FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: In the present case, therefore, although the exemptions resulting from the application of the exempt 1929 holding companies scheme do not constitute transfers of state resources, it cannot be denied that they lead to a loss of tax revenue and hence constitute state financing. Distortion of competition and effect on trade between Member States
French: En outre, la Commission n'aurait pas démontré que le régime a pour effet de renforcer la position des holdings 1929 exonérées par rapport aux autres holdings.
Portuguese: Além disso, a Comissão não demonstrou que o regime tem por efeito reforçar a posição das holding 1929 isentas em relação às outras holding.
English: Nor, according to Luxembourg, has the Commission proved that the scheme has the effect of strengthening the position of exempt 1929 holding companies compared with that of other holding companies. (86) The Commission would point out that, under the settled case law of the Court of Justice of the European Communities, for a measure to distort competition it is sufficient that the recipient of the aid competes with other undertakings on markets open to competition and that a measure affects intra-Community trade when state financial aid strengthens the position of an undertaking compared with other undertakings competing in intra-Community trade.
French: La Commission considère que les holdings 1929 exonérées relèvent du secteur financier, dans le cadre duquel elles exercent des activités spécifiques, telles que l'octroi de prêts à d'autres membres du groupe, l'émission d'obligations, l'escompte de factures et la gestion de dépôts en numéraire pour des sociétés qu'elles contrôlent directement et indirectement et pour d'autres sociétés d'un groupe auquel appartient une holding 1929 exonérée, ou le conseil dans la gestion des fonds communs de placement.
Portuguese: A Comissão considera que as holding 1929 isentas estão inseridas no sector financeiro, no âmbito do qual exercem actividades específicas, como a concessão de empréstimos a outros membros do grupo, a emissão de obrigações, o desconto de facturas e a gestão de depósitos em numerário para sociedades que controlam directa e indirectamente e para outras sociedades de um grupo ao qual pertence uma holding 1929 isenta, ou a consultoria na gestão dos fundos comuns de investimento.
English: Exempt 1929 holding companies are also active in purchasing, managing and licensing patents on behalf of directly and indirectly owned subsidiaries, or for other companies in the group. (88) In accordance with the process of deregulation which has characterised the Community market in financial services, competition in this sector is based primarily on the elimination of any institutional restrictions to the pursuit of financing activities in the common market and on transparency and equality of conditions in the pursuit of such activities where they are comparable.
French: La concurrence est cependant faussée par ce régime dès lors que les holdings 1929 exonérées jouissent d'une exonération fiscale totale des impôts directs normalement applicables au Luxembourg sur les revenus dérivant de ces activités, alors même que ces activités sont imposables lorsqu'elles sont exercées par des prestataires indépendants ou qui ne revêtent pas la forme spécifique d'une holding 1929 exonérée.
Portuguese: A concorrência é contudo falseada por este regime dado que as holding 1929 isentas beneficiam de uma isenção fiscal total dos impostos directos normalmente aplicáveis no Luxemburgo, que incidem sobre os rendimentos resultantes destas actividades, apesar de serem tributáveis quando exercidas por prestadores independentes ou que não assumam a forma específica de uma holding 1929 isenta.
English: These conclusions are strengthened by the finding of the considerable impact which the tax exemptions in question have on the choice of Luxembourg as a preferred financial centre. In this connection, the Commission considers it appropriate to refer to articles that have appeared in the press, according to which the Luxembourg financial system is founded on the holding companies tax exemption scheme.
French: Selon ces articles de presse, on dénombre près de 15000 holdings 1929 exonérées enregistrées au Luxembourg.
Portuguese: De acordo com estes artigos de imprensa, são quase 15000 as holding 1929 isentas registadas no Luxemburgo.
English: This is evidence that financial multinationals use the structure of holding companies, including exempt 1929 holding companies, in Luxembourg to minimise their tax burden. According to these press articles, there are getting on for 15000 exempt 1929 holding companies registered in Luxembourg. (91) Despite the lack of data from the Luxembourg authorities making it possible to establish the aggregate turnover achieved by exempt 1929 holding companies, the Commission considers there can be no denying how important the scheme is to the financial sector in Luxembourg or how substantial are the resulting distortions of competition and trade.
French: En dépit de l'absence de données transmises par les autorités luxembourgeoises permettant d'établir le chiffre d'affaires global réalisé par les holdings 1929 exonérées, la Commission considère que l'on ne saurait nier l'importance de ce régime pour le secteur financier au Luxembourg ni celle des distorsions de concurrence et des échanges qui en résultent.
Portuguese: Apesar de as autoridades luxemburguesas não terem transmitido dados que permitam estabelecer o volume de negócios global realizado pelas holding 1929 isentas, a Comissão considera que é inegável a importância deste regime para o sector financeiro no Luxemburgo e a que ponto são substanciais as respectivas distorções a nível da concorrência e das trocas comerciais.
English: It also finds that, in spite of the amendments to the exempt 1929 holding companies scheme introduced by the Law of 21 June 2005, the scheme still affords all the tax advantages in question, and this despite the fact that the circle of beneficiaries under the scheme is restricted to holding companies receiving less than 5 % of their dividends from foreign companies subject to less than 11 % corporation tax and to holding companies receiving dividends from foreign companies subject to at least 11 % corporation tax or from Luxembourg companies. The Commission concludes from this that the exempt 1929 holding companies scheme, as amended by the Law of 21 June 2005, constitutes state aid within the meaning of Article 87(1) of the Treaty and that none of the exceptions provided for in Article 87(2) or (3) of the Treaty applies.
Hungarian: A Bizottság azt is megállapítja, hogy a 2005. június 21-i törvénnyel bevezetett, a 1929-es holdingok rendszerére vonatkozó módosítások ellenére a rendszer továbbra is megad minden szóban forgó adókedvezményt, bár az említett rendszer kedvezményezettjeinek a száma azon holdingokra korlátozódik, amelyek az osztalékaik kevesebb, mint 5 %-át kapják 11 %-nál alacsonyabb társasági adóra kötelezett külföldi társaságoktól, valamint azon holdingokra, amelyek legalább 11 %-os társasági adóra kötelezett külföldi társaságok által, vagy luxemburgi társaságok által fizetett osztalékot kapnak A Bizottság ebből megállapítja, hogy a mentesített 1929-es holdingokra Luxemburgban alkalmazandó, a 2005. június 21-i törvénnyel módosított adórendszer a Szerződés 87. cikkének (1) bekezdése értelmében állami támogatás, és hogy az említett Szerződés 87. cikkének (2) és (3) bekezdésében meghatározott eltérések egyike sem alkalmazható rá.
English: Payments of dividends, royalties and interest made by an exempt 1929 holding company are not subject to any withholding taxes. 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.
Italian: Infine, non vi è alcuna ritenuta alla fonte sugli interessi versati all'estero dalle holding 1929 esenti come da tutte le altre società lussemburghesi, mentre gli interessi percepiti da società residenti non esenti sono sempre considerati redditi imponibili.
Portuguese: Por último, não há qualquer retenção na fonte sobre os juros pagos no estrangeiro pelas holding 1929 isentas como por qualquer outra empresa luxemburguesa, uma vez que os juros auferidos pelas sociedades residentes não isentas são sempre considerados como rendimentos tributáveis.
Swedish: Slutligen tas ingen källskatt ut på räntebetalningar till utlandet från holdingbolag undantagna från skatteplikt, tvärtemot varje annat bolag i Luxemburg, medan ränteinbetalningarna från bolag som är etablerade i landet, och som inte undantas från skatteplikt, anses utgöra skattepliktiga inkomster.
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. (27) The authorised activities of an exempt 1929 holding company include, in particular:
Italian: Le attività autorizzate di una holding 1929 esente comprendono in particolare:
Portuguese: As actividades autorizadas de uma holding 1929 isenta incluem nomeadamente:
English: The Luxembourg authorities claimed it was impossible to draw up such a list because exempt 1929 holding companies were not subject to administrative authorisation. (47) Lastly, on the issue of the existence of a legitimate expectation on the part of beneficiaries of the exemption scheme justifying the adoption of transitional measures in the event of a negative final decision, the Luxembourg authorities observed that the abolition of the exempt 1929 holding companies scheme would have such an impact on Luxembourg's tax system that the expectations of operators acting under the scheme would have to be protected. The latter could not expect a legal status to be done away with overnight.
Italian: In sostanza, nella lettera del 13 aprile 2006, le autorità lussemburghesi contestano la qualifica di aiuto del regime fiscale in causa.
Portuguese: Em suma, na sua carta de 13 de Abril de 2006, as autoridades luxemburguesas contestam a qualificação de auxílio dada ao regime fiscal em causa.
English: 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.
Italian: In ogni caso, la Commissione non avrebbe dimostrato che il regime in questione ha per effetto di rafforzare la posizione delle holding 1929 esenti rispetto a quella di altri tipi di holding.
Portuguese: Em todo o caso, a Comissão não demonstrou que o regime em causa tem por efeito reforçar a posição das holding 1929 isentas em relação à dos outros tipos de holding.
English: In particular, exempt 1929 holding companies are exempted therefrom, irrespective of whether or not they satisfy the conditions for benefiting from the common exemption arrangements aimed at avoiding double taxation. Unlike taxable companies, they therefore benefit automatically from these exemptions.
Italian: In queste circostanze, la Commissione ritiene che l'esenzione in causa procuri un vantaggio alle holding 1929 esenti riducendo gli oneri che gravano normalmente sul loro bilancio.
English: In these circumstances, the Commission considers that the exemption in question gives exempt 1929 holding companies an advantage by mitigating the charges which are normally included in their budgets. (64) 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.
Italian: Per quanto riguarda inoltre l'imposta sul reddito e l'imposta commerciale comunale, la Commissione sottolinea che gli interessi ed i canoni che riscuotono le holding 1929 esenti sono completamente esenti, contrariamente all'imposizione fiscale di diritto comune applicabile alle altre società di partecipazione in Lussemburgo.
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.
Italian: La Commissione conclude che le holding 1929 esenti beneficiano in modo certo e non soltanto eventuale di una riduzione degli oneri che gravano normalmente sul loro bilancio.
Dutch: De Commissie besluit daaruit dat de vrijgestelde 1929-holdings niet alleen in potentie maar ook daadwerkelijk minder lasten dragen dan normaal.
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. (70) 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.
Italian: La Commissione ritiene dunque che non vi sia motivo di prendere in considerazione tutte le imposte dirette ed indirette applicabili per determinare se esiste un vantaggio fiscale effettivo concesso alle holding 1929 esenti, poiché l'esistenza di questo vantaggio è già stata in gran parte dimostrata.
English: This assessment is borne out, moreover, by the fact that, according to the Luxembourg authorities, the Law of 31 July 1929 is designed to prevent an excessive extension of this favourable regime to companies other than exempt 1929 holding companies so as to prevent it from placing an undue burden on the state budget. The Commission would point out in this connection that a justification based on the nature or overall structure of the tax system must reflect the consistency of a specific tax measure with the internal logic of the tax system in general.
Italian: Nel caso di specie questo non avviene in quanto il Lussemburgo non ha giustificato, dal punto di vista della natura o della struttura del regime fiscale nazionale, il regime di deroga di cui beneficiano soltanto le holding 1929 esenti.
Dutch: Dit is hier echter niet het geval aangezien Luxemburg de afwijkende regeling waarvoor alleen de vrijgestelde 1929-holdings in aanmerking komen, niet heeft gerechtvaardigd in het licht van de aard en de opzet van de nationale belastingregeling.
English: Such cannot be the case here, however, inasmuch as Luxembourg has not justified, by reference to the nature or overall structure of the national tax scheme, the exceptional arrangement from which exempt 1929 holding companies alone benefit. (76) The Commission would point out, moreover, that the benefit of the exemption under the Law of 31 July 1929 is subject to fulfilment of several conditions linked essentially to the existence of a registration system monitored by the authorities and to compliance with certain legal requirements relating to minimum net worth and to the actual, exclusive pursuit of certain strictly defined activities.
Italian: La Commissione constata inoltre che il vantaggio dell'esenzione in base alla legge del 31 luglio 1929 è subordinato al rispetto di molte condizioni connesse, essenzialmente, all'esistenza di un sistema di registrazione sotto la vigilanza dell'amministrazione e del rispetto di determinati requisiti giuridici relativi al valore netto minimo ed all'esercizio effettivo ed esclusivo di alcune attività rigorosamente identificate.
Dutch: De Commissie stelt bovendien vast dat verschillende voorwaarden moeten worden vervuld om voor de vrijstelling krachtens de wet van 31 juli 1929 in aanmerking te komen, die hoofdzakelijk verband houden met het bestaan van een registratiesysteem onder toezicht van de administratie en de naleving van bepaalde wettelijke vereisten betreffende de minimale nettowaarde en het effectief en uitsluitend uitoefenen van bepaalde welomlijnde activiteiten.
English: The Commission considers that these restrictions confirm the selective nature of the exemption scheme for exempt 1929 holding companies. 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. (82) The Commission considers that no objective explanation can justify such a tax treatment specifically reserved for exempt 1929 holding companies, seeking as it does, by thus limiting its application to certain undertakings, to place them at an advantage compared with their competitors.
Italian: La Commissione ritiene che nessuna spiegazione oggettiva possa giustificare il trattamento fiscale specificamente riservato alle holding 1929 esenti il quale, limitando l'applicazione ad alcune imprese, è volto a favorire queste ultime rispetto ai loro concorrenti.
English: Furthermore, exempt 1929 holding companies provide intra-group services and can, within certain limits, take part in the industrial and commercial activities of participated companies — which, as the Court of Justice confirmed in its recent judgment in Fondazione Cassa di Risparmio di Firenze, constitutes a fully fledged economic activity. For all these reasons, and because of the commercial activities carried on by the groups to which exempt 1929 holding companies belong, the effect on trade and the distortion of competition are also present at the level of those groups.
Italian: Per tutti questi motivi l'incidenza sugli scambi e la distorsione della concorrenza avvengono anche a livello dei gruppi ai quali appartengono le holding 1929 esenti ed a causa dell'attività commerciale svolta da tali gruppi.
Dutch: Om al deze redenen wordt het handelsverkeer ook ongunstig beïnvloed en de concurrentie vervalst op het niveau van de groepen waartoe de vrijgestelde 1929-holdings behoren en omwille van de door deze groepen uitgeoefende handelsactiviteit.
English: It has examined the information submitted by the Luxembourg authorities on 1929 holding companies' financing activities and the other arguments presented by those authorities concerning the legitimate expectations of current beneficiaries. The thrust of these is that the said beneficiaries should be allowed to continue enjoying the scheme's effects during a transitional period before it is abolished altogether.
Italian: La Commissione ha inoltre esaminato gli elementi presentati dalle autorità lussemburghesi relativi alle attività di finanziamento delle holding 1929 e le altre argomentazioni avanzate da dette autorità sull'aspettativa legittima degli attuali beneficiari, volti a permettere a tali beneficiari di mantenere gli effetti del regime per un periodo transitorio prima della sua totale soppressione.
English: Judgment in Case C-390/98 H.J. Banks & Co. Ltd v The Coal Authority and Secretary of State for Trade and Industry [2001] ECR I-6117, paragraphs 49 and 50.
Italian: Sentenza della Corte del 20 settembre 2001 nella causa C-390/98, Banks/The Coal Authority, Racc. 2001, pag. I-6117, punti 49 e 50.
Portuguese: Acórdão do Tribunal de Justiça de 20 de Setembro de 2001, Banks/The Coal Authority, C-390/98, Col. p. I-6117, pontos de 49 e 50.
English: This transitional period will end on 31 December 2010. However, those companies which continue to benefit from the exemption scheme until 31 December 2010 will not be able to form the subject matter of any total or partial transfer for consideration of their capital throughout the duration of this transitional arrangement, the reason being that, in view of their nature as holding companies, when their parts are disposed of they can no longer have any legitimate expectation of continuation of the tax exemption scheme.
Polish: Okres przejściowy zakończy się w dniu 31 grudnia 2010 r. Jednakże spółki, które w dalszym ciągu korzystać będą z systemu zwolnień podatkowych aż do dnia 31 grudnia 2010 r., nie będą mogły podlegać jakiejkolwiek odpłatnej cesji, całkowitej lub częściowej, swojego kapitału przez cały okres trwania tego systemu przejściowego, gdyż z uwagi na swój charakter, w momencie kiedy ich udziały zostaną przekazane, nie będą one mogły powoływać się na uzasadnione oczekiwania odnośnie do ciągłości systemu zwolnień podatkowych.
Lithuanian: Šis pereinamasis laikotarpis baigiasi 2010 m. gruodžio 31 d., tačiau bendrovės, kurioms atleidimo nuo mokesčių schema bus taikoma iki 2010 m. gruodžio 31 d., galiojant šiai pereinamojo laikotarpio schemai negalės už atlygį perleisti viso ar dalies savo kapitalo, nes, kadangi šios bendrovės yra kontroliuojančiosios, perleidus jų akcijas jos nebegalės teisėtai tikėtis, kad atleidimo nuo mokesčių schema bus taikoma toliau.
English: In accordance with the commitments made under the Code, in 1998 the Commission published a notice on the application of state aid rules to measures relating to direct business taxation emphasising its determination to apply those rules rigorously and to respect the principle of equal treatment. The present proceeding is to be seen in the context of that notice.
Latvian: Pildot saistības, kuras tā uzņēmās saskaņā ar šo kodeksu, Komisija 1998. gadā publicēja paziņojumu par to, kā piemērot noteikumus par valsts atbalstu pasākumiem, kas izriet no uzņēmumu tiešiem nodokļiem kurā tā uzsvēra savu apņēmību precīzi piemērot šos noteikumus un ievērot vienlīdzīgas izskatīšanas principu.. Šī procedūra iekļaujas šī paziņojuma ietvaros.
English: Under the Law of 31 July 1929, exempt 1929 holding companies are not subject to any direct taxes in Luxembourg, such as, for example, corporate income tax (impôt sur le revenu des collectivités), municipal business tax (impôt commercial communal) and net worth tax (taxe sur la valeur nette). They are, however, liable to taxes on capital, such as real estate tax (impôt foncier) and the annual subscription tax (taxe d'abonnement).
Dutch: Overeenkomstig de wet van 31 juli 1929 zijn de vrijgestelde 1929-holdings in Luxemburg aan geen enkele directe belasting onderworpen, zoals de vennootschapsbelasting, de gemeentelijke belasting op ondernemingen en de belasting over de nettowaarde.