No C 115/10 Official Journal of the European Communities 30. 4. 87 
Whereas the said movements of capital may be distorted 
by the existence, in the Member States, of differing 
provisions concerning indirect taxes on transactions in 
securities, which often give rise to double taxation and 
discrimination; 
Whereas, to eliminate these distortions, the abolition of 
the taxes in question is the most appropriate solution as 
regards the proper functioning of the capital market; 
whereas this abolition should preferably occur on the 
date fixed for the liberalization of capital movements; 
whereas it is nevertheless suitable to allow the Member 
States, if they so wish, to phase the budgetary effects of 
the abolition over a period, 
HAS ADOPTED THIS DIRECTIVE: 
Article 1 
Member States which impose a tax on transactions in 
securities shall abolish it. 
Article 2 
1. Member States shall refrain from levying any tax 
on transactions in securities, whether or not levied at a 
flat rate, the base of which consists of the value of the 
security which is the object of the transaction. 
2. Notwithstanding paragraph 1, Member States may 
levy: 
THE COUNCIL OF THE EUROPEAN COMMUNITIES, 
Having regard to the Treaty establishing the European 
Economic Community, and in particular Article 43 
thereof, 
Having regard to the proposal from the Commission, 
Having regard to the opinion of the European Par­
liament, 
Whereas Article 11 (1) of Council Regulation (EEC) No 
1938/81 O, as amended by Regulation (EEC) No 1981/ 
85 (2), provides that the common measure is to run for (a) capital duty, as defined by Council Directive 
69/335/EEC (x), 
(b) transfer duties on immovable property where, as a 
result of transactions in shares in companies, funds, 
associations or other legal persons whose assets 
consist in whole or in part of immovable property 
situated in their territory, the purchaser acquires all 
assets of or a position by virtue of which he is able to 
exercise control over these companies, funds, 
associations or other legal persons. In this case, 
transfer duties shall apply only in respect of the value 
of the immovable property, such value being 
determined in accordance with national legislation, 
(c) value added tax applicable to interests or shares 
giving the holder thereof de jure or de facto rights of 
ownership or possession over immovable property or 
part thereof. 
Article 3 
1. Member States shall bring into force the laws, regu­
lations or administrative provisions necessary to comply 
with this Directive not later than 1 January 1990. 
2. Member States shall inform the Commission of the 
provisions which they adopt for the application of this 
Directive. 
Article 4 
This Directive is addressed to the Member States. 
O OJ No L 249, 3. 10. 1969, p. 25. 
five years from the entry into force of the Regulation 
and that period expires on 23 July 1986; whereas 
paragraph 2 of the said Article provides for a review of 
the Regulation by the Council acting on a proposal by 
the Commission, 
Whereas projects submitted in accordance with the 
outline programme approved by Commission Decision 
82/107/EEC (3) could not be implemented because of 
the shortage of commitment appropriations in the 
Community budget in 1986; whereas the duration of the Proposal for a Council Regulation amending Regulation (EEC) No 1938/81 on a common 
measure to improve public amenities in certain less-favoured agricultural areas of the Federal 
Republic of Germany 
' COM(87) 157 final 
(Submitted by the Commission to the Council on 21 April 1987) 
(87/C 115/10) 
(') OJ No L 97, 20. 7. 1981, p. 1. O OJNoL 186, 19.7. 1985, p. 7. 
O OJ No L 44, 16. 2. 1982, p. 28. 
30.4.87 Official Journal of the European Communities NoC115/ll 
common measure should therefore be extended by one 
year so that the objectives of the measure can be 
achieved; 
Whereas the shortage of appropriations at Community 
level means that the application for aid must be carried 
forward again; whereas the restrictions in the second 
paragraph of Article 14 of the said Regulation 1938/81 
are therefore no longer applicable in the final phase of 
the common measure, 
HAS ADOPTED THIS REGULATION: 
Article 1 
Regulation (EEC) No 1938/81 is hereby amended as 
follows: 
1. Article 11 (1) is replaced by the following: '1. The period envisaged for carrying out the 
common measure is six years from the entry into 
force of this Regulation.' 
2. The second paragraph of Article 14 is replaced by the 
following: 
'Requests for carrying forward applications must be 
made to the Commission within 30 days of the date 
on which the Member State was notified of the result 
of the procedure laid down in Article 15.' 
Article 2 
This Regulation shall enter into force on the third day 
following its publication in the Official Journal of the 
European Communities. 
This Regulation shall be binding in its entirety and 
directly applicable in all Member States.