Order of the Court (Tenth Chamber) of 19 July 2023 –A (Tax on the marketing of securities)
(Case C‑335/22) (1)
(Reference for a preliminary ruling – Article 99 of the Rules of Procedure of the Court of Justice – Questions the answer to which may be clearly deduced from the Court’s existing case-law – Directive 2008/7/EC – Article 5(2)(b) – Indirect taxes on the raising of capital – Stamp duty on services relating to the placement of bonds and commercial papers on the market)
1.      Tax provisions – Harmonisation of laws – Indirect taxes on the raising of capital – Directive 2008/7 – Transactions not subject to indirect tax –Issuing and putting into circulation of negotiable securities – Meaning – Services relating to the placement on the market of negotiable securities forming an integral part of an overall capital-raising transaction – Included
(Council Directive 2008/7, Art. 5(2)(b))
(see paragraphs 25, 26)
2.      Tax provisions – Harmonisation of laws – Indirect taxes on the raising of capital – Directive 2008/7 – Transactions not subject to indirect tax – Stamp duty on the remuneration received by a banking institution performing services relating to the placement of negotiable securities on the market – Not permissible – Mandatory use of the services of a third party by the company issuing the securities – Irrelevant
(Council Directive 2008/7, Art. 5(2)(b))
(see paragraphs 28, 29, operative part)
Operative part
Article 5(2)(b) of Council Directive 2008/8/EC of 12 February 2008 concerning indirect taxes on the raising of capital,
must be interpreted as precluding national legislation which provides for the imposition of stamp duty on the remuneration that a capital company pays to a financial institution to which it has entrusted the placement on the market of securities such as newly issued bonds and commercial papers, irrespective of whether the companies issuing the securities in question are legally required to use the services of a third party or have chosen to do so of their own accord.
1 OJ C 326, 29.8.2022.