The Administrative Court of Versailles decided on 21 June 1994 that a loan granted by a bank to the executive chairman of a company and then consequently made available to that company is not subject to the provisions of Article 39-1-3° of the French General Tax Code (relating to limits of interest paid to a shareholder) in the following circumstances : the loan had been granted to the chairman, in his capacity as executive chairman, considering the personal guaranties offered, and had been paid directly to the company which then repaid it and met all interest payments, without remunerating the executive chairman.
The same Court also decided on 5 July 1994 that Article 39-1-3° of the French General Tax Code, which limits the deduction of interest paid by a company to its shareholders should be interpreted strictly. Notably, the exchange loss relating to a foreign currency loan should not be taken into consideration in order to calculate if the limit is reached.
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