Nous remercions le groupe Fiscalité de la DFCG et son président Franck Fabro pour la réponse qu’ils ont apportée à la Commission européenne (CE) DG TAXUD concernant la consultation publique sur la proposition de la CE en lien avec le projet de Directive DEBRA (Debt Equity Bias Reduction Allowance / Prime en faveur de la réduction de la polarisation dettes/fonds propres).
Summary of the feedback: The DFCG does not subscribe to the assumption expressed in the draft directive that companies chose debt financing for tax reasons. Moreover, the proposed mechanism does not provide an actual incentive towards equity financing. On the contrary, as it stands, the proposed « debra » directive would increase the cost of financing for european companies, in a context of inflation, major economic and geopolitical risks, a rapid rise in interest rates and the necessary energy transition which is partially financed by debt. It would also add a high level of complexity in the management of investments policies especially for medium and small-sized companies. The dfcg strongly urges the european commission, the european council and the european parliament to reconsider this initiative and instead enact european measures to boost the competitiveness of european companies, rather than penalize them with additional restrictions.