A SYSTEM of tax exemptions allowing French companies to deduct liability for losses incurred by subsidiaries or branches abroad breaks the European Coal and Steel Community's Steel Aid Code, the European Commission has ruled.

Following an investigation, it has concluded that none of the exemptions provided for, such as aid for research and development, environmental protection or closures, are applicable. The inquiry was launched in the wake of a similar decision made last year about a similar Spanish scheme.

The Commission ...

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