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Saade urges EC not to axe tax scheme.
(From Lloyds List)
Byline: Andrew Spurrier in Paris
CMA CGM chairman Jacques Saade warned the European Commission yesterday to think twice before taking any decision to scrap France's tax lease shipfinancing scheme.
Mr Saade said he understood the commission had raised questions about the legitimacy of the scheme, which is considered by French owners as an essential tool for maintaining ships under French flag.
He gave no details as to the nature of the commission's objections to the scheme, but warned that its abolition would be 'very damaging' for the group.
He said that efforts needed to be made to explain to Brussels that the scheme was only one among others in Europe and that it gave no particular advantage to French owners. 'In the event that we don't succeed [in convincing the commission] and that ...
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