Opções De Ações Fiscalite 2011

As opções de compra de acções são uma nova série sobre o futuro da economia, e mais as novas opções de compra de acções. No se souvient que la Cour des Comptes teve um relatório em setembro deste anne, em que ela tinha o fato de que o fato de exonstações e rides dassiette dimposition não bnficient les titulares de opções de ações, nomeadamente durante a revolução das ações questões das opções , O valor de 3 milhões deuros para o ano de 2005. Em conclusão, o Tribunal de Contas apresentou as suas conclusões sobre as cotizações, nomeadamente no que se refere às medidas de compensação ou de cessão de direitos sobre as opções de compra de acções . En cho ce rapport, le Prsident de la République, dans les discours tenu devant les parlementaires de la majeure le 3 octobre dernier, De son ct, le Ministre du Travail, a confirmer que les mesures fait prvues dans ce sens dans le projet de loi de finances 2008. La question est qui la suivante. ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, En tout cas, pour le moment. Fiscalit des actions options remise en cause Les actions options sont une nouvelle fois sur le devant de la scne, et plus que ne jamais lindex comme des avantages illgitimes accords des dirigeants quotnantisquot. No se souvient que la Cour des Comptes teve um relatório em setembro deste anne, em que ela tinha o fato de que o fato de exonstações e rides dassiette dimposition não bnficient les titulares de opções de ações, nomeadamente durante a revolução das ações questões das opções , O valor de 3 milhões deuros para o ano de 2005. Em conclusão, o Tribunal de Contas apresentou as suas conclusões sobre as cotizações, nomeadamente no que se refere às medidas de compensação ou de cessão de direitos sobre as opções de compra de acções . En cho ce rapport, le Prsident de la République, dans les discours tenu devant les parlementaires de la majeure le 3 octobre dernier, De son ct, le Ministre du Travail, a confirmer que les mesures fait prvues dans ce sens dans le projet de loi de finances 2008. La question est qui la suivante. ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, En tout cas, pour le moment. Pourquoi les actions-options nont plus la cote Publi le 20/02/2012 18H02 Longtemps consideacutereacutees comme l39outil favori des grandes entreprises pour fideacuteliser leurs cadres dirigeants, les actions-options commencent agrave montrer leur limite. Essas são de mais e mais concordâncias pelos planos d39attribuição d39acções gratuites. Em 19 de dezembro de 2007, Jean-Paul Agon, PDG de LOral. Suit une tendance de plus en plus marque chez les entreprises. Na vista de mais em mais de plano dactions gratuites, carro deixa de mais fidliser les salaris. Ainsi que Olivier de Maison Rouge, un avocat spcialis en droit des affaires. Air France, Air Liquide. EADS ou encore O Safran e os seus planos de dacção para os seus salários. A possibilidade de atribuição de stock-options a t approuve par lAssemble gnrale de Safran, mais elle na jamais t utilizar. Rvle ainsi Michle Monavon, os dadores da prsidente, as associa ç õ es dos salários do grupo. A la place, lindustriel a prfr lancer un plan dactions gratuites pour tous ses salaris. Em abril de 2009, Safran a fait une distribution gratuite dactions aux salaris, raison de cent actions par personne, reprend la prsidente dActioS. Ontário e Canadá em abril de 2011 com um prêmio de conservação de dois anos. Lune des raisons du développement des plans dattribution dactions gratuites patient limage dsastreuse des stock options auprs du grand public. Pourtant, lorigine, ce systme dinspiration amricaine que permite de poser une option sur lachat de dactions un prix prdfini (souvent infrieur au cours du mars), puis de les revendre plus tard, avait pour objectif dintresser les salaris aux performances de lentreprise tout en prservant la stabilit Du capital social. Elles relevent da concepção gaullienne de louverture du capital, como la participation ou lintressement, rappelle Olivier de Maison Rouge. Ce qui les a rendues politiquement incorrectes, cest quelles sont devenues un complment de rmunration des cadres dirigeants alors qu lorigine, elles servent plutot doutil de stabilisation du capital. Uma estabilização de capital lgrement renforce No le principe, les plans dattribution dactions gratuites ressemblent nanmoins trs fortement aux options, quelques diffrences prs. Em premier lieu, la gratuité de laction ne fait plus courir aucun risque au salaire, qui est certain dempocher une plus-value la révolution quelque chose le moment quil choisit pour sortir du capital de son entreprise. Contrato de estoque de opções, que é imposto sobre o salário de negócios. Em pode chegar às condições de desempenho com a distribuição de ações ou opções de ações mais a diferença entre as opções de ações e uma decisão de seu bônus, confie assim Pierre-Henri Leroy, o prsident de Proxinvest. A questão de fond, cest quando est-ce que je lve opção mon. Quando est-ce le plus intressant. Esta questão não se situa para as ações gratuitas. No ponto de vista de empreendimento, a estabilização do capital é a renúncia no quadro de ações gratuitas. Os dlais dacquisition e dincessibilit sont plus longs que pour les stock-options. Explique Olivier de Maison Rouge. Lautre grande diffrence, patient la fiscalit, un peu plus avantageuse dans le cas des actions gratuites. As cotizações assalariadas e patronais aplicam-se respectivamente a 8 e 14 para as acções, contra 2,5 e 10 para as acções por justa 17 676 euros, e depois são passadas sob a forma de stock options. Les plus-values ​​dacquisition et de cession sont en revanche imponente selon le mme rgime. Mais, no momento das ações gratuitas, as ações estão no momento da venda das ações, enquanto que a mais-valor é necessária para o pagamento no momento do lançamento das ações no quadro de opções de ações. URL TrackBack de cette note : Www. typepad / services / trackback / 6a00d8345275ff69e200e550632eae8833 A estagnação do curso de bourse de três anos e um centro em vigor no primeiro dia de 2005 das novas normas contabilísticas IFRS (contabilização de stock-options en charge) - options en France. Comentário ds lors lutter contre cette dsafection tout en motivant ses cadres dirigeants. A resposta dada por esta lei de finanças para 2005 (JO 31.12.2004). Lattribution gratuite dactions. Cette innovation lgislative, intgre sous les articles L. 225-197-1 e seguintes du Code de commerce, peut sanalyser comme un vritable outil de rmunration pour les cadres dirigeants, avec lavantage dviter une taxation en tant que traitement et salaire. Limitação de esta atribuição. 1 / taxation 30 au moment de leur attribution leur valeur dattribution) 2 / tributação 16 (diffrence entre le prix de cession et la valeur du titre au jour de lacquisition). En outre, le bnficiaire des actions gratuites vous faire payer limpar sur les plus-values ​​avec le produit de la cession des des titres. (ACP, DG, DG dlgus, membros do directório, subvenção). 1 / cration dactions nouvelles (dans le cadre dune augmentation de capital) ou 2 / attribution dactions existentes (questões dun programa de rachat dactions par lentreprise). Finalmente, o limite é o limite para o leitor. Le nombre total des actions attribues. Ne peut dpasser 10 du capital social. No final do processo, o conselho que o governo prendeu sem o som de toda uma série de medidas que vão para o bom senso. Un serial entrepreneur comme moi va finir par se demander si la France n39est pas un pays o l39on peut habiter et crer de la valeur. Rdig par. Alain Mathecowitsch 27 jan 2005 13:56:56 bonsoir, je suis tudiante en MSTCF (Maitrise des Sciences et Techniques Comptables et Financiers) l39Universit Paris Dauphine, et dans le cadre du mmoire d emaitrise, j39tudie les actions options et l39introduction des actions gratuites aux Dirigentes Pour cela, je vous sollicite afin d39avoir plus d39informations sur le sujet. J39aimerai saber si c39est possible que vous m39accordiez uin entretien about the sujet. Je vous remercie d39avance. Rdig par. Bouayad-amine 6 avr 2005 23:46:38 je suis tudiante l39ecole suprieure de commerce de tunis et je prepare un mmoire sur actions gratuites ou socks-options: quels sont les effets incitatifs pour les dirigenats des socits cotes. Si vous pouviez m39eclairer un peu sur le plan suivre pour traiter ce sujet je vous en serait vraiment reconaissante. merci d39avance Rdig par. El Mouldi 25 avr 2005 23:53:36 bonjour, je suis actuellement tudiant en maitrise d39economie Vultaneuse et je prpare un memoire impliquant la comparaison des actions gratuites et des stock options. Pourriez vous m39indiquer quelques lments de rtes ce sujet ou m39indique des références utiles merci d39avance pour votre aide Jean Baptiste C. Rdig par. Jean baptiste 8 mai 2005 16:36:16 Bonjour, Estudante l39universit de Beirute je souhaiterais intgrer un master l39Universit Paris IX Dauphine. Le sujet de mmoire rediger en vue de l39integration de ce cursus, mettre mettre en lumire les diffrences les actions gratuites et les options de stock, Je vous reconnais de m39indiquer comment repondre a cette problmatique, ainsi que les sites ou ouvrages qui peuvent m39aider y Rpondre. Rdig par. Amine B. 8 mai 2005 16:42:50 Eu sou um artigo por e-mail sobre o assunto. Boa coragem. Rdig par. Olivier 8 mai 2005 17:48:35 bonjour, je suis tudiants en Finance and je prepare un travail de recherche dont l39une des parties portation sur les diff rences des effets incitatifs entre les actions gratuites et les options de stock, Je vous serais tres reconnaissant de m39eclairer Sur cette problématique en m39indiquant quelques articles, sites ou ouvrages qui peuvent m39aider y rpondre. Merci pour votre rponse, Rdig par. Omar H 9 de Maio de 2005 11:47:36 bonjour, Je traite actuellement un sujet s39inscrivant no quadro de mon inscription au DEA en Fiance Dauphine. Le sujet porte sur la comparaison des effets incitatifs des actions gratuites ou stocks-options pour les dirigeants des socits cotes. Você é obrigado a reconhecer o assunto em m39indicante os artigos, os sites ou os ouvrages que podem ser encontrados no meu tópico. Je vous remercie d39avance, Rdig par. AMOUZOUVI Kokou 10 de Maio de 2005 20:11:08 bonjour, je suis tudiant en Finanças e eu preparo um trabalho de pesquisa não lune um desportistas sobre as diferenças entre os efeitos incitativos entre as ações gratuitas e as opções de ações. Alguns artigos, sites ou obras podem ser encontrados em vários artigos. Rdig par. Arnaud T 17 mai 2005 19:25:09 Bonjour je serais aussi fortement intéressé par le fait avoir des informations sur la comparaison des effets incitatifs sur les dirigeants des actions et actions gratuites, mais le point qui m39intresse, c est que ce sujet S39interroge sur une comparaison pour les dirigeants des socits cotes en particulier Merci d39avance, Cordialement Rdig par. Darmon Elodie 20 mai 2005 17:06:07 bonjour, je suis actuellement tudiant en maitrise d39economie la Sorbonne et je prpare un memoire sur la comparaison des actions gratuites et des stock options. Pourriez vous m39indiquer quelques lments de rtes ce sujet, des références utiles, voire un plan suivre dci d39avance pour votre aide Rdig par. Rmy Taitouan 23 mai 2005 17:24:42 bonjour, je ralise actuellement mon stage de fin d39tudes en gestion d39actifs tout en prparant un mmoire sur la comparaison entre stock options et attribution d39actions gratuites, et l39incidence globale de ces deux dispositifs. Je vous sollicite afin d39avoir ventuellement des rferences que peuvent m39achemniner dans ma dmarche et me donner quelques lments de rponse. Sam richmond marrom Rdig par. Sam richmond brown 4 de junho de 2005 11:33:47 Eu sou tudiant em maitrise de direito de negócios que eu desejo uma informação: L39attribution gratuite is its totalement libre quant l39identit de atributions ou ya t-il, comme pour l39interessement, des restrictions lgales En Efeito L225-197-1. I - 2 dispor. QuotLe CA ou, le cas chant, o diretório dtermine l39identit des bnficiaires des attributions d39ctions. Quot: Merci de bien vouloir me repondre: Rdig par. Fred 5 juil 2005 17:07:33 Eu sou tudiant em maitrise de direito de negócios que desejam uma informação: L39attribution gratuite is its totalement libre quant l39identit des attributs ou ya t-il, comme pour l39interessement, des restrictions lgales En effet l39article L225-197-1. I - 2 dispor. QuotLe CA ou, le cas chant, o diretório dtermine l39identit des bnficiaires des attributions d39ctions. Quot: Merci de bien vouloir me repondre: Rdig par. Fred 5 juil 2005 17:08:04 Eu sou tudiant em maitrise de direito de negócios que desejam ter uma informação: L39attribution gratuite est elle totalement libre quant l39identit des attributs ou ya t-il, comme pour l39interessement, des restrictions lgales En effet l39article L225-197-1. I - 2 dispor. QuotLe CA ou, le cas chant, o diretório dtermine l39identit des bnficiaires des attributions d39ctions. Quot: Merci de bien vouloir me repondre: Rdig par. Fred 5 juil 2005 17:10:31 Etant la responsable du DEA 104, je trouve tonnant qu39un grand nombre d39tudiants sente incapables de raliser um trabalho d39une dizaine de páginas por seu propres moyens. Je tiens vous remercier de m39avoir laiss vos mails et coordonnes. Sachez que j39en ferai bon usage para la slection des tudiants du mestre 104. En esprant qu il y ait des tudiants plus dous que vous, je vous souhaite bien du courage quant vos recherches de 3eme cycle. Cordialement Mme Ginglinger Professora l39Universit Paris 9 Dauphine Rdig par. Professeur DEA 104 21 jul 2005 12:39:35 Eu estou à procura d39informação sobre as ações opções e ações gratuites. Ceci dans le but de rpondre un sujet de mmoire pour intgrer un Master Dauphine. Je constate que plusieurs tudiants são permitidos de contato. A possibilidade de receber por escrito da documentação sobre o assunto seguinte: ação ou opção de compra de ações, comparação dos efeitos incitativos para os dirigentes de socits cotes. Rdig par. Delba 25 juil 2005 20:58:16 Je suis tudiante l39cole superieure de gestion de paris et je rdige un mmoire sur les stock-options et les actions gratuites. Je vous remercie de m39apporter vos commentaires et toutes les informations susceptibles de mener bien cette comparaison. Je vous remercie d39avance. Rdig par. BANGOYI Sylmvania 1 de abril de 2005 12:03:36 Je suis tudiant. J39ai achev un DESS de Droit des Affaires et Fiscalité rput, je suis en scène en cabinet et j39entre l39cole du barreau. No quadro de mon estágio, j39ai um topo fazer sobre l39AGA. Você é obrigado a comparecer a esta empresa. En effet, aprs plus de 5 ans d39tudes, je me dois d39tre capaz de raliser ce travail par moi mme. Je ne saurais par aillerus m39attribuer les mrites du travail et de la rflexion mene par un autre. Afin de vous faciliter les choses, je ne vous laissez pas mon adresse email. Rdig par. Sylvain 21 dc 2005 09:35:21 D39autres fontes m39indiquent que les taux d39imposition sont: quot A mais-valor dacquisition est taxe au taux de 41 La plus-value de cession est taxe au taux de 27 quotes Quelles sont les bonnes valeurs Rdig par . Franck 23 dc 2005 12:12:59 É importante dar de novo os companheiros. Je suis actuellement Paris e atende o correio ton. Você me faltaz tous Rdig par. OGAN BADA YVES 15 fev 2006 18:45:14 Le thme sous rfrence a fait l39objet, en mars 2005, d39un colloque professionnel organis par le Cereg (Centro de Investigação em Finanças de l39Universit Paris Dauphine). Esses trabalhos têm um lugar para dois tipos de publicações não asseguram a responsabilidade científica. - l39une destine aux juristes. Dossier de Ações gratuites. Mort annonce des stocks-optionsquot em Revue de droit bancaire et financier, 5, septembre-octobre 2005, p. 58-73. - l39autre destine aux dcideurs financiers. Numro hors-srie quotStock-opções, ações gratuites. Jean-Franois CASTA Comissário aux comptes Professora de Universidades Diretor de Mestrado Auditoria Financiadora Universit Paris Dauphine Rdig par. Jean-franois Casta 15 fev 2006 20:29:36 A finenda das existências. Les actions gratuites 27 de Janeiro de 2005 22 Comentários Ver também: Droit des affaires URL Trackback: www. typepad / t / trackback / 1734327 Aqui estão os sites que falam de La fin annonce des stock-options. Les actions gratuites: A stagnation des cours de bourse à partir de trois ans et l39encontre en vigueur au 1er janvier 2005 des nouvelles normes comptables IFRS (comptabilisation des stock-options en charge). Comentário ds lors lutter contre cette dsafection tout en motivant ses cadres dirigeants. A resposta dada por esta lei de finanças para 2005 (JO 31.12.2004). L39attribuição gratuite d39actions. Cette innovation lgislative, intgre sous les articles L. 225-197-1 e seguintes do Code de commerce, peut s39analyser comme un vritable outil de rmunration pour les cadres dirigeants, avec l39avantage d39viter une taxation en tant que traitement et salaire. L39imposição de esta atribuição d39actions gratuites se dcomposera da faon suivante. 1 / tributação 30 au moment de leur attribution leur valeur d39attribution) 2 / tributação 16 (diffrence entre le prix de cession et la valeur du titre au jour de l'acquisition). Mais informações sobre o valor acrescentado com o produto da cessão de títulos. (ACP, DG, DG dlgus, membres du directoire, grant). As duas opções estão abertas às acções. 1 / cration d39actions nouvelles (dans le cadre d39une augmentation de capital) ou 2 / atribution d39actions existentes (questões d39un programa de rachat d39actions par l39entreprise). Por fim, é importante notar que o limite é o mesmo. Le nombre total des actions attribues. Ne peut dpasser 10 du capital social. Il ne faut pas arrêter pour abuser des bonnes choses. Commentaries, je constate que le gouvernement prend sans bruit toute une série de mesures qui vont dans le bon sense. Un serial entrepreneur comme moi va finir par se demander si la France n39est pas un pays o l39on peut habiter et crer de la valeur. Rdig par: Alain Mathecowitsch 27 janv. 05 13:56:56 bonsoir, je suis tudiante en MSTCF (Maitrise des Sciences et Techniques Comptables et Financiers) l39Universit Paris Dauphine, et dans le cadre du mmoire d emaitrise, j39tudie les actions options et l39introduction des actions gratuites aux dirigeants. Pour cela, je vous sollicite afin d39avoir plus d39informations sur le sujet. J39aimerai saber si c39est possible que vous m39accordiez uin entretien about the sujet. Je vous remercie d39avance. Rdig par: bouayad-amine 6 avr. 05 23:46:38 je suis tudiante l39ecole suprieure de commerce de tunis et je prepare un mmoire sur actions gratuites ou socks-options: quels sont les effets incitatifs pour les dirigenats des socits cotes. Si vous pouviez m39eclairer un peu sur le plan suivre pour traiter ce sujet je vous en rêve vraiment reconaissante. merci d39avance Rdig par: El Mouldi 25 avr. 05 23:53:36 bonjour, je suis actuellement tudiant en maitrise d39economie Viltaneuse et je prpare un memoire impliquant la comparaison des actions gratuites et des stock options. Jean-Baptiste C. Rdig par: jean baptiste 8 mai 05 16:36:16 Bonjour, Etudiant l39universit de Beyrouth je souhaiterais intgrer un master l39Universit Paris IX Dauphine. Le sujet de mmoire rediger en vue de l39integration de ce cursus, mettre mettre en lumire les diffrences les actions gratuites et les options de stock, Je vous reconnais de m39indiquer comment repondre a cette problmatique, ainsi que les sites ou ouvrages qui peuvent m39aider y Rpondre. Rdig par: Amine B. 8 mai 05 16:42:50 Eu te apontei um artigo por e-mail sobre o assunto. Boa coragem. Rdig par: Olivier 8 mai 05 17:48:35 bonjour, je suis tudiants en Finance and je prepare un travail de recherche dont l39une des parties portera sur les diffrences des effets incitatifs entre les actions gratuites et les options stock, Je vous serais tres Reconhecer de m39eclairer sobre esta problemática em m39indiquant alguns artigos, sites ou ouvrages que m39aider y rpondre. Merci pour votre rponse, Rdig par: omar H 9 mai 05 11:47:36 bonjour, Je traite actuellement un sujet s39inscrivant no quadro de inscrição de mon de DEA em Fiance Dauphine. Le sujet porte sur la comparaison des effets incitatifs des actions gratuites ou stocks-options pour les dirigeants des socits cotes. Você é obrigado a reconhecer o assunto em m39indicante os artigos, os sites ou os ouvrages que podem ser encontrados no meu tópico. Je vous remercie d39avance, Rdig par: AMOUZOUVI Kokou 10 mai 05 20:11:08 bonjour, je suis tudiant en Finanças e eu preparo um trabalho de pesquisa não l39une des parties portera sur les diffrences des effets incitatifs entre les actions gratuites et les stock Opções. Alguns artigos, sites ou obras podem ser encontrados em vários artigos. Rdn: Arnaud T 17 mai 05 19:25:09 Bonjour je serais aussi fortement interessé par le fait avoir des informations sur la comparaison des effets incitatifs sur les dirigeants des actions et actions gratuites, mais le point qui m39intresse, c est Que ce sujet s39interroge sur une comparaison pour les dirigeants des socits cotes en particulier Merci d39avance, Cordialement Rdig par: Darmon Elodie 20 mai 05 17:06:07 bonjour, je suis actuellement tudiant en maitrise d39economie la Sorbonne et je prpare un memoire sur la Comparação das ações gratuitas e das opções de ações. Pourriez vous m39indiquer quelques lments de rtes ce sujet, des références utiles, voire un plan suivre djavance pour votre aide Rig Taitouan 23 mai 05 17:24:42 bonjour, je ralise actuellement mon stage de fin d39tudes en gestion d39actifs tout En prparant un mmoire sur la comparaison entre stock options et attribution d39actions gratuites, e l39incidence globale de ces deux dispositifs. Je vous sollicite afin d39avoir ventuellement des rferences que peuvent m39achemniner dans ma dmarche et me donner quelques lments de rponse. Sam richmond marrom Par: par ryan brown 4 juil. 05 11:33:47 Je suis tudiant en maitrise de droit des affaires je souhaiterais avoir une information: L39attribution gratuite is its totalement libre quant l39identity of the attributs of the third years, -1. I - 2 dispor. QuotLe CA ou, le cas chant, o diretório dtermine l39identit des bnficiaires des attributions d39ctions. Quot, merci, de, vouloir, me, repondre, Rdig, par: fred, 5, juil. 05 17:07:33 Je suis tudiant en maitrise de droit des affaires je souhaiterais avoir une information: L39atribution gratuite is its totalement libre quant l39identity of the attributs of the first class, -1. I - 2 dispor. QuotLe CA ou, le cas chant, o diretório dtermine l39identit des bnficiaires des attributions d39ctions. Quot, merci, de, vouloir, me, repondre, Rdig, par: fred, 5, juil. 05 17:08:04 Je suis tudiant en maitrise de droit des affaires je souhaiterais avoir une information: L39attribution gratuite is its totalement libre quant l39identity of the attributs of the first year, -1. I - 2 dispor. QuotLe CA ou, le cas chant, o diretório dtermine l39identit des bnficiaires des attributions d39ctions. Quot, merci, de, vouloir, me, repondre, Rdig, par: fred, 5, juil. 05 17:10:31 Etant la responsable du DEA 104, je trouve tonnant qu39un grand nombre d39tudiants sente incapables de raliser um trabalho d39une dizaine de páginas por seu propres moyens. Je tiens vous remercier de m39avoir laiss vos mails et coordonnes. Sachez que j39en ferai bon uso para a slection dos tudiants do mestre 104. En esprant qu il y ait des tudiants plus dous que vous, je vous souhaite bien du courage quant vos recherches de 3eme cycle. Cordialement Mme Ginglinger Professora l39Universit Paris 9 Dauphine Rdig par: Professeur DEA 104 21 juil. 05 12:39:35 Je suis à la recherche d39information sur les stocks actions et actions gratuites. Ceci dans le but de rpondre un sujet de mmoire pour intgrer un Master Dauphine. Je constate que plusieurs tudiants são permitidos de contato. A possibilidade de receber por escrito da documentação sobre o assunto seguinte: ação ou opção de compra de ações, comparação dos efeitos incitativos para os dirigentes de socits cotes. Rdig par: delba 25 juil. 05 20:58:16 Je suis tudiante l39cole superieure de gestion de paris et je rdige un mmoire sur les stock-options et les actions gratuites. Je vous remercie de m39apporter vos commentaires et toutes les informations susceptibles de mener bien cette comparaison. Je vous remercie d39avance. Rdig par: BANGOYI Sylmvania 1 aot 05 12:03:36 Eu sou tudiant. J39ai achev un DESS de Droit des Affaires et Fiscalité rput, je suis en scène en cabinet et j39entre l39cole du barreau. No quadro de mon estágio, j39ai um topo fazer sobre l39AGA. Você é obrigado a comparecer a esta empresa. En effet, aprs plus de 5 ans d39tudes, je me dois d39tre capaz de raliser ce travail par moi mme. Je ne saurais par aillerus m39attribuer les mrites du travail et de la rflexion mene par un autre. Afin de vous faciliter les choses, je ne vous laissez pas mon adresse email. Rdig par: Sylvain 21 dc. 05 09:35:21 D39autres fontes m39indiquent que les taux d39imposition sont: quot A mais-valor dacquisition est taxe au taux de 41 La plus-value de cession est taxe au taux de 27 quotes Quelles sont les bonnes valeurs Rdig par: Franck 23 Dc. 05 12:12:59 É importante dar as notícias dos seus companheiros. Je suis actuellement Paris e atende o correio ton. Você me manquez tous Rdig par: OGAN BADA YVES 15 fvr. 06 18:45:14 Le thme sous rfrence a fait l39objet, en mars 2005, d39un colloque professionnel organis par le Cereg (Centro de Investigação em Finanças da Universidade de Paris Dauphine). Esses trabalhos têm um lugar para dois tipos de publicações não asseguram a responsabilidade científica. - l39une destine aux juristes. Dossier de Ações gratuites. Mort annonce des stocks-optionsquot em Revue de droit bancaire et financier, 5, septembre-octobre 2005, p. 58-73. - l39autre destine aux dcideurs financiers. Numro hors-srie quotStock-opções, ações gratuites. Jean-Franois CASTA Comissário aux comptes Professeur des Universités Director du Master Audit Finanzier Universit Paris Dauphine Rdig par: Jean-franois Casta 15 fvr. 06 20:29:36 Rdig par. Isa 12 mai 2006 14:03:26 bonjour. Je suis un etudiant en DESS quot DROIT DE L ENTREPRISE, a la fac. Des sciences juridiques tunis-cratage, et je prepare mon expos intuition sur les stock option dans le droit tunisien. Pourriez vous m39indiquer quelques lments de rtes ce sujet ou m39indique des references utiles Rdig par. Benhassine. hedi 12 out 2006 09:51:36 bonjour je suis actuellement etudiante en maitrise de gestion des institutions financieres ecole superieure de commerce de tunis et je prepare un memoire de fin d etude sur lea stpck options et les actions gratuites: comparaison et Efeitos incitativos para os dirigentes das empresas cotees. je you serais infiniment reconnaissante si vous pouviez m send de la documentation des références utiles sur le sujet par mail. merci d avance Rdig par. Amira molaro 1 dc 2006 15:42:44 Lutilização dos comentários é dsactive para esta nota. Planos de ações da RechercheEmployee em França: visão geral da regulamentação 1. É comum que os empregados recebam participação em um plano de ações de empregados A oferta de participação em um plano de ações de empregados depende do tipo de empresa. É uma prática comum em grupos internacionais de empresas. A legislação francesa prevê incentivos específicos para os trabalhadores, em especial a participação nos lucros (participação) obrigatória nas empresas que empregam pelo menos 50 trabalhadores e vários planos facultativos de participação nos lucros. 2. Os empregados podem ser oferecidos um plano de ações onde as ações a serem adquiridas estão em uma empresa-mãe estrangeira É lícito oferecer participação em um plano de ações do empregado sobre as ações em uma entidade estrangeira. Sob certas condições, esses planos de participação de empregados estrangeiros são elegíveis para o mesmo regime tributário e previdenciário específico dos planos franceses. Planos de opções de acções 3. Que tipos de planos de opções de acções são operados na sua jurisdição Os planos podem prever a concessão de opções de aquisição de acções ou de subscrição de novas acções emitidas. Os seguintes são tipos de plano de opções: Plano de opções de ações. Opções de compra ou subscrição de acções. Bons de souscription de parts de crateurs dentreprise (BSPCE). These are warrants giving the holder the right to subscribe to newly issued shares at a specific future date for a fixed price. A foreign company can grant share options in France under a foreign plan without complying with the conditions below. French-qualified share option plan Main characteristics. The beneficiary is granted a right to purchase or subscribe to a share of the granting company at an option price set at the time of grant of the options. The main conditions are as follows: The issuing company must be a parent, holding at least 10 of the French company in which the beneficiaries are employed (or a subsidiary of the employing company in which it holds at least 10). Corporate officers of a subsidiary are only eligible if the granting company is a listed company. Beneficiaries can be employees or certain corporate officers if they hold less than 10 of the share capital of the issuing company. The shareholders must authorise the grant for a maximum of 38 months for a French company or up to 76 months for foreign entities granting options under French conditions. The exercise price must be paid by the optionee to the issuing company either in cash or by compensation with debts owed. The exercise price must be definitively fixed when the option is granted and can only be modified if certain capitalisation or reorganisation events occur. In the event of the employees death, the heirs can exercise the options within six months following the death. Otherwise, the option is non-transferable. If the shares of a company are listed, the company cannot grant French-qualified options to French employees during the following closed periods: before the end of a period of 20 trading days following the issuance of a coupon granting the right to receive dividends or to purchase shares of the company ten trading days preceding and following the disclosure to the public of the companys consolidated financial or annual statements from the date the companys corporate management bodies become aware of information that could, if disclosed to the public, materially affect the trading price of the shares, until ten trading days after the day such information is disclosed to the public. Managing corporate officers of the granting company must either: be prevented from exercising options until the termination of their corporate duties keep a certain number of shares in a nominative account until the end of their corporate duties. This does not apply to foreign companies granting French-qualified options to corporate officers of a French subsidiary. If French-qualified options are granted to managing directors of a listed granting company under a shareholders authorisation dated on or after 4 December 2008, this triggers a broad based grant or improved profit sharing requirement to: grant French-qualified options or qualified shares awards to at least 90 of the employees of the French granting company and of the French subsidiary (held at least at 50) implement an optional profit sharing agreement ( intressement ), or a profit sharing agreement with a derogatory formula ( accord de participation drogatoire ), or to improve their profit sharing agreement with voluntary participation ( accord de participation volontaire ). If options were granted before 28 September 2012, a four-year period must elapse between the grant of the options and the sale of the optioned shares for the spread to benefit from a specific tax and social security regime. For grants after this date, there is no minimum holding period of the shares. Vesting, exercise and forfeiture conditions are mainly contractual. Reporting obligations must be satisfied. Types of company. Options can be granted by listed or non-listed, French or foreign companies (under certain conditions, such as providing the specific conditions in a sub-plan or addendum to the foreign plan). The issuing company must be a company whose share capital is divided into shares, with a similar requirement for foreign companies. Popularity. Option plans are very popular for French or foreign listed companies, and are also quite popular for non-listed companies. BSPCE Main characteristics . These plans are used in growth companies. The main conditions are as follows: The issue of the warrants must be authorised by the shareholders who set the period during which the warrants can be exercised, the conditions of exercise and the exercise price. The shareholders must set a list of beneficiaries and the number of warrants to be issued. Reporting obligations must be fulfilled. Types of company. Companies that are non-listed or listed on an EU regulated market, normally with less than EUR150 million capitalisation, and that are subject to corporate income tax in France can grant these warrants. The company must have existed for less than 15 years and at least 25 of the share capital must be held by individuals, or by companies that are held directly at least 75 by individuals. Popularity. These awards are used in non-listed, small and mid-level French companies. Grant 4. What rules apply to the grant of employee share options French-qualified share option plan Discretionary/all-employee. The grant is discretionary. However, companies must be able to prove that it was not made on a discriminatory basis and was made on objective grounds with justification as to why only a part of the companys personnel is eligible for grant. In the event the grant is considered to be discriminatory, damages may be available to the non-eligible employees and, as the case may be, potential criminal sanctions for both the company and its corporate representatives may apply. Non-employee participation. Only employees and certain corporate officers are eligible. Maximum value of shares. There is no maximum value of shares for options. However, the grant of options is limited to one-third of the share capital of the French granting company. Market value. If the shares of the company are listed, the exercise price for a subscription option cannot be less than 80 of the average quotation price during the 20 quotation days immediately preceding the grant date. For a purchase option, the exercise price cannot be less than the higher of either: 80 of the average quotation price during the 20 quotation days immediately preceding the grant date. 80 of the average purchase price paid by the company for the shares to implement the plan. If the shares of the company are not listed, the option price must be equal to the value of the shares at the date of grant determined in compliance with the method provided for by the extraordinary shareholders meeting based on the report from the corporate auditors. This must reflect the market value of the shares. A valuation by an outside valuator is recommended. BSPCE Discretionary/all-employee. The grant is discretionary. However, companies must be able to provide evidence that it was not made on a discriminatory basis ( see above, French-qualified share option plan ). Non-employee participation. Since the adoption of a law in 2015, employees and certain corporate officers of the granting company and of subsidiaries (provided that certain conditions are met) are eligible. Maximum value of shares. There is no maximum value. Market value. To benefit from the specific tax and social security regime, the purchase price of the warrants must be at least equal to the price of shares issued in the case where the issuing company increased its share capital by issuing shares within a six-month period preceding the issue of the warrants, and provided the shares then issued give the same rights as the shares obtained through the exercise of the warrants. 5. What are the tax and social security implications of the grant of the option French-qualified share option plan No tax and no social security charges are due on grant for the employee. An employer social contribution is due on grant of French-qualified options made on or after 16 October 2007, and is due by the French employer of beneficiaries subject to the French social security regime, at 30 of either: 100 of the estimated fair market value of the options as determined for consolidated financial statements (international financial reporting standards (IFRS) regulation). 25 of the share value on the grant date. French non-qualified share option plan Share options granted by a foreign company under conditions that do not meet the requirements listed in Question 3, French-qualified share option plan are not eligible to benefit from the specific tax and social regime in France. No tax and no social security charges are due on grant by the employee or the employer. BSPCE No tax or social security charges are due on grant. Vesting 6. Can the company specify that the options are only exercisable if certain performance or time-based vesting conditions are met Share option plan (both qualified and non-qualified) Many plans provide for vesting conditions based on the employees performance, rather than on objective criteria. This is not recommended because vesting based on employee performance increases the risk that the value of the option be considered as a salary item. However, a French Supreme Courts decision dated 30 March 2011 (known as the Nike case ) stated that such value is not a salary item to be taken into account for the purpose of calculating severance payments. The vesting and exercisability of the options may or may not depend on the employees continued employment with the company. Therefore, this condition must be provided if the intention is to make the options items to be retained until a future date. BSPCE 7. What are the tax and social security implications when the performance or time-based vesting conditions are met French-qualified or non-qualified share option plan and BSPCE No tax or social security charges are due on vesting. Exercise 8. What are the tax and social security implications of the exercise of the option French-qualified share option plan For the employee, in principle, no tax or social security charges are due on exercise. However, the following exceptions apply: If there is a deemed excessive discount (to the extent that the exercise price is less than 95 of the average of the trading price of the underlying shares for the 20 trading days before the grant date, or less than 95 of the average purchase price paid for these shares by the company), the discount is subject to the employees portion of social security charges and marginal rate of personal income tax as salary. If there is a sale of the shares before the fourth anniversary of the grant of options granted prior to 28 September 2012, unless an exception applies, the spread (that is, the difference between the fair market value of the shares at the date of exercise and the exercise price) is subject to the employees portion of social security charges and marginal rate of personal income tax as salary. At the level of the employer there are, in principle, no tax or social security charges on exercise. However, the following exceptions apply: If there is a deemed excessive discount, the discount is subject to the employers portion of social security charges and any tax assessed on salaries. If there is a sale of the shares before the fourth anniversary of the grant of options granted prior to 28 September 2012, unless an exception applies, the spread is subject to the employers portion of social security charges and any tax assessed on salaries. If the employer does not satisfy its reporting obligations for options granted after 28 September 2012, the spread is subject to social security charges and to any tax assessed on salaries. The employer is sanctioned and must therefore pay the employee a portion of social charges. French non-qualified share option plan At exercise, the spread equal to the difference between the exercise price paid and the market value of the shares on the date of exercise is treated as a salary for social security and tax purposes. Therefore, the gain is subject to employee and employers portions of social security charges, to any tax assessed on salaries for the employer and to personal income tax at the applicable marginal rate for the employees. BSPCE There are no tax and no social security payments due on exercise by the employee or the employer. Shares acquired by employees are part of their wealth and must be reported for French wealth tax purposes, if any is due. Specific allowances may be granted. Sale 9. What are the tax and social security implications when shares acquired on exercise of the option are sold French-qualified share option plan For options granted before 28 September 2012, the spread is taxed as follows for the employee: Shares sold within four years from the grant date: the net taxable spread is subject to the employees personal income tax at his marginal rate as salary (up to 45 for 2015 income). Shares sold after the expiration of four years from the grant date: for an annual spread up to EUR152,500: 30 personal income tax and 15.5 social taxes are due for an annual spread higher than EUR152,500: 41 personal income tax and 15.5 social taxes are due at the election of the employee: taxation of the spread as salary income at the employees marginal rate and 15.5 social taxes are due. Shares sold after the six-year holding period and after expiration of the additional two-year effective holding period as from the exercise of the options: for an annual spread up to EUR152,500: 18 personal income tax and 15.5 social taxes are due for an annual spread higher than EUR152,500: 30 personal income tax and 15.5 social taxes are due at the election of the employee, the possible taxation of the spread as salary income is the marginal rate of personal income tax of the employee and 15.5 social taxes. In either case, the employee must pay a special 10 social contribution for grants made on or after 16 October 2007 and for shares sold after 17 August 2012. For options granted after 28 September 2012, the spread is taxed as follows for the employee: Treated as a salary subject to the employees personal income tax at his marginal rate as salary (up to 45 for 2015 income). An additional 10 special employee social contribution. The capital gain on the sale of shares (difference between the net sale price and the fair market value of the shares at the date of exercise) is subject to personal income tax at the progressive rates applicable up to 45 (for 2015 income) and to 15.5 additional social taxes. The general social contribution ( contribution sociale gnralise ) (CSG) at 5.1 (from the 15.5 additional social taxes) paid the year following the sale of the shares is deducted from the taxable income of the year of payment of the CSG. For sales realised after 1 January 2013, the taxpayer can benefit from a reduction of his taxable basis for personal income tax purposes only (but not for social taxes) as follows: If the shares sold were held at least for two years and less than eight years, the capital gain basis is reduced by an allowance of 50. If the shares sold were held at least for eight years, the capital gain basis is reduced by an allowance of 65. Increased rates of allowance can apply under specific circumstances for shares held in EU small and medium companies. If the taxpayer realises a capital loss, it can be offset against qualified spread on options and capital gains arising from the sale of securities realised by the taxpayer and his household during the same year or during the ten following years. No taxes or social security contributions apply at the level of the employer, except in the case of sale of the shares during the four-year holding period from the grant date of options granted before 28 September 2012. Accounting for tax/social security. Social security contributions/charges paid by the employer are tax deductible for corporate income tax purposes. How liability is recovered from employee. Employee social contributions are withheld by the employer from the employees gain or salary with his consent, except in the case of disqualification of the qualified status of the options because of misreporting by the employer (for options granted after 28 September 2012). Personal income tax and social taxes due by the employee are not withheld by the employer provided that the employee remains French tax resident from the grant to the sale of shares. French non-qualified share option plan Capital gains are taxable in the way described above. Capital loss can only be offset against the capital gain on the sale of securities. BSPCE The employee is subject to personal income tax at 19, or 30 if the employee performs his business activity in the company for less than three years at the date of sale on the gain realised at sale. 15.5 social taxes apply. No allowance applies for holding the shares. Accounting for tax/social security. There is no tax/social security cost for the employer. How liability is recovered from employee. Personal income tax and social taxes due by the employee are not withheld by the employer provided the employee remains French tax resident from the grant to the sale of shares. Share acquisition or purchase plans 10. What types of share acquisition or share purchase plan are operated in your jurisdiction Shares can be offered to employees for no consideration under a French-qualified or non-qualified scheme. Indeed, a foreign company can grant share awards in France under the foreign plan without complying with the conditions described below. In France, an employee share saving plan allows employees to save money to purchase shares of their employers group under a specific beneficial regime. French-qualified shares awards Plans for the grant of shares for no consideration to be paid by the employee, also called conditional shares awards, which can be presence or performance-based, are available. French and foreign companies can grant the awards provided the below conditions are satisfied. A Law dated 6 August 2015 ( Loi Macron ) created an additional attractive legal, tax and social regime for qualified share awards. Main characteristics. The main characteristics are as follows: The issuing company must be a parent holding at least 10 of the French company where the beneficiaries are employed, or a subsidiary of the latter under the same shareholding condition. Corporate officers of a subsidiary are only eligible if the granting company is a listed company. Share awards can only be issued to employees or officers who do not own more than 10 of the issuing companys share capital. The share awards can be settled either using treasury shares or newly issued shares. The shareholders must give the authorisation of grant for a limited and reasonable period. For a French granting company, the maximum period is 38 months, for a foreign company the maximum is 76 months. The total number of shares must not exceed 10 of the share capital of the French issuing company. Under specific circumstances, the limit is increased up to 30 of the share capital. Shares must be granted for no consideration. Except in cases of death, shares awards cannot be transferred to any third party. In cases of death, the grantees heirs can request delivery of the shares within six months following the death. The shares acquired with the awards must be recorded in an account in the name of the grantee until their sale. Acquired shares cannot be sold during the following closed periods: ten trading days preceding and three trading days following the disclosure to the public of the companys consolidated financial or annual statements from the date that the companys corporate management entities become aware of information that could, if disclosed to the public, materially affect the trading price of the shares, until ten trading days after the day the information is disclosed to the public. Managing directors of the granting company must hold a certain percentage of shares acquired at the vesting, in a nominative account until the termination of their duties. If French-qualified shares awards are granted to the managing directors of a listed granting company or of its French subsidiary under a shareholders authorisation dated on or after 4 December 2008, the granting company must also make a broad based grant or improve profit sharing ( see Question 4, French-qualified share option plan ) for French-qualified options grants. For grants made pursuant to an authorisation of the shareholders or of the relevant body under a foreign law (for example, the companys board), when this authorisation was granted before 7 August 2015: the share awards must in principle be subject to a minimum two-year vesting period as from the date of grant of the shares awards, except in cases of total disability and death and the grantee must hold the shares for an additional minimum two-year period as from vesting, except in cases of total disability and death, or except where the vesting period was a minimum of four years. For grants made pursuant to an authorisation of the shareholders or of the relevant body under a foreign law (for example, the companys board), when this authorisation was granted after 7 August 2015: the share awards must in principle be subject to a minimum one-year vesting period as from the date of grant of the shares awards, except in cases of total disability and death and the grantee must hold the shares for an additional minimum one-year period, so that there is a two-year period between the grant date and the sale date, except in cases of total disability and death. If the vesting period is a minimum of two years, no holding period is required. Reporting obligations must be satisfied. Types of company. Shares awards can be granted by listed or non-listed, French or foreign companies (under certain conditions, such as providing the specific conditions in a sub-plan or addendum to the foreign plan). The issuing company must be a company whose share capital is divided into shares. Popularity. Shares awards are popular for French or foreign-listed companies, and are less popular for non-listed companies. Company savings plan ( plan dpargne entreprise ) (PEE) A PEE is a form of collective voluntary savings scheme that allows employees to participate in a portfolio of securities (including sometimes shares of the employer group companies), and that is eligible for a specific tax and social security regime. Main characteristics. The main characteristics are as follows: The PEE rules must be filed with the local employment authorities. The eligible employees are: employees of the French company establishing the PEE and of its affiliates retired and pre-retired employees of the company and its affiliates certain corporate officers of the company and its affiliates, provided the total number of employees of the French company is more than one and does not exceed 250. Types of company. A PEE can be established by any type of company, subsidiary or related entity. Popularity. PEE plans are very popular in French companies. Acquisition or purchase 11. What rules apply to the initial acquisition or purchase of shares French qualified or non-qualified shares awards Discretionary/all-employee. The grant is discretionary. However, companies must be able to show that it was not made on a discriminatory basis ( see Question 5 ). Non-employee participation. Non-employees or non-officers cannot be granted shares awards. Payment for shares and price. The employee must not pay any price for the shares awards except, subject to strict conditions, where it is compulsory under the law of the foreign granting company and the price is not significant. Company savings plan ( plan dpargne entreprise ) (PEE) Discretionary/all-employee. The PEE is available to all employees, but a maximum three-month seniority requirement can be implemented. Maximum value of shares. There is no maximum value. Payment for shares and price. The employee can contribute up to 25 of his annual gross remuneration, plus his profit sharing (if any). The employer must either bear the costs relating to the implementation and maintenance of the PEE or must contribute in cash on behalf of the employee for an amount that cannot exceed either: EUR3,089.28 (for 2016) per employee, per calendar year. Three times the amount invested by the employee per year. This limit can be exceeded in the case of purchase of shares of the company or an affiliate. For the purchase of shares of the employer entity or its parents, the employee can enjoy a 20 discount (free of tax and contributions) on the price of the shares as determined on a date close to the purchase date. 12. What are the tax and social security implications of the acquisition or purchase of shares French-qualified shares awards There are no tax and no social security charges due on grant by the employee. An employer social contribution is due on grant of French-qualified shares awards granted on or after 16 October 2007 pursuant to an authorisation of the shareholders or of the relevant body under a foreign law (for example, the companys board), when such authorisation was granted before 7 August 2015, at either: 30 of the estimated fair market value of the awards, as determined in consolidated financial statements ( IFRS regulation ). 30 of the share value on the grant date. An employer social contribution is due on vesting of French-qualified shares awards granted pursuant to an authorisation of the shareholders or of the relevant body under a foreign law (for example, the companys board), when such authorisation was granted after 7 August 2015, at 20 of the share value at vesting. French non-qualified share awards Share awards granted by a foreign company under conditions that do not meet the requirements outlined in Question 10 are not subject to the specific employer contribution. No tax and no social security charges are due on grant by the employee or the employer. Company savings plan ( plan dpargne entreprise ) (PEE) There is no employer tax due on the investment into the PEE. However, if the employer contributes, there is a 20 special social contribution due by the employer on the employers contribution. Vesting 13. Can the company award the shares subject to performance or time-based vesting conditions French-qualified shares awards The vesting can be subject to performance and time-based conditions. For listed companies, the MEDEF/AFEP Code of Corporate Governance recommends imposing: Performance conditions for grants to corporate officers. Continuous presence conditions for grants to employees. Company savings plan ( plan dpargne entreprise ) There are no vesting conditions. 14. What are the tax and social security implications when any performance or time-based vesting conditions are met French-qualified shares awards There is no tax and no social security contributions due on vesting, except in the event the gain is disqualified. French non-qualified share awards At acquisition, the gain equal to the market value of the shares on the date of acquisition is treated as a salary for social security and tax purposes. Therefore, the gain is subject to employee and employers portions of social security charges, to any tax assessed on salaries for the employer and to personal income tax at the applicable marginal rate for the employees. Company savings plan ( plan dpargne entreprise ) Shares acquired by employees are part of their wealth and must be reported for French wealth tax purposes, if any is due. Specific allowances may be granted. Sale 15. What are the tax and social security implications when the shares are sold French-qualified shares awards Taxation occurs at sale of the shares. For grants made before 28 September 2012, for the employee the gain at vesting (that is, the fair market value of the shares at the date of vesting) is taxed on the sale of shares, at the employees election, either: At 30 personal income tax and 15.5 social taxes. As salary at the employees marginal rate plus 15.5 social taxes. In both cases, 10 employee social contributions are due for grants made on or after 16 October 2007 and shares sold as from 17 August 2012. For grants made after 28 September 2012 pursuant to an authorisation of the shareholders or of the relevant body under a foreign law (for example, the companys board), when such authorisation was granted before 7 August 2015, the gain at vesting is subject, for the employee, to: Personal income tax at progressive rates up to 45 (for 2015). 10 employee social contribution. For grants made pursuant to an authorisation of the shareholders or of the relevant body under a foreign law (for example, the companys board), when such authorisation was granted after 7 August 2015, the gain at vesting is subject, for the employee, to: Personal income tax at progressive rates up to 45 (for 2015). 15.5 social taxes. The new regime allows for the application of an allowance on the vesting gain for personal income tax purposes, depending on the effective holding period of the shares. The allowances are the same as those applicable to the capital gains ( see below ). The allowances do not apply to the 15.5 social taxes. Any capital gain at the sale of the shares is subject to personal income tax at the progressive rates applicable up to 45 (for 2015 income) and to 15.5 additional social taxes, but 5.1 from the 15.5 paid is deducted from the taxable income of the year of payment of the general social contribution ( contribution sociale gnralise ). For sales realised after 1 January 2013, the taxpayer may benefit from a reduction of his taxable basis for personal income tax purposes only (but not for social taxes) as follows: If the shares sold were held at least for two years and less than eight years, the capital gain basis is reduced by an allowance of 50. If the shares sold were held at least for eight years, the capital gain basis is reduced by an allowance of 65. If the taxpayer realises a capital loss, it can be offset against qualified gain on share awards vesting and against capital gains arising from the sale of securities realised by the taxpayer and his household during the same year or during the ten following years. For the employer, no taxes or social security charges arise when the shares are sold except in cases of disqualification where the employer pays both employee and employer portions of social charges. Personal income tax and social taxes due by the employee are not withheld by the employer, provided the employee remains French tax resident from the grant to the sale of shares. French non-qualified share option plan Capital gains are taxable as described above ( see above, French-qualified shares awards ). Capital loss can only be offset against capital gain on the sale of securities. Company savings plan ( plan dpargne entreprise ) (PEE) A tax and social security specific regime is available to the employees and the company, provided all shares and gains are not paid to the employees before the fifth anniversary of the date the shares were purchased, except in certain limited cases (for example, marriage or employment contract termination). For the employee, sums invested and related gains are exempt from personal income tax if these gains are invested into the PEE and subject to the unavailability period. These gains are not subject to social security contributions but remain subject to the 15.5 social taxes. Phantom or cash-settled share plans 16. What types of phantom or cash-settled share plan are operated in your jurisdiction Phantom share plan Phantom or cash-settled share plans are not often offered by French companies, but are sometimes offered by foreign companies. Awards granted under these plans are not eligible for any French specific regime. French companies can implement bonus schemes reflecting a phantom share plan mechanism. Main characteristics. The characteristics are provided in the plan. In general, employees receive a cash amount by reference to the share growth. Types of company. Foreign companies most commonly offer phantom share plans to employees of their French subsidiaries. However, due to recent changes in the cost of French share plans, certain French companies are starting to do so. Popularity. Phantom share plans are not the most popular type of employee share plan in France. Grant 17. What rules apply to the grant of phantom or cash-settled awards Phantom share plan Discretionary/all-employee. The awards are discretionary. However, companies must be able to provide evidence that they were not made on a discriminatory basis ( see Question 5 ). Non-employee participation. There is no rule prohibiting non-employee participation. Maximum value of awards. There is no maximum award value. 18. What are the tax and social security implications when the award is made Phantom share plan For both the employee and the employer, there are no tax or social security contributions that are payable when the award is made. Vesting 19. Can phantom or cash-settled awards be made to vest only where performance or time-based vesting conditions are met Phantom share plan Although many plans provide for awards to vest only where performance or time-based vesting conditions are met, it is recommended that vesting conditions be objective and not based on the employees performance, as this would substantially increase the risk that the value of the award is considered as a salary item to be taken into account, among other things, for the purpose of calculating the employees severance payments. 20. What are the tax and social security implications when performance or time-based vesting conditions are met Phantom share plan It is unlikely that the award will be treated as salary subject to social contributions and employee personal income tax at the time of vesting, but this may depend on the terms and conditions of the phantom awards. See Question 17 . Payment 21. What are the tax and social security implications when the phantom or cash-settled award is paid out Phantom share plan At the level of the employee, the following are due when the award is paid out in cash or in-kind, on the value of payment: Personal income tax at the employees marginal rate up to 45 for 2015. The employees portion of social security contributions. At the level of the employer, the employer must pay its portion of social security contributions due on the cash amount the month the payment occurred. The employer withholds the employees portion of social contributions from cash payment. Personal income tax is not withheld at source for French tax residents. Corporate governance guidelines, market or other guidelines 22. Are there any corporate governance guidelines, market rules or other guidelines that apply to any employee share plan Private companies are not subject to specific guidelines but are limited by law, articles of association and shareholders agreements. Listed companies are subject to: Specific rules, such as insider trading rules, and requirements relating to declaration of holding and sale of shares, disclosure of awards and compensation of the corporate officers. Directive 2010/76/EU on capital requirements, for companies in the financial sector. Institutional investor guidelines There are no institutional investor guidelines. Other shareholder guidelines Listed companies typically adopt internal rules for the grant of awards to certain executives and officers. Market rules or guidelines Recommendations are issued by professional organisations (such as MEDEF-AFEP) covering grants to corporate officers and the French securities regulator, the Financial Markets Authority ( Autorit des Marchs Financiers ). When a company is subject to these guidelines, it must apply the rules or explain why it has not. Employment law 23. Is consultation or agreement with, or notification to, employee representative bodies required before an employee share plan can be launched Whether consultation is necessary is reviewed on a case-by-case basis. If a parent company implements a plan in a foreign country, consultation with the French works council may not be necessary as the grants are made by the parent company and the French employer company is in principle not involved in this decision. However, this must be determined with regard to past practice within the French company. If a plan is implemented by the French employer, it is more likely that prior consultation with the French works council is required. In any case, although the works councils opinion must be obtained (as otherwise it could trigger criminal sanctions for both the company and its corporate representatives), it is not binding on the employer (there is no veto right). 24. Do participants in employee share plans have rights to compensation for loss of options or awards on termination of employment In principle, participants in share plans have no rights to compensation for loss of options or awards on termination of employment. However, when termination is construed as an unfair dismissal by French labour courts, in the framework of a dispute, damages can be awarded to compensate for the loss of chance triggered by the loss of options or awards. Exchange control 25. How do exchange control regulations affect employees sending money from your jurisdiction to another to purchase shares under an employee share plan Exchange control regulations do not prevent employees from sending money from France, but the value of any cash or securities exported without using a financial institution must be reported to the customs authorities when the value of the cash or securities reaches EUR10,000 (for 2016). Shares held outside France and foreign bank accounts must be reported to the French tax authorities annually with the income tax return. Failure to make this reporting triggers severe penalties. 26. Do exchange control regulations permit or require employees to repatriate proceeds derived from selling shares in another jurisdiction Employees can repatriate proceeds in compliance with the applicable reporting requirements ( see Question 25 ). Internationally mobile employees 27. What is the tax position when an employee who is tax resident in your jurisdiction at the time of grant of a share option or award leaves your jurisdiction before any taxable event affecting the option or award takes place From a tax standpoint, the issue is to determine the gain realised during the period of time spent in France, and to determine if this gain is taxable in France. The tax doctrine considers that a French tax resident with a qualified or non-qualified award, who has worked part of the vesting period in one state and part in another state and who has been taxed in both states, is entitled to an apportionment of the gain between the two states for taxation purposes based on working days spent (and taxable) in each state from grant to vesting, when the vesting is based on continued employment. A personal income tax withholding on the French source gain of employee share schemes for individuals who have transferred their tax residence out of France after the grant and acquire and sell shares after April 2011 is due. This withholding tax is due on both qualified and non-qualified awards. The rates are the standard rates applicable for each relevant share scheme. Withholding is the responsibility of either the administrator of the plan, the paying agent, the granting entity or the employer, depending on the scheme. From a social security standpoint, the gain treated as salary is subject to French charges on the entire gain. Contrary to the French tax principles, there is no apportionment of the gain between France and the country where the employee may have worked during the vesting period of the awards. If at the time of the taxable event, the individual contributes to the French social regime, the full gain is subject to French charges. In addition, a specific exit tax on shares held at the time of transfer of tax residence out of France can be due if either: The total value of shares exceeds EUR800,000. The shares represent 50 of the share capital of a company. 28. What is the tax position when an employee becomes tax resident in your jurisdiction while holding share options or awards granted abroad and a taxable event occurs For employees sent to work in France, personal income tax is due on the entire gain, unless it is taxable in another state under a tax treaty. For the social security implications see Question 27 . Securities laws 29. What are the requirements under securities laws or regulations for the offer of shares under, and participation in, an employee share plan Generally, companies must comply with Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading. 30. Are there any exemptions from securities laws or regulations for employee share plans If so, what are the conditions for the exemption(s) to apply If the company offers securities to employees and does not fall under an exemption, it must file a prospectus with the Financial Markets Authority ( Autorit des Marchs Financiers ) (AMF). It is not necessary to publish a prospectus subject to AMF approval in connection with a grant of shares awards or share options. For phantom shares, there is no prospectus filing requirement if the employee does not invest money. Conditions for exemptions Exemptions available under EU rules as implemented in France depend on the number of offerees and the value of the offer. Consents or filings If a prospectus is required and France is selected as the home member state, the AMF approves and passports the employee share schemes prospectus (these processes usually take a few months). Other regulatory consents or filings 31. Are there any other regulatory consents and filing requirements and/or other administrative obligations for an offer of shares under, and participation in, an employee share plan There is no tax and social filing except for company savings plans ( plans dpargne entreprise ), for which notification to local authorities is mandatory (a very simple process). 32. Are there any data protection requirements or obligations for an offer of share under, and participation in, an employee share plan As the administration of an employee share plan likely involves the processing of personal data, a declaration must be filed with the Data Protection Authority ( Commission Nationale de l Informatique et des Liberts ), stating whether data is transferred to a foreign country. If the foreign country is a country located outside the EU that does not provide for an adequate level of protection of personal data, a data transfer agreement must be executed. Employee consent is not needed, but the employee must be informed of the data transfer. Formalities 33. What are the applicable legal formalities Translation requirements Based on court decisions, the employees must understand the language of the terms and conditions of employee share plans. Therefore, the offering company must either have evidence that employees are fluent in the language used for the plans, translate the documents into French or, at least, insert a disclaimer in French language. For any plan that could constitute a contractual bonus scheme, a translation into French is required. E-mail or online agreements French law generally provides that electronic documents are written documents for the purposes of evidencing a transaction, and that an electronic signature can be sufficient to satisfy a writing requirement if certain requirements are met. However, these requirements are very stringent and the enforceability of a click-wrap procedure is highly uncertain. It is recommended that the offering company either use hard copies or include language in the grant materials indicating the conditions of enforceability for an electronic signature and online consent, in addition to implementing a double-click process. Witnesses/notarisation requirements There are no witness or notarisation requirements. Employee consent Employees consent is required for any non-qualified share scheme, as there will be a withholding of the employee social contributions. Employees consent is required for participation in plans requiring salary deductions. Developments and reform 34. Are there any current trends, developments and reform proposals that have or will affect the operation of employee share plans Trends and developments The trend has been to implement performance conditions for the vesting and/or exercise of employee share plans. Reform proposals In recent years, rules relating to employee share plans have often been subject to change and no further reform of share plans is contemplated. A reform of profit sharing is to be discussed in the next few months. Online resources Legifrance Description. Legifrance is the French government entity responsible for publishing legal texts online. This website provides access, in French, to laws and decrees published in the Journal officiel . important court rulings, collective labour agreements, standards issued by European institutions, and international treaties and agreements to which France is a party. This website is official and in principle should be up to date. Content is mainly in French, but partly translated into English for guidance only. Impot Description. This is a website of the Ministry of Economy and Finance. It provides access to online services for the Directorate General of Public Finance. This website is official and in principle should be up to date. Content is mainly in French, but partly translated into English for guidance only. Contributor profiles Gilles Jolivet, Partner Baker amp McKenzie SCP Professional qualifications. France, 1991 Areas of practice. Labour and employment law employee benefits. Gilles Jolivet is a partner in employment law and co-manages the Paris office Employment law Group. He has 29 years experience as an employment lawyer and his practice covers the full range of labour law, on a national as well as an international level. A particular emphasis on complex reorganisations and reductions in force, employee representation and trade unions, collective dismissals and related disputes, employee benefits, and the hiring of, and separation from, managerial employees. Agns Charpenet, Local partner Baker amp McKenzie SCP Professional qualifications. France, 1999 Areas of practice. Tax employee benefits law. Agns Charpenet is a local partner in tax and is in charge of the Employee Benefit Practice in Paris. She advises multinational companies for the launch of employee equity plans, as well as managers for their management package. She has 16 years experience as a tax lawyer. She assists Societ Gnrale Securities Services, French leader administrator of employee share schemes, for tax and legal services information in around 60 countries. Show resource details Hide resource details Resource ID: 7-503-0017 Law stated date: 01-Jul-2016 Products: Employee Share Plans Global Guide, PLC Cross-border, PLC UK Corporate, PLC UK Employment, PLC UK Law Department, PLC UK Share Schemes amp Incentives, PLC UK Tax, PLC US Capital Markets amp Corporate Governance, PLC US Employee Benefits amp Executive Compensation, PLC US Labor amp Employment. PLC US Law Department Series: Country QA copy2016 Thomson Reuters. Todos os direitos reservados. Privacy Policy and Cookies(www. practicallaw/3-386-5597).Legal Information(www. practicallaw/8-531-0965). Subscription enquiries 44 (0)20 7202 1220 or email subscriptionspracticallaw. The reference after links to resources on our site (e. g. 2-123-4567) is to the PLC Reference ID. This will include any PDF or Word versions of articles. Cookie Policy We use cookies to give you the best experience on our website. By continuing to browse the site, you are agreeing to our use of cookies. 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