On 14 October 2020, the French Supreme Administrative Court (Conseil d'Etat) issued its decision in a case concerning withholding tax on capital gains derived from the sale of shares held by a non-resident in a French resident company. In general, where a non-resident company holds more than 25% of the rights to profits of a French company at any time in the five years preceding a sale, the capital gain on the sale is subject to withholding tax.
The case involved an Italian company, AVM In…