France has published the interest rates used in determining the deductibility of interest payments to shareholders for companies whose fiscal year ends between 30 September 2019 and 30 December 2019. 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 30 September 2019 and 30 October 2019 - 1.35%
• between 31 October 2019 and 29 November 2019 - 1.34%
• between 30 November 2019 and 30 December 2019 - 1.34%

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.