FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Exempt 1929 holding companies may borrow funds from their shareholders or from banks or other credit institutions and they may issue bonds. With a view to avoiding non-payment of subscription tax, thin capitalisation rules are applied if the funding by means of debt as opposed to equity exceeds certain financial ratios.
French: Seules les sociétés enregistrées au Luxembourg peuvent bénéficier du régime des holdings 1929 exonérées, contrairement aux entreprises unipersonnelles, aux coentreprises contractuelles n'ayant pas la forme de sociétés, aux établissements stables et aux succursales ou agences locales de sociétés étrangères.
Dutch: Zij zijn ook onderworpen aan een jaarlijkse inschrijvingstaks van 0,2 % van het volgestort maatschappelijk kapitaal en van de waarde van de uitgiftepremies, zoals vastgesteld op de afsluitingsdatum van het voorgaande boekjaar.
Greek: Μια απαλλασσόμενη βάσει του νόμου του 1929 εταιρεία χόλντινγκ μπορεί να δανειστεί κεφάλαια από τους μετόχους της, από τράπεζες ή από άλλα πιστωτικά ιδρύματα και μπορεί να εκδώσει ομόλογα.
English: In view of the above, the Commission considers it reasonable to grant a transitional period to exempt holding companies existing on the date of this Decision. This transitional period will end on 31 December 2010.
Greek: Βάσει των ανωτέρω, η Επιτροπή θεωρεί εύλογο να χορηγήσει μια μεταβατική περίοδο χάριτος στις υφιστάμενες κατά την ημερομηνία της απόφασης απαλλασσόμενες εταιρείες χόλντινγκ, η οποία θα λήξει στις 31 Δεκεμβρίου 2010.
English: Moreover, in addition to equity participations, exempt 1929 holding companies may hold public or private bonds, whether or not quoted on the regulated markets, and whether or not issued by the public sector. Exempt 1929 holding companies may also hold only bonds, independently of or in conjunction with participation management activities.
Spanish: Por otra parte, además de las participaciones en acciones, los holding «1929» exentos pueden poseer obligaciones públicas, privadas, cotizadas o no en mercados regulados o no, emitidas por el sector público o no. De modo que las sociedades holding «1929» exentas pueden poseer sólo obligaciones, con independencia de, o junto con, las actividades de gestión de participaciones.
Dutch: Zo kunnen de vrijgestelde 1929-holdings alleen obligaties bezitten onafhankelijk van of tegelijk met activiteiten van beheer van deelnemingen.
English: Likewise, the scheme cannot be considered a project of common European interest or a remedy to a serious disturbance in the economy of Luxembourg, as provided for by Article 87(3)(b) of the Treaty. Nor does it have as its object the promotion of culture and heritage conservation as provided for by Article 87(3)(d) of the Treaty.
Spanish: El régimen tampoco puede considerarse como un proyecto importante de interés común europeo ni como un remedio a una grave perturbación en la economía luxemburguesa, según el artículo 87, apartado 3, letra b), del Tratado, ni tiene por objeto promover la cultura y la conservación del patrimonio según el artículo 87, apartado 3, letra d), de dicho Tratado.
English: There is among exempt 1929 holding companies a specific form of holding company, namely the exempt billionaire holding company. This may be formed either by contributing shares in foreign companies or by increasing the paid-up share capital and reserves to at least EUR 24 million (LUF 1 billion).
Finnish: Vuoden 1929 lain soveltamisalaan kuuluviin holdingyhtiöihin kuuluu erityinen holdingyhtiömuoto, nimittäin milliardaire-holdingyhtiö Sellainen on voitu muodostaa joko hankkimalla ulkomaisten yhtiöiden osakkeita tai korottamalla maksettu osakepääoma ja rahastot vähintään 24 miljoonaan euroon (1 miljardi Luxemburgin frangia).
English: The amendments to the exempt 1929 holding companies scheme provided for by the Law of 21 June 2005 do not, in its view, introduce any new aid elements and do not increase the number of beneficiaries; the measure accordingly retains its nature as existing aid. (102) The Luxembourg authorities have argued that the Commission approved the amendments introduced by the Law of 21 June 2005 within the Council's Code of Conduct Group devoted to scrutinising harmful tax measures in the light of the Code of Conduct for Business Taxation and that, as a result, the exempt 1929 holding companies scheme is in conformity with the Treaty.
French: Les autorités luxembourgeoises ont soulevé l'argument selon lequel la Commission aurait approuvé les modifications introduites par la loi du 21 juin 2005 dans le cadre du Groupe «Code de Conduite» du Conseil consacré à l'examen des mesures fiscales dommageables au titre du Code de conduite sur la fiscalité des entreprises et que, partant, le régime des holdings 1929 exonérées serait en conformité avec le traité.
Portuguese: As autoridades luxemburguesas levantaram a questão de que a Comissão aprovou as alterações introduzidas pela Lei de 21 de Junho de 2005 no âmbito do Grupo «Código de Conduta» do Conselho consagrado ao exame das medidas fiscais prejudiciais no quadro do Código de Conduta sobre a fiscalidade das empresas e que, por conseguinte, o regime das holding 1929 isentas está em conformidade com o Tratado.
Dutch: De Luxemburgse autoriteiten hebben het argument aangevoerd dat de Commissie de bij de wet van 21 juni 2005 aangebrachte wijzigingen zou hebben goedgekeurd in de groep „Gedragscode” van de Raad, die schadelijke belastingmaatregelen onderzoekt in het kader van de Gedragscode inzake de belastingregeling voor de ondernemingen en dat de regeling van de vrijgestelde 1929-holdings dus in overeenstemming met het Verdrag zou zijn.
Finnish: Luxemburgin viranomaiset väittävät, että komissio olisi hyväksynyt 21 päivänä kesäkuuta 2005 annetulla lailla käyttöönotetut muutokset neuvoston käytännesääntötyöryhmässä, jonka tehtävänä on tutkia haitallisia verotoimenpiteitä yritysverotukseen sovellettavien menettelysääntöjen puitteissa, ja että tämän vuoksi vuoden 1929 lain soveltamisalaan kuuluvien holdingyhtiöiden verojärjestely olisi perustamissopimuksen mukainen.
English: The tax scheme currently in force in Luxembourg in favour of holding companies exempted on the basis of the Law of 31 July 1929 (hereinafter called ‘exempt 1929 holding companies’) is a state aid scheme incompatible with the common market. Article 2
Finnish: Kun tämä päätös on annettu tiedoksi, kyseisen järjestelyn tai sen osatekijöiden mukaisia etuja ei voida enää myöntää uusille tuensaajille.
English: Luxembourg shall abolish the aid scheme referred to in Article 1 or amend it to make it compatible with the common market by 31 December 2006 at the latest. As from the date of notification of this Decision, the advantages of the scheme or of its component parts may no longer be conferred on new beneficiaries.
Finnish: Tämän päätöksen tekopäivänä 1 artiklassa tarkoitetusta järjestelystä etua saavien vuoden 1929 lain soveltamisalaan kuuluvien holdingyhtiöiden osalta järjestelyn vaikutuksia voidaan jatkaa enintään 31 päivään joulukuuta 2010.
English: In the case of exempt 1929 holding companies benefiting under the scheme referred to in Article 1 on the date of this Decision, the scheme's effects may be prolonged until 31 December 2010 at the latest. However, those companies which continue to benefit under the scheme referred to in Article 1 until 31 December 2010 may not form the subject matter of any total or partial transfer for consideration of their capital throughout the duration of this transitional exemption arrangement.
Finnish: Yhtiöiden, jotka saavat edelleen etua 1 artiklassa tarkoitetusta verojärjestelystä 31 päivään joulukuuta 2010, pääomaa ei kuitenkaan voida verovapauden siirtymäkauden aikana kokonaan eikä osittain siirtää vastikkeellisesti.
Polish: W odniesieniu do zwolnionych spółek holdingowych 1929 czerpiących korzyści z systemu, o którym mowa w art. 1, od daty niniejszej decyzji, skutki systemu mogą zostać przedłużone najpóźniej do dnia 31 grudnia 2010 r. Jednakże spółki, które w dalszym ciągu będą korzystać do dnia 31 grudnia 2010 r. z systemu, o którym mowa w art. 1 nie będą mogły podlegać jakiejkolwiek odpłatnej cesji czy to całkowitej, czy częściowej ich kapitału przez cały okres trwania przejściowego systemu zwolnień.
Lithuanian: 1929 m. įstatymo bendrovėms, kurioms 1 straipsnyje nurodyta schema taikoma šio sprendimo priėmimo dieną, schemos taikymas gali būti pratęstas ne ilgiau kaip iki 2010 m. gruodžio 31 d. Tačiau bendrovės, kurioms 1 straipsnyje nurodyta schema bus taikoma iki 2010 m. gruodžio 31 d., galiojant šiai pereinamojo laikotarpio atleidimo nuo mokesčių schemai negalėsuž atlygį perduoti viso ar dalies savo kapitalo.
English: Lastly, there is no withholding tax on interest paid abroad by exempt 1929 holding companies as by any other Luxembourg company, while the interest received by non-exempt resident companiess is always regarded as taxable income. (22) Interest payments made by exempt 1929 holding companies (as by any other Luxembourg company) to individuals — beneficial owners within the meaning of Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments — who are resident in another Member State are subject to the withholding tax provided for by the said Directive, in Luxembourg.
French: Il est à relever que les intérêts versés par les sociétés holding 1929 exonérées (comme par toute autre société luxembourgeoise) à des personnes physiques — bénéficiaires effectifs au sens de la directive 2003/48/CE du Conseil du 3 juin 2003 en matière de fiscalité des revenus de l'épargne sous forme de paiement d'intérêts — qui sont des résidents d'un Etat membre sont soumis à la retenue à la source prévue par ladite directive.
English: Finally, the fees (tantièmes) paid to resident or non-resident members of an exempt 1929 holding company's board of directors, managers or statutory auditors are subject to a 20 % withholding tax. Conditions
French: Le montant du capital souscrit d'une holding 1929 exonérée dépend de la forme de la société choisie.
Italian: Soltanto le società registrate in Lussemburgo possono beneficiare del regime applicabile alle holding 1929 esenti, contrariamente alle imprese individuali, alle imprese in compartecipazione contrattuali non aventi forma di società, alle sedi stabili ed alle succursali o agenzie locali di società straniere.
Portuguese: Só as sociedades registadas no Luxemburgo podem beneficiar do regime das holding 1929 isentas, contrariamente às sociedades unipessoais, às sociedades civis não constituídas sob a forma de sociedades comerciais, aos estabelecimentos estáveis e às sucursais ou às agências locais de empresas estrangeiras.
English: A grand-ducal decree of 29 July 1977 requires an exempt 1929 holding company to have a fully paid-up share capital of at least EUR 24000. (26) Companies established in Luxembourg can be registered as exempt 1929 holding companies provided they engage only in acquiring, holding and maximising the value of any forms of participation in other Luxembourg or foreign companies, including by providing loans, holding patents and licensing copyright or know-how to the participated companies.
French: Une holding 1929 exonérée ne peut exercer d'activité industrielle pour son propre compte ou exploiter un établissement commercial ouvert au public.
English: An exempt 1929 holding company is not allowed to carry on any industrial activities on its own account or to maintain a commercial establishment open to the public. An exempt 1929 holding company extending its activities beyond the above scope loses its status and is treated as a fully taxable commercial company.
French: Si elle étend ses activités au-delà du champ ainsi défini, elle perd son statut et est traitée comme une société commerciale totalement imposable.
English: Without the exemption scheme in question, exempt 1929 holding companies would in effect be penalised from a tax point of view, the profits of an operating company being taxed once as profits of that company, a second time when they were distributed as participation income of the holding company and, lastly — in the event of a subsequent distribution — as dividends of the holding company’s shareholders. (50) Secondly, according to the Luxembourg authorities, the exempt 1929 holding companies scheme is not selective and therefore does not distort competition or affect trade between Member States. All companies in a comparable factual and legal situation, involving inter alia the acquisition of equity interests and the management, financing and value maximisation of shareholdings in controlled companies, can potentially benefit from the scheme. (51) Lastly, the exempt 1929 holding companies scheme is not, so the Luxembourg authorities say, capable of distorting competition and trade within the Community because the beneficiary holding companies are exclusively passive recipients of income and are not in situations comparable to those of other operators acting as independent service providers. At all events, the Commission has not, it is claimed, shown that the scheme in question has the effect of strengthening the position of exempt 1929 holding companies compared with that of other types of holding company.
French: En tout état de cause, la Commission n'aurait pas démontré que le régime en cause a pour effet de renforcer la position des holdings 1929 exonérées par rapport à celle des autres types de holdings.
English: Still on the subject of income tax and municipal business tax, the Commission would add that interest and royalties received by exempt 1929 holding companies are totally exempted therefrom, in contrast to the ordinary taxation applicable to other Luxembourg holding companies. Such exemption cannot be justified by the wish to prevent the double taxation of the income in question inasmuch as the related charges are deducted upstream by those bearing them.
French: Eu égard au caractère dérogatoire de cette exonération, la Commission estime en conséquence que les holdings 1929 exonérées bénéficient également dans ce cas de figure d'un allégement des charges qui grèvent normalement leur budget.
Portuguese: Consequentemente, tendo em conta o carácter derrogatório desta isenção, a Comissão considera que as holding 1929 isentas beneficiam igualmente de uma redução das despesas que normalmente onerariam o seu orçamento neste caso concreto.
English: Even supposing that this withholding tax exemption benefits directly the income recipients, and only indirectly exempt 1929 holding companies, the Commission considers that it nonetheless has the effect of relieving the latter of charges normally borne by distributing companies taxable in Luxembourg. This assessment is borne out by the fact that, where a withholding is applied, the rate of tax is higher if its cost is borne by the distributor and that the latter is under no legal obligation, in such a case, to pass on the tax to the recipient of the income.
French: Enfin, les holdings 1929 exonérées ne sont pas soumises à la taxe sur la valeur nette applicable aux sociétés imposables au Luxembourg.
Italian: Le holding 1929 esenti usufruiscono inoltre di un vantaggio indiretto grazie all'accesso più agevole al capitale di rischio/capitale di prestito connesso al rendimento più elevato dovuto a questa esenzione a beneficio degli investitori.
Portuguese: Por último, as holding 1929 isentas não estão sujeitas ao imposto sobre o património líquido aplicável às empresas tributáveis no Luxemburgo.
English: It follows from all the foregoing that, in the Commission’s view, the advantages in question constitute exceptional measures which are capable of favouring certain undertakings compared with other undertakings which are, in the light of the objective pursued by the said scheme — namely the prevention of multiple taxation — in a comparable factual and legal situation. The Commission considers in this context that the reference made by the Luxembourg authorities to the judgment in Banks is irrelevant. In that case, of the various possible formulas for applying certain taxes, none appeared a priori more advantageous. In the present case, however, an exemption is, in principle, more advantageous than the taxation of income. The Commission concludes from this that exempt 1929 holding companies benefit actually and not potentially from a mitigation of the charges which are normally included in their budgets.
French: Les trois exemples invoqués par les autorités luxembourgeoises dans leur courrier du 13 avril 2006 ne sont pas de nature à remettre en cause la conclusion selon laquelle le régime litigieux confère des avantages dérogatoires au droit fiscal commun et non justifiés par la nature du système fiscal du Luxembourg.
Portuguese: Os três exemplos invocados pelas autoridades luxemburguesas na sua carta de 13 de Abril de 2006 não põem em causa a conclusão segundo a qual o regime em apreço confere vantagens de carácter derrogatório face ao regime geral do direito fiscal e que não se justificam tendo em conta as características do sistema fiscal do Luxemburgo.
English: First of all, they concern situations which are not representative of the actual use made of the exempt 1929 holding companies scheme. Secondly, they concern only situations in which the ordinary scheme already grants total exemption from income taxes. On the other hand, Luxembourg ignores situations in which exemption is not ordinarily granted, despite the fact that, as previously observed, it is only in such situations that the scheme enables beneficiaries under it to retain a specific advantage compared with the ordinary scheme.
French: En conclusion, la Commission considère que le régime en cause constitue un avantage conféré aux holdings 1929 exonérées.
Dutch: De Commissie is derhalve van oordeel dat er geen rekening moet worden gehouden met alle toepasselijke directe en indirecte belastingen om te bepalen of er een effectief aan de vrijgestelde 1929-holdings toegekend fiscaal voordeel bestaat, aangezien het bestaan van dat voordeel reeds uitgebreid werd aangetoond.
English: The Commission considers, therefore, that it is not necessary to take into account all applicable direct and indirect taxes in order to determine whether there exists an actual tax advantage granted to exempt 1929 holding companies, the existence of that advantage being already sufficiently proven. The Commission would point out, moreover, that such an analysis would be impossible to carry out in view of the indeterminate number of possible situations. (71) In conclusion, the Commission considers that the scheme in question constitutes an advantage conferred on exempt 1929 holding companies. Selectivity
French: Sélectivité
English: The Commission would note in this respect that exempt 1929 holding companies must limit their activities to the acquisition of participations, in whatever form, in other undertakings and to the management and value maximisation of those participations. The summary definition of the value maximisation of participations given in the Law of 31 July 1929 has been clarified by the Land Registration and Estates Department, which has interpreted it broadly as including several economic activities, directly or indirectly linked to the value maximisation of participations, taking the form notably of financing activities. Holding companies are thus authorised to grant long- or short-term advances and loans to companies in which they directly hold a participation.
French: Au titre de la loi du 31 juillet 1929, la constitution de sûretés en faveur des créanciers des sociétés dans lesquelles des sociétés holdings 1929 exonérées détiennent une participation ainsi que le cautionnement de leurs augmentations de capital relèvent également du concept de mise en valeur des participations.
Portuguese: Nos termos da Lei de 31 de Julho de 1929, a constituição de garantias a favor dos credores das empresas em que as sociedades holding 1929 isentas detêm uma participação, bem como a caução dos seus aumentos de capital, relevam igualmente do conceito de valorização das participações.
English: The activities which exempt 1929 holding companies are authorised to carry on also include the provision of advice on management and investment by investment funds. The purpose of this activity is to provide advice to collective investment undertakings on the management of the portfolio entrusted to them. It is normally carried on by consultancy firms which are in principle taxable under ordinary tax law.
French: Cependant, lorsque certaines conditions spécifiques sont remplies, il est possible pour une société de conseil d'opter pour le statut de société holding 1929.
Italian: Tuttavia, quando sono soddisfatte alcune condizioni specifiche, una società di consulenza può optare per lo status di società holding 1929.
Portuguese: Contudo, quando preenchidas certas condições específicas, uma empresa de consultoria tem a possibilidade de optar pelo estatuto de sociedade holding 1929.
English: Moreover, as the Commission mentioned in its decision of 9 February 2006, it suffices to point out that several economic sectors cannot benefit from the advantages offered by the scheme. Thus, undertakings carrying on activities other than those authorised concerning participation value maximisation and activities falling within several sectors, such as manufacturing, agriculture and commerce, are excluded from the benefit of the scheme.
French: La Commission considère qu'aucune explication objective ne peut justifier un tel traitement fiscal spécifiquement réservé aux holdings 1929 exonérées, qui vise, en limitant ainsi son application à certaines entreprises, à les favoriser par rapport à leurs concurrentes.
Portuguese: A Comissão considera que nenhuma explicação objectiva pode justificar tal tratamento fiscal especificamente reservado às holding 1929 isentas, que se destina a favorecê-las em relação aos seus concorrentes, sendo portanto a sua aplicação limitada a certas empresas .
English: In order to benefit from the exemption scheme in question, any undertaking wishing to maximise the value of its investments must set up a separate entity in Luxembourg for the purpose of carrying on exclusively the activities authorised by the 1929 legislation. The establishment of such a structure therefore entails investments on top of the normal costs of an investment activity. Only undertakings with a group structure and significant financial resources of sufficient amount to establish in Luxembourg a structure devoted to the activities of managing and financing participations are able to benefit from the scheme. Such undertakings include, for example, exempt billionaire holding companies. State resources (84) With regard to the state origin of the advantages resulting from the application of the scheme in question, it should be pointed out that the concept of aid is more general than that of subsidy because it embraces not only positive benefits, such as subsidies themselves, but also measures which, in various forms, mitigate the charges which are normally included in the budget of an undertaking and which, therefore, without being subsidies in the strict sense of the word, are similar in character and have the same effect.
French: Il en découle qu'un régime, tel que celui ici en cause, par lequel les autorités publiques accordent à certaines entreprises une exonération de l'impôt normalement dû qui, bien que ne comportant pas un transfert de ressources d'État, place les bénéficiaires dans une situation financière plus favorable que les autres contribuables constitue une aide d'État au sens de l'article 87, paragraphe 1, du traité.
Portuguese: Daqui decorre que um regime como o que está aqui em causa, através do qual as autoridades públicas atribuem a certas empresas uma isenção fiscal normalmente devida que, não implicando embora uma transferência de recursos estatais, coloca os beneficiários numa situação financeira mais favorável que a dos outros contribuintes, constitui um auxílio estatal na acepção do n.o 1 do artigo 87.o do Tratado.