France demands EDF for tax transparency in foreign operations

09/02/2015 00:52 Electricity Market

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The French government has required state-owned utility EDF to be clear about its foreign operations to guarantee that none were established to avoid taxes, as stated by the finance ministry on Sunday.

In a letter addressed to the new manager of EDF, Jean-Bernard Levy, Budget Minister Emmanuel Macron and Finance Minister Michel Sapin declared they had demanded the EDF board to provide such information at its next meeting. The letter came after a report presented by France 2 television denoting that EDF was operating in what it categorized as "tax havens". EDF refused to comment about the letter, but a representative stated the operations mentioned in the television report were involved in insurance for industrial activities. The French state possesses 84.5 percent of the utility.

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