France has published the interest rates used in determining the deductibility of interest payments to shareholders for companies whose fiscal year ends between 31 December 2017 and 30 March 2018. The portion of interest payments exceeding the following rates is generally not deductible unless documentation is provided demonstrating that the interest rate applied is at arm's length. The period in which the fiscal year ends and the applicable rates are as follows:

• Between 31 December 2017 and 30 January 2018 - 1.67%
• Between 31 January 2018 and 27 February 2018 - 1.65%
• Between 28 February 2018 and 30 March 2018 - 1.63%

The interest rates are determined by the Central Bank of France based on the average annual interest rates charged by financial institutions on medium-term variable rate loans of 2 years or more.