Council Directive 2008/7/EC of 12 February 2008 concerning indirect taxes on the raising of capital
Date: 2008-02-12
Institutions: Council of the European Union
Subjects: company law, indirect tax, investment company

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DIRECTIVES

COUNCIL DIRECTIVE 2008/7/EC

of 12 February 2008

concerning indirect taxes on the raising of capital

THE COUNCIL OF THE EUROPEAN UNION,

situation in which there is a paramount need for priority
to be given to stimulating investment.

Having regard to the Treaty
Community, and in particular Articles 93 and 94 thereof,

establishing the European

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Parliament (1),

Having regard to the opinion of the European Economic and
Social Committee (2),

Whereas:

(1)

(2)

(3)

(4)

Council Directive 69/335/EEC of 17 July 1969
taxes on the raising of capital (3)
concerning indirect
has been substantially amended several times (4). Since
further amendments are to be made,
should be
recast in the interests of clarity.

it

The indirect taxes on the raising of capital, namely the
capital duty (the duty chargeable on contributions of
capital to companies and firms), the stamp duty on sec-
urities, and duty on restructuring operations, regardless
involve an increase in
of whether
capital, give rise to discrimination, double taxation and
disparities which interfere with the free movement of
capital. The same applies as regards other indirect taxes
with the same characteristics as capital duty and the
stamp duty on securities.

those operations

Consequently, it is in the interests of the internal market
to harmonise the legislation on indirect taxes on the
raising of capital
far as
possible, factors which may distort conditions of compe-
tition or hinder the free movement of capital.

to eliminate, as

in order

The economic effects of capital duty are detrimental to
the regrouping and development of undertakings. Such
effects are particularly harmful in the present economic

(5)

The best solution for attaining these objectives would be
to abolish capital duty.

(6)

(7)

(8)

(9)

However, the losses of revenue which would result from
the immediate application of such a measure are unac-
ceptable for Member States which currently apply capital
duty. Those Member States should therefore have the
opportunity to continue to subject to capital duty all
it being
or part of
understood that a single rate of tax must be charged
within one and the same Member State. Once a
Member State has chosen not to levy capital duty on
all or part of the transactions under this Directive,
it
should not be possible for it to reintroduce such duties.

transactions

concerned,

the

It is inherent in the concept of an internal market that a
duty on the raising of capital within the internal market
by a company or firm should not be charged more than
once. Accordingly,
if the Member State to which the
taxing right is attributed does not levy capital duty on
certain or all transactions covered by this Directive, no
other Member State is to exercise a taxing right in respect
of those transactions.

is appropriate

It
for
situations where Member States continue to levy capital
duty, in particular as regards exemptions and reductions.

to maintain strict

conditions

Apart from capital duty, no indirect taxes on the raising
of capital should be levied. In particular, no stamp duty
should be levied on securities, regardless of the origin of
such securities, and regardless of whether they represent
a company’s own capital or its loan capital.

(1) Opinion of the European Parliament of 12 December 2007 (not yet

published in the Official Journal).

(2) OJ C 126, 7.6.2007, p. 6.
(3) OJ L 249, 3.10.1969, p. 25. Directive as last amended by Directive

(10)

2006/98/EC (OJ L 363, 20.12.2006, p. 129).

(4) See Annex II, Part A.

The list of capital companies
69/335/EEC is
adapted.

in Directive
incomplete and should therefore be

set out

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(11)

(12)

(13)

(14)

this Directive cannot be suf-
Since the objectives of
and can
ficiently achieved by the Member States
the
therefore be better achieved at Community level,
Community may adopt measures,
in accordance with
the principle of subsidiarity as set out in Article 5 of
the Treaty. In accordance with the principle of propor-
tionality, as set out in that Article, this Directive does not
go beyond what is necessary in order to achieve those
objectives.

The obligation to transpose this Directive into national
law should be confined to those provisions which
represent a substantive change as compared with the
earlier Directives. The obligation to transpose
the
provisions which are unchanged arises under the earlier
Directives.

(b) any company, firm, association or legal person the shares in
whose capital or assets can be dealt in on a stock exchange;

(c) any company, firm, association or legal person operating for
profit, whose members have the right to dispose of their
shares to third parties without prior authorisation and are
only responsible for the debts of the company, firm, as-
their shares.
sociation or legal person to the extent of

2.
For the purposes of this Directive, any other company,
firm, association or legal person operating for profit shall be
deemed to be a capital company.

Article 3

Contributions of capital

This Directive should be without prejudice to the obli-
gations of the Member States relating to the time limits
for transposition into national law of the Directives set
out in Annex II, Part B.

For the purposes of this Directive and subject to Article 4, the
following transactions shall be considered to be ‘contributions
of capital’:

In view of the detrimental effects of capital duty, the
Commission should report every three years on the
operation of this Directive with a view to abolishing
this duty,

(b) the conversion into a capital company of a company, firm,
association or legal person which is not a capital company;

(a)

the formation of a capital company;

HAS ADOPTED THIS DIRECTIVE:

(c) an increase in the capital of a capital company by contri-

bution of assets of any kind;

CHAPTER I

SUBJECT MATTER AND SCOPE

Article 1

Subject matter

This Directive regulates the levying of indirect taxes in respect
of the following:

(a) contributions of capital to capital companies;

(b) restructuring operations involving capital companies;

(d) an increase in the assets of a capital company by contri-
bution of assets of any kind, in consideration not of shares
in the capital or assets of the company, but of rights of the
same kind as those of members, such as voting rights, a
share in the profits or a share in the surplus upon liqui-
dation;

(e)

the transfer from a third country to a Member State of the
centre of effective management of a capital company whose
registered office is in a third country;

(f)

the transfer from a third country to a Member State of the
registered office of a capital company whose centre of
effective management is in a third country;

(c)

the issue of certain securities and debentures.

(g) an increase in the capital of a capital company by capital-
isation of profits or of permanent or temporary reserves;

Article 2

Capital company

For

1.
means:

the purposes of

this Directive ‘capital company’

(h) an increase in the assets of a capital company through the
provision of services by a member which does not entail an
increase in the company’s capital, but which does result in a
variation in the rights in the company or which may
increase the value of the company’s shares;

(a) any company which takes one of

the forms listed in

(i) a loan taken up by a capital company,

if the creditor is

Annex I;

entitled to a share in the profits of the company;

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(j) a loan taken up by a capital company with a member or a
member’s spouse or child, or a loan taken up with a third
party, if it is guaranteed by a member, on condition that
such loans have the same function as an increase in the
company’s capital.

Article 4

Restructuring operations

1.
For the purposes of this Directive, the following restruc-
turing operations shall not be considered to be contributions of
capital:

(a)

the transfer by one or more capital companies of all their
assets and liabilities, or one or more branches of activity to
one or more capital companies which are in the process of
being formed or which are already in existence, provided
that the consideration for the transfer consists at least in
part of securities representing the capital of the acquiring
company;

(b) the acquisition, by a capital company which is in the
process of being formed or which is already in existence,
of shares representing a majority of the voting rights of
another capital company, provided that the consideration
for the shares acquired consists at least in part of securities
representing the capital of the former company. Where the
majority of the voting rights is reached by means of two or
transaction whereby the
more
majority of voting rights is reached and any subsequent
transactions shall be regarded as restructuring operations.

transactions, only the

2.
Restructuring operations shall also include the transfer to
a capital company of all assets and liabilities of another capital
company which is wholly owned by the former company.

CHAPTER II

GENERAL PROVISIONS

Article 5

Transactions not subject to indirect tax

1. Member States shall not subject capital companies to any
form of indirect tax whatsoever in respect of the following:

(a) contributions of capital;

(d) alteration of the constituent instrument or regulations of a

capital company, and in particular the following:

(i) the conversion of a capital company into a different

type of capital company;

(ii) the transfer from a Member State to another Member
State of the centre of effective management or of the
registered office of a capital company;

(iii) a change in the objects of a capital company;

(iv) the extension of the period of existence of a capital

company;

(e)

the restructuring operations referred to in Article 4.

2. Member States shall not subject the following to any form
of indirect tax whatsoever:

(a)

issue, admission to quotation on a stock
the creation,
exchange, making available on the market or dealing in
stocks, shares or other securities of the same type, or of
the certificates representing such securities, by whomsoever
issued;

(b) loans, including government bonds, raised by the issue of
debentures or other negotiable securities, by whomsoever
issued, or any formalities relating thereto, or the creation,
issue, admission to quotation on a stock exchange, making
available on the market or dealing in such debentures or
other negotiable securities.

Article 6

Duties and value added tax

Notwithstanding Article 5, Member States may charge the

1.
following duties and taxes:

(a) duties on the transfer of securities, whether charged at a flat

rate or not;

(b) transfer duties,

including land registration taxes, on the
or

businesses

capital

transfer,
immovable property situated within their territory;

company,

to

of

a

(b) loans, or the provision of services, occurring as part of

contributions of capital;

(c)

transfer duties on assets of any kind transferred to a capital
insofar as such property is transferred for a
company,
consideration other than shares in the company;

(c) registration or any other

formality required before the
commencement of business to which a capital company
may be subject by reason of its legal form;

(d) duties on the

creation,

registration or discharge of

mortgages or other charges on land or other property;

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(e) duties in the form of fees or dues;

Where, after that date,
applied, it may not reintroduce a higher rate.

the Member State reduces the rate

(f) value added tax.

3.

The rate of capital duty may not in any event exceed 1 %.

2.
The amount charged by way of the duties and taxes listed
in points (b) to (e) of paragraph 1 shall not vary according to
the centre of effective management or the
whether or not
registered office of the capital company is situated within the
the Member State charging the duties or taxes.
territory of
Those amounts may not exceed those of duties or
taxes
applicable to like transactions which take place within the
Member State charging them.

Article 9

Exclusion of certain entities from the scope of application

Member States may for the purposes of levying capital duty
choose not to regard as capital companies the entities referred
to in Article 2(2).

CHAPTER III

SPECIAL PROVISIONS

Article 7

Levying of capital duty in certain Member States

1.
Notwithstanding Article 5(1)(a), a Member State which as
at 1 January 2006 charged a duty on contributions of capital to
capital companies, hereinafter ‘capital duty’, may continue to do
so provided that it complies with Articles 8 to 14.

2.
If, at any time after 1 January 2006, a Member State
discontinues the charging of capital duty, it may not reintroduce
it.

3.
If, at any time after 1 January 2006, a Member State
discontinues the charging of capital duty on the contributions
of capital referred to in Article 3(g) to (j), it may not reintroduce
capital duty on such contributions of capital, notwithstanding
Article 10(2).

4.
If, at any time after 1 January 2006, a Member State
discontinues the charging of capital duty on the supplying of
fixed or working capital to a branch,
it may not reintroduce
duty on the contributions of capital concerned, notwithstanding
Article 10(4).

If, at any time after 1 January 2006, a Member State
5.
allows exemptions under Article 13,
it may not subsequently
charge capital duty on the contributions of capital concerned.

Article 8

Rate of capital duty

1.

Capital duty shall be charged at a single rate.

2.
The rate of capital duty applied by a Member State may
not exceed the rate applied by that Member State on 1 January
2006.

Article 10

Transactions subject to capital duty and distribution of
taxing rights

1. Where, pursuant to Article 7(1), a Member State continues
to charge capital duty, it shall subject to capital duty the contri-
butions of capital referred to in Article 3(a) to (d), if the centre
of effective management of the capital company is situated in
that Member State at the time when the contribution of capital
is made.

It shall also subject to capital duty the contributions of capital
referred to in Article 3(e) and (f).

2. Where a Member State continues to charge capital duty, it
may do so on the contributions of capital referred to in Article
3(g) to (j), if the centre of effective management of the capital
company is situated in that Member State at the time when the
contribution of capital is made.

3. Where the centre of effective management of a capital
company is situated in a third country and its registered
office is
to
charge capital duty, contributions of capital shall be subject to
capital duty in that Member State.

situated in a Member State which continues

4. Where the registered office and the centre of effective
management of a capital company are situated in a third
country, the supply of fixed or working capital to a branch
situated in a Member State which continues to charge capital
duty may be subject to capital duty in that Member State.

Article 11

Basis of assessment for capital duty

In the case of contributions of capital as referred to in
1.
Article 3(a), (c) and (d), the basis of assessment for capital duty
shall be the actual value of assets of any kind contributed or to
be contributed by the members, after the deduction of liabilities
assumed and of expenses borne by the company as a result of
each contribution.

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The charging of capital duty may be postponed until the contri-
butions have been effected.

capital company as well as the share of such a member in
the company’s assets.

In the case of contributions of capital as referred to in
2.
Article 3(b), (e) and (f), the basis of assessment for capital duty
shall be the actual value of the assets of any kind belonging to
the company at the time of the conversion or transfer, after the
deduction of liabilities and expenses for which the company is
responsible at that time.

Where a Member State exercises that power, any transaction as
a result of which the liability of a member is limited to his share
in the company’s capital, in particular when the limitation of
liability results from the conversion of a capital company into a
different type of capital company, shall be subject to capital
duty.

3.
In the case of contributions of capital as referred to in
Article 3(g), the basis of assessment for capital duty shall be the
nominal amount of the increase.

Capital duty shall be charged in all such cases on the value of
the share in the company’s assets belonging to members with
unlimited liability for the company’s obligations.

In the case of contributions of capital as referred to in
4.
Article 3(h), the basis of assessment for capital duty shall be the
actual value of the services provided, after deduction of the
liabilities assumed and the expenses borne by the company as
a result of the provision of such services.

3.
In the case of a contribution of capital as referred to in
Article 3(c), following a reduction in the company’s capital as a
result of losses sustained, that part of the contribution of capital
which corresponds to the reduction in capital may be excluded
from the basis of assessment, provided that the contribution of
capital occurs within four years of the reduction in capital.

5.
In the case of contributions of capital as referred to in
Article 3(i) and (j), the basis of assessment for capital duty shall
be the nominal amount of the loan taken up.

Article 13

6.
In the cases referred to in paragraphs 1 and 2, the actual
value of the shares in the company allotted or belonging to
each member may be used as the basis of assessment for capital
duty, except where contributions are made only in cash.

Exemption of contributions of capital to certain capital
companies

Member States may exempt from capital duty contributions of
capital made to the following:

The amount on which duty is charged shall in no circumstances
be less than the nominal amount of the shares in the company
allotted or belonging to each member.

(a) capital companies which supply public services, such as
public transport undertakings, port authorities or under-
takings supplying water, gas or electricity,
in cases where
the State or regional or local authorities own at least half of
the company’s capital;

Article 12

Exclusion from the basis of assessment for capital duty

In the case of an increase in capital,

1.
assessment for capital duty shall not include the following:

the basis of

(b) capital companies which,

in accordance with their regu-
lations and in fact, pursue exclusively and directly cultural,
social, relief or educational objectives.

(a)

the amount of the assets belonging to the capital company
which are allocated to the increase in capital and which
have already been subjected to capital duty;

Member States which exempt such contributions of capital from
capital duty shall also apply the exemption to the supply of
fixed or working capital to a branch within its territory as
referred to in Article 10(4).

(b) the amount of the loans taken up by the capital company
which are converted into shares in the company and which
have already been subjected to capital duty.

Article 14

Derogation procedure

2.
A Member State may exclude from the basis of assessment
for capital duty the amount of the capital contributed by a
the obligations of a
member with unlimited liability for

Certain types of contributions of capital or of capital companies
may be the subject of exemptions or reductions in rates in
order to achieve fairness in taxation, or for social consider-
ations, or to enable a Member State to deal with special
situations.

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The Member State which proposes to take such a measure shall
refer the matter to the Commission in good time, having regard
to the application of Article 97 of the Treaty.

relating to the time limits for transposition into national law
of the Directives set out in Part B of Annex II.

CHAPTER IV

FINAL PROVISIONS

Article 15

Transposition

References to the repealed Directive shall be construed as
references to this Directive and shall be read in accordance
with the correlation table in Annex III.

Article 17

Review

1. Member States shall bring into force the laws, regulations
and administrative provisions necessary to comply with Articles
3, 4, 5, 7, 8, 12, 13 and 14 by 31 December 2008 at the latest.
They shall forthwith communicate to the Commission the texts
of
those provisions and a correlation table between those
provisions and this Directive.

The Commission shall report to the Council every three years
on the operation of this Directive notably with the view to
abolish capital duty. In order to assist the Commission with
the review, Member States shall provide the Commission with
information in respect of the revenue from capital duty.

When they are adopted by Member States, these measures shall
contain a reference to this Directive or shall be accompanied by
such reference on the occasion of their official publication. They
shall also include a statement that references in existing laws,
to the directives
regulations and administrative provisions
repealed by this Directive shall be construed as references to
this Directive. The methods of making such reference and how
that statement
is to be formulated shall be laid down by
Member States.

2. Member States shall communicate to the Commission the
text of the main provisions of national law which they adopt in
the field covered by this Directive.

Article 16

Repeal

Directive 69/355/EEC, as amended by the Directives listed in
Part A of Annex II, is repealed with effect from 1 January 2009,
the Member States
without prejudice to the obligations of

Article 18

Entry into force

This Directive shall enter into force on the 20th day following
its publication in the Official Journal of the European Union.

Articles 1, 2, 6, 9, 10 and 11 shall apply from 1 January 2009.

Article 19

Addressees

This Directive is addressed to the Member States.

Done at Brussels, 12 February 2008.

For the Council
The President

A. BAJUK

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ANNEX I

LIST OF COMPANIES REFERRED TO IN ARTICLE 2(1)(A)

(1) Companies incorporated under Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a

European company (SE) (1)

(2) companies under Belgian law known as:

(i) société anonyme/naamloze vennootschap

(ii) société en commandite par actions/commanditaire vennootschap op aandelen

(iii) société privée à responsabilité limitée/besloten vennootschap met beperkte aansprakelijkheid

(3) companies under Bulgarian law known as:

(i) ‘Акционерно дружество’

(ii) ‘Командитно дружество с акции’

(iii) ‘Дружество с ограничена отговорност’

(4) companies under Czech law known as:

(i) akciová společnost

(ii) komanditní společnost

(iii) společnost s ručením omezeným

(5) companies under Danish law known as:

(i) aktieselskab

(ii) kommandit-aktieselskab

(6) companies under German law known as:

(i) Aktiengesellschaft

(ii) Kommanditgesellschaft auf Aktien

(iii) Gesellschaft mit beschränkter Haftung

(7) companies under Estonian law known as:

(i) täisühing

(ii) usaldusühing

(iii) osaühing

(iv) aktsiaselts

(v) tulundusühistu

(8) companies under Irish law known as: companies incorporated with limited liability

(9) companies under Greek law known as:

(i) Ανώνυμος Εταιρία

(ii) Ετερόρρυθμος κατά μετοχάς Εταιρία

(iii) Εταιρία Περιωρισμένης Ευθύνης

(10) companies under Spanish law known as:

(i) sociedad anónima

(ii) sociedad comanditaria por acciones

(iii) sociedad de responsabilidad limitada

(1) OJ L 294, 10.11.2001, p. 1. Regulation as last amended by Regulation (EC) No 1791/2006 (OJ L 363, 20.12.2006, p. 1).

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(11) companies under French law known as:

(i) société anonyme

(ii) société en commandite par actions

(iii) société à responsabilité limitée

(12) companies under Italian law known as:

(i) società per azioni

(ii) società in accomandita per azioni

(iii) società a responsabilità limitata

(13) companies under Cypriot law known as: εταιρείες περιορισμένης ευθύνης

(14) companies under Latvian law known as: kapitālsabiedrība

(15) companies under Lithuanian law known as:

(i) akcinė bendrovė

(ii) uždaroji akcinė bendrovė

(16) companies under Luxembourg law known as:

(i) société anonyme

(ii) société en commandite par actions

(iii) société à responsabilité limitée

(17) companies under Hungarian law known as:

(i) részvénytársaság

(ii) korlátolt felelősségű társaság

(18) companies under Maltese law known as:

(i) Kumpaniji ta’ Responsabilità Limitata

(ii) Soċjetajiet in akkomandita li l-kapital tagħhom jkun maqsum f’azzjonijiet

(19) companies under Dutch law known as:

(i) naamloze vennootschap

(ii) besloten vennootschap met beperkte aansprakelijkheid

(iii) open commanditaire vennootschap

(20) companies under Austrian law known as:

(i) Aktiengesellschaft

(ii) Gesellschaft mit beschränkter Haftung

(21) companies under Polish law known as:

(i) spółka akcyjna

(ii) spółka z ograniczoną odpowiedzialnością

(22) companies under Portuguese law known as:

(i) sociedade anónima

(ii) sociedade em comandita por acções

(iii) sociedade por quotas

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(23) companies under Romanian law known as:

(i) ‘societăți în nume colectiv’
(ii) ‘societăți în comandită simplă’
(iii) ‘societăți pe acțiuni’
(iv) ‘societăți în comandită pe acțiuni’
(v) ‘societăți cu răspundere limitată’

(24) companies under Slovenian law known as:

(i) delniška družba
(ii) komanditna delniška družba
(iii) družba z omejeno odgovornostjo

(25) companies under Slovak law known as:

(i) akciová spoločnosť
(ii) poločnosť s ručením obmedzeným
(iii) komanditná spoločnosť

(26) companies under Finnish law known as:

(i) osakeyhtiö – aktiebolag
(ii) osuuskunta – andelslag
(iii) säästöpankki – sparbank
(iv) vakuutusyhtiö – försäkringsbolag

(27) companies under Swedish law known as:

(i) aktiebolag

(ii) försäkringsaktiebolag

(28) companies under the law of the United Kingdom known as: companies incorporated with limited liability.

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ANNEX II

PART A

Repealed Directive with list of its successive amendments

(referred to in Article 16(1))

Council Directive 69/335/EEC

(OJ L 249, 3.10.1969, p. 25).

Point VI.1 of Annex I to 1972 Act of Accession

(OJ L 73, 27.3.1972, p. 93).

Council Directive 73/79/EEC

Council Directive 73/80/EEC

(OJ L 103, 18.4.1973, p. 13).

(OJ L 103, 18.4.1973, p. 15).

Council Directive 74/553/EEC

(OJ L 303, 13.11.1974, p. 9).

Point VI.1 of Annex I to 1979 Act of Accession

(OJ L 291, 19.11.1979, p. 95).

Council Directive 85/303/EEC

(OJ L 156, 15.6.1985, p. 23).

Point V.1 of Annex I to 1985 Act of Accession

(OJ L 302, 15.11.1985, p. 167).

Point XI.B.I.1 of Annex I to 1994 Act of Accession

(OJ C 241, 29.8.1994, p. 196).

Point 9.1 of Annex II to 2003 Act of Accession

(OJ L 236, 23.9.2003, p. 555).

PART B

List of time limits for transposition into national law

(referred to in Article 16(1))

Directive

Time-limits for transposition

Council Directive 69/335/EEC

1 January 1972

Council Directive 73/79/EEC

Council Directive 73/80/EEC

Council Directive 74/553/EEC

—

—

—

Council Directive 85/303/EEC

1 January 1986

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ANNEX III

Correlation Table

Directive 69/335/EEC

This Directive

Article 1

—

Article 2(1)

Article 2(2)

Article 2(3)

Article 7

Article 1

Article 10(1), first subparagraph, and Article 10(2)

Article 10(3)

Article 10(4)

Article 3(1), introductory words

Article 2(1), introductory words

Article 3(1)(a)

Article 3(1)(b)

Article 3(1)(c)

Article 3(2), first sentence

Article 3(2), second sentence

Article 4(1)(a)-(f)

Article 4(1)(g) and (h)

Article 2(1)(a) and Annex I

Article 2(1)(b)

Article 2(1)(c)

Article 2(2)

Article 9

Article 3(a)-(f) and Article 10(1)

Article 5(1)(d)(ii)

Article 4(2), first subparagraph

Article 3(g)-(j), Article 7(3) and Article 10(2)

Article 4(2), second subparagraph

Article 4(3)

Article 5(1)(a)

Article 5(1)(b)

Article 5(1)(c)

Article 5(1)(d)

Article 5(1)(e)

Article 5(2)

Article 5(3)

Article 6(1)

Article 6(2)

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Article 5(1)(d)

Article 11(1)

Article 11(2)

Article 11(3)

Article 11(4)

Article 11(5)

Article 11(6)

Article 12(1)

Article 12(2), first subparagraph

Article 12(2), second and third subparagraphs

Article 7(1), first and second subparagraphs

Article 4, Article 5(1)(e)

Repealed Article 7(1)(b)

Repealed Article 7(1)(bb)

Article 7(1), third subparagraph

Article 7(2)

Article 7(3)

Article 8

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Article 9

Article 10

Article 11

Article 12

Article 13

Article 4(a)

Article 4(b)

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Articles 7 and 8

Article 12(3)

Article 7(5) and Article 13, first subparagraph

Article 13, second subparagraph

Article 14

Article 5(1)(a)-(c)

Article 5(2)

Article 6

Article 15(1)

L 46/22

EN

Official Journal of the European Union

21.2.2008

Directive 69/335/EEC

This Directive

Article 14

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—

Article 15

Article 3(1)(a)

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—

Article 15(2)

Article 16

Article 17

Article 18

Annex I

Annex II

Annex III