Honestly, I was always under impression that stock exchange is not relevant for taxing, as the security behind had source of payout from specific country.
Ie Canadian companies listed on NYSE, US folks still pay witholding tax to Canada.
Thus maybe the reason for this is how our stocks are held at pooled account and legal entity representing is causing that taxation was done different then one would expect.
But anyway I have not done any research on this subject beyond what was discussed by T212 in the Total SA topic.
I would understand this as Source of payment is French company thus 28%, so Airbus is Dutch, 15%. If logic is correct even if bought on Paris exchange it should be 15% withhold.
So you have to look at source country, the problem only comes when the witholding of source country exceeds the taxation treaty tax, Ie Germany and France come to mind.