MARIGOT: The European Commission authorizes a French tax aid scheme of 20 million euros to stimulate investments in St. Martin.
The Collectivité de St. Martin welcomes the European Commission’s announcement on Wednesday, March 9, that it has authorized, under the European Union’s State aid rules, the implementation of a French tax aid scheme aimed at stimulating productive investments as well as investments in the housing sector on St. Martin.
This new tax aid scheme, estimated at a total of €20 million, will be open to all companies subject to corporate income tax, regardless of their size or sector of activity. It will be applicable until the end of 2025.
The measure will take the form of a 35% reduction in the corporate tax rate to encourage companies to invest in projects to support the transformation and economic development of the outermost region. The financing operations will be carried out either by an intermediary structure that will be responsible for the financial arrangements, the carrying of the investment project, and the provision of the assets financed in this way to the operators in St. Martin or through subscriptions in certain companies in St. Martin responsible for making and operating the investments.
The Commission notes the positive impact of the scheme on the supply of financing for productive investment and investment in the housing sector in St. Martin, given that any negative effects on competition and trade will remain limited.
Further information is available on the website of the European Commission’s Directorate-General for Competition, in the State Aid Register, under the reference SA.100457.
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Source: Faxinfo https://www.faxinfo.sx/2022/03/11/license-plates-available-on-monday-vehicle-taxes-can-be-paid-online/
