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Temasek International Pte Ltd is grateful for this opportunity to respond to the three policy options outlined in the Commission’s Inception Impact Assessment. We provide our views in the attached letter and are happy to respond to any questions the Commission may have.

Mouvement des Entreprises de France (MEDEF) welcomes the European Commission's initiative to address the issue of burdensome withholding tax relief procedures for cross-border investors with respect to certain types of income (mainly dividends, interest and royalties). This is a long-standing problem on which little progress has been made in recent years.

We welcome the consultation of the European Commission (EC) relating to the Council Directive on Faster and Safer Relief of Excess Withholding Taxes published on 19 June 2023 and are pleased to provide input. We agree fully with the ECs assessment that inefficient withholding tax relief procedures are one of the main obstacles to the free movement of capital and to the integration of capital markets.

MEDEF broadly supports the draft EU regulation on foreign subsidies to address distortions of competition in the single market. The latter includes a number of comments and priorities expressed by French companies during the public consultation on the Commission’s White Paper. Our main reservation relates to the effectiveness of tools 2 and 3 on mergers and public procurement as the thresholds are too high.

Filed in French · English published by the European Commission

Under the EU State Aid regime, the administrative burden on notification falls on EU Member States. Under the Proposed Regulation, administrative burden of notification for concentrations falls on companies, creating new obligations that risk delaying merger and acquisition procedures and disincentivising investments in the EU.