2.2.94 OfficialJournaloftheEuropeanCommunities NoC34/39
fashionintheconsultationsonthemainshort-andPapersarepublished,withaviewtoachievinga
long-termgoals,inparticularwhentheplannedGreenbroadly-based socialconsensus.
DoneatBrussels,24November1993,
TheChairman
oftheEconomicandSocialCommittee
SusanneTIEMANN
OpinionontheproposalforaCouncilDirectiveamendingDirective90/434/EECof23July
1990onthecommonsystemoftaxationapplicabletomergers,divisions,transfersofassets
andexchangesofsharesconcerningcompaniesofdifferentMemberStates(*)
(94/C34/13)
On12August1993theCouncildecidedtoconsulttheEconomicandSocialCommittee
underarticle100oftheTreatyestablishingtheEuropeanCommunityontheabovementioned
proposal.
TheSectionforEconomic,FinancialandMonetaryQuestions,whichwasresponsiblefor
preparingtheCommittee'sworkonthesubject,adopteditsOpinionon26October1993.
TheRapporteurwasMrR.Pelletier.
Atits310thPlenarySession(meetingof24November1993),theEconomicandSocial
CommitteeadoptedthefollowingOpinionunanimously .
1.TheproposedDirective thesecondmeasureconcernstheoptionofferedto
theMemberStatesbythe'mergers'Directiveto
derogatefromtheexemptionfromtaxationofany
capitalgainsaccruingtoanacquiringcompanyon
thecancellation,followingthemerger,ofitsholding
intheacquiredcompany.1.1.TheproposedDirectivecontainstwomeasures:
—Thepurposeofthefirstmeasureistoextendthe
commonsystemoftaxationapplicabletomergers
andsimilaroperationstoallcompaniesfromtwo
ormoreMemberStatessubjecttocorporationtax
inaMemberState,whatevertheirlegalform:the
formrequirementreferredtounderArticle3(a)of
Directive90/434/EECof23Julywouldtherefore
beabolished.Thiswouldmakethefollowing,in
particular,eligibleforthecommonsystemoftax­
ationapplicabletomergersandexchangesofshares:
cooperatives ,publicsavingsbanksandpartnerships
partiallysubjecttocorporationtaxorhavingopted
forimpositionofthistax.1.2.UnderArticle7(2)ofthe'mergers'Directivethis
derogationoptionapplieswheretheholdingdoesnot
exceed25%.Itisproposedthatinfuturethecriterion
shouldbethattheholdingmustconferthestatusof
parentcompanyunderthenationalprovisionsadopted
pursuanttoArticle3(l)(a)ofthe'parentcompanies'
Directive90/435/EECof23July1990:theMember
Statescouldderogatefromthecapitalgainsexemption
wheretheholdingsdonotconferthestatusofparent
companywithinthemeaningoftheirnationallawas
enacted,inaccordancewiththelatterDirective. HOJNoC225,20.8.1993,p.5.

NoC34/40 OfficialJournaloftheEuropeanCommunities 2,2.94
2.TheCommittee'sOpinion essentialthatthecompaniesconcernedbesubjecttoan
identicaltaxsystem,iecorporationtax;thisisanecess­
aryandsufficientcondition.
2.4.Hencethereisnolongeranyreasonforthe
restrictionregardingtheformofthesecompanies,as
currentlylaiddowninArticle3(a)ofthe'mergers'
Directive:itiswrongtolimitthescopeofthecommon
systeminthisway.
2.5.Thesecondmeasureisbasedontheanalysisof
thecapitalgainsrealizedbyanacquiringcompanyon
thecancellationofitsholdingintheacquiredcompany:
thesecapitalgainsareinthenatureofamergersurplus
distributedbytheacquiredortransferringcompanyto
theacquiringorreceivingcompany;itisthereforeright
thatexemptionforthisdistributionbelinkedtothe
statusoftheacquiringcompanyasparentcompany.2.1.TheCommitteeapprovestheproposedDirec­
tive.
2.2.Thetwomeasuresproposedaredesignedto
ensureconsistency .
2.3.Thefirstmeasureisjustifiedonthegroundsthat
thecommonsystemoftaxationapplicabletomergersor
similaroperationsandexchangesofsharesisbasedon
theinterimnatureoftheseoperations,theimposition
ofcapitalgainstaxbeingdeferred:theprerequisitefor
theapplicationofsuchasystemisthatthedeferred
capitalgainstaxcanbeimposedlaterinaccordance
withthesamerulesasthosewhichwouldhaveapplied
atthetimethesegainswererealized;itistherefore
DoneatBrussels,24November1993.
TheChairman
oftheEconomicandSocialCommittee
SusanneTIEMANN