Comments to the IRS Requesting Competent Authority Assistance under the U.S.-France Tax Convention

SIFMA and the Investment Company Institute ("ICI") have jointly submitted the attached comments to the IRS requesting competent authority assistance under the U.S.-France Tax Convention ("Convention"). Additionally, SIFMA and the ICI have requested an interpretation of the Convention to determine whether the convention provides an exemption from the French Financial Transaction Tax ("FTT") from certain transactions in French stock, or in American Depository Receipts ("ADRs") with underlying French stock, executed in the U.S.

Click here to view letter in full (links externally to SIFMA website).See also: SIFMA Submits Comments to the French Minister of Finance on the French Financial Transaction Tax.See also: SIFMA Commends Rep. Price Legislation Protecting U.S. Securities Transactions from Foreign Taxes (with Lofchie Comment).