Obtaining liquidity: Capital reduction or dividend? Abuse of rights?

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Henry Royal

Published on Feb 12, 2023
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To obtain liquidity at a lower cost, the manager can choose between the distribution of a dividend (30% PFU or income tax after 40% deduction) and the repurchase of shares by the company (capital gains tax). The capital reduction is taxed as a capital gain, provided that the company repurchases its own shares. Otherwise, the capital reduction with reimbursement is partly taxed as a dividend; the reimbursement of contributions is not taxed. Does choosing to repurchase shares rather than a dividend constitute an abuse of tax law? No, if the economic motivations outweigh the tax considerations! Among the economic motivations: 1/ Economically, a weak capital is more interesting than a strong capital 2/ The reduction of capital and the distribution of a dividend are two different, non-comparable processes for obtaining liquidity 3/ Divergent patrimonial consequences 4/ A reduction in risk Case law and the Committee on the Abuse of Tax Law disqualify certain operations.

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