6. 10. 84 Official Journal of the European Communities No C 267/5 
Proposal for a Council Directive amending Directive 69/335/EEC concerning indirect 
taxes on the raising of capital 
COM(84) 403 final 
(Submitted by the Commission to the Council on 20 September 1984) 
(84/C 267/06) 
THE COUNCIL OF THE EUROPEAN 
COMMUNITIES, 
Having regard to the Treaty establishing the 
European Economic Community, and in particular 
Articles 99 and 100 thereof, 
Having regard to the proposal from the Commission, 
Having regard to the opinion of the European Par­
liament, 
Having regard to the opinion of the Economic and 
Social Committee, 
Whereas indirect taxes on the raising of capital were 
harmonized at Community level by Council Directive 
69/335/EEC ('), as last amended by Directive 
74/553/EECO; whereas Council Directive 73/80/ 
EEC (3) fixed common rates for such taxes; 
Whereas the economic effects of capital duty are 
detrimental to the regrouping and development of 
undertakings; whereas such effects are particularly 
harmful in the present economic situation in which 
there is a paramount need for priority to be given to 
stimulating investment; 
Whereas the best solution for attaining these 
objectives would be to abolish capital duty; whereas, 
however, the losses of revenue which would result 
from such a measure are unacceptable for certain 
Member States; whereas the Member States must 
therefore be given the opportunity to exempt from, or 
subject to, capital duty all or part of the transactions 
coming within its scope, it being understood that a 
single rate of tax must be charged within one and the 
same Member State; 
Whereas there should be mandatory exemption for 
the transactions currently subject to the reduced rate 
of capital duty and for those in respect of which the 
charging of capital duty is at present optional, 
O OJ No L 249, 3. 10. 1969, p. 25. 
(2) OJ No L 303, 13. 11. 1974, p. 9. 
(5) OJ No L 103, 18. 4. 1973, p. 15. HAS ADOPTED THIS DIRECTIVE: 
Article 1 
Directive 69/335/EEC is hereby amended as follows: 
1. The introductory phrase in Article 4 (2) is replaced 
by the following: 
'2. The following transactions may, to the 
extent that they were taxed at the rate of 1 % as at 
1 July 1984, continue to be subject to capital 
duty:'. 
2. Article 7 is replaced by the following text: 
'Article 7 
1. Member States shall exempt from capital 
duty the transactions referred to in this Directive 
which were as at 1 July 1984 exempted or taxed at 
a rate of 0,50 % or less. 
2. Member States may exempt from capital 
duty, or charge at a single rate not exceeding 1 °/o, 
transactions other than those referred to in 
paragraph 1.' 
3. The introductory phrase in Article 8 is replaced by 
the following: 
'Member States shall exempt from capital duty the 
transactions referred to in Article 4 (1) and (2) 
concerning:'. 
4. Articles 6 and 9 are deleted. 
5. Article 7 becomes Article 6; Article 8 becomes 
Article 7; Articles 10 to 15 become Articles 8 to 
13. 
Article 2 
Directive 73/80/EEC is hereby repealed. 
Article 3 
Member States shall take the measures necessary to 
comply with this Directive not later than 1 January 
1986. They shall forthwith inform the Commission 
thereof. 
Article 4 
This Directive is addressed to the Member States.