natgillin/translations-raw huggingface dataset:
Der henvises navnlig til McKinsey Working Papers on Risk, No. 24, »The use of economic capital in performance management for banks«, januar 2011, og navnlig til figur 10, s. 13, hvor der er andre eksempler på forskellene mellem forskellige indikatorer for fortjeneste baseret på egenkapitalen.
The deductions will consist of: […] Investments in subsidiaries engaged in banking and financial activities which are not consolidated in national systems.
I rapporten om koncerninterne afregningspriser når skatterådgiveren frem til et risikoafkast på 1726000 EUR, men hvis man derimod anvendte skatterådgiverens beregnede afkast af egenkapitalen på 6,05 % på FFT's hypotetiske lovbestemte egenkapital, ville risikoafkastet være 17392000 EUR.
The normal practice will be to consolidate subsidiaries for the purpose of assessing the capital adequacy of banking groups.
Betragtning 163.
Where this is not done, deduction is essential to prevent the multiple use of the same capital resources in different parts of the group.
Se punkt 2.97 i OECD's retningslinjer.
The deduction for such investments will be made in accordance with paragraph 37 above.
Se punkt 2.86 i OECD's retningslinjer.
The assets representing the investments in subsidiary companies whose capital had been deducted from that of the parent would not be included in total assets for the purposes of computing the ratio.’
Dette er endnu mere komplekst inden for rammerne af Basel III-regelsættet.
Therefore, according to FFT's and [the tax advisor]'s understanding of the Basel II framework and the CRD rules, a risk weight of one notch less than the one applying to the sovereign in which the banks operate could be applied to the banks under consideration.
Regulerede finansieringsinstitutter offentliggør normalt ikke beløbsmæssige oplysninger om deres lovpligtige minimumskapitalgrundlag, men det kan imidlertid beregnes indirekte.
Such an application of the Basel II framework leads to the selection of the 20 % risk weighting for FFT's exposures to banks.
De offentliggør i stedet oplysninger om deres faktiske lovpligtige kapital, der altid er højere end minimumskapitalgrundlaget.
This reasoning is applied both for credit and counterparty risks for FFT's exposure towards the banks.
Endelig anvender de regulerede institutter undertiden det risikojusterede egenkapitalafkast, der kan anses for at svare til afkastet af den lovbestemte egenkapital, ved fastsættelsen af interne priser.
Basel Committee on Banking Supervision, International regulatory framework for banks (Basel III).
I denne sag anvendes det imidlertid særskilt på de enkelte aktiver og ikke under ét som en indikator for instituttets samlede fortjeneste, og derfor offentliggøres det i princippet ikke.
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p.
Se betragtning 256.
338).
Se tabel 6.
FFT supports this point by making reference to § 5.3.2 of the Commission communication on Company Taxation in the Internal Market, COM(2001) 582 final of 23 October 2011.
FMI WP/12/36, How Risky Are Banks' Risk Weighted Assets?
In this context, FFT makes reference to the Commission decision on Umicore (Commission decision of 26 May 2010 on State aid granted to Umicore SA, C 76/2003 (ex NN 68/2003)) where the Commission stated that a tax advantage must be ‘out of proportion’ in order to fall within the scope of State aid scrutiny.
Sonali Das et Amadou N.R.
Notably Commission Decision of 28 October 2009 on State aid C 10/07 (ex NN 13/07) implemented by Hungary for tax deductions for intra-group interest decisions (hereinafter ‘Hungarian group interest tax regime decision’).
Sy, 2012, s. 6.
Commission Decision 2009/809/EC of 8 July 2009 on State aid C 4/2007 (ex N 465/2006) on the Groepsrentebox scheme which the Netherlands is planning to implement (C4/07 (ex 465/06)) (OJ L 288, 4.11.2009, p. 26). (hereinafter ‘Groepsrentebox decision’).
Betragtning 58 og 59.
Commission Decision 2004/77/EC of 24 June 2003 on the aid scheme implemented by Belgium — Tax ruling system for United States foreign sales corporations (OJ L 23.28.1.2004, p. 14); Commission Decision 2003/755/EC of 17 February 2003 on the aid scheme implemented by Belgium for coordination centres established in Belgium (OJ L 282, 30.10.2003, p. 25); Commission Decision 2003/501/EC of 16 October 2002 on the State aid scheme C 49/2001 (ex NN 46/2000) — Coordination Centres — implemented by Luxembourg (OJ L 170, 9.7.2003, p. 20); Commission Decision 2004/76/EC of 13 May 2003 on the aid scheme implemented by France for headquarters and logistics centres (OJ L 23, 28.1.2004, p. 1); Commission Decision 2003/512/EC of 5 September 2002 on the aid scheme implemented by Germany for control and coordination centres (OJ L 177, 16.7.2003, p. 17).
Indledningsafgørelsen, betragtning 72.
See Case C-399/08 P Commission v Deutsche Post ECLI:EU:C:2010:481, paragraph 38 and the case-law cited therein.
Betragtning 167.
See Case C-399/08 P Commission v Deutsche Post ECLI:EU:C:2010:481, paragraph 39 and the case-law cited therein.
Betragtning 98.
See Joined Cases C-106/09 P and C-107/09 P Commission v. Government of Gibraltar and United Kingdom ECLI:EU:C:2011:732, paragraph 72 and the case-law cited therein.
Se betragtning 58.
See Case 730/79 Phillip Morris ECLI:EU:C:1980:209, paragraph 11 and Joined Cases T-298/97, T-312/97 etc.
Se fodnote 136.
Alzetta ECLI:EU:T:2000:151, paragraph 80.
Da der ikke foreligger tilstrækkelige data til at beregne FFT's hypotetiske lovbestemte minimuskapital korrekt, ville anvendelsen af gennemsnittet for sektoren have resulteret i en lovbestemt minimumskapital på 427 mio. EUR, jf. betragtning 270, som er større end FFT's samlede egenkapital på 287 mio. EUR.
See C-172/03 Heiser ECLI:EU:C:2005:130, paragraph 40.
Betragtning 69 og tabel 1.
See Joined Cases C-78/08 to C-80/08 Paint Graphos ECLI:EU:C:2011:550.
Betragtning 61.
See Joined Cases C-78/08 to C-80/08 Paint Graphos ECLI:EU:C:2011:550, paragraph 65.
Betragtning 97.
See also Joined Cases C-78/08 to C-80/08 Paint Graphos ECLI:EU:C:2011:550, paragraph 50.
Betragtning 96.
This includes income attributable to a permanent establishment located in Luxembourg, income from professional services carried on in the country, dividends, interest from profit sharing loans and interest from bonds if the paying agent is the State or a resident individual or company, capital gains from the sale of shareholdings of 10 % or more in resident companies (except venture capital funds).
Som anført af Luxembourg i betragtning 154.
In 2012.
Se betragtning 154.
The solidarity surcharge was increased from 5 % to 7 % with effect from tax year 2013.
Se betragtning 95.
With the changes introduced for tax year 2013, the aggregate income tax rate increases from 28,80 % to 29,22 % for Luxembourg City.
Se betragtning 165.
In addition, Luxembourg companies are subject to an annual net wealth tax, which is levied at a rate of 0,5 % on the company's worldwide net worth on 1 January of each year.
Gearingen er den del af aktiverne, der er finansieret med egenkapital.
E.g. interest expenses on assets generating tax-exempt income or directors' fees, which are not for the day-to-day running of the company.
Da de øvrige aktiver er finansieret ved gældsætning, er gearingen et mål for et selskabs gældsætning eller kapitalisering.
Fiscal unity applies if a number of conditions are fulfilled: the parent company has held, directly or indirectly, a participation of 95 % or more in the share capital of a subsidiary, as from the beginning of the accounting period during which the application for the consolidation regime has been made; the subsidiary is a capital company resident in Luxembourg and fully subject to corporate income tax; the consolidating parent company is a capital company resident in Luxembourg and fully subject to corporate income tax, or a branch of a non-resident company which is subject in its jurisdiction of establishment to an income tax which is comparable to Luxembourg income tax; and the consolidation is requested for at least five accounting years.
Hele FFT's egenkapital er kernekapital, da FFT ikke anvender andre instrumentkategorier.
An integrated company can offset losses experienced in some of its plants against the profits realised in other plants.
Se betragtning 268.
Tax consolidation assimilates a group of companies to a single taxpayer.
Beskrevet i betragtning 121-126.
It is a means to eliminate the disadvantages that groups of companies experience compared to integrated companies with respect to income taxation.
På grundlag af FF's regnskabstal i tabellen i betragtning 114.
Consolidation is not an aid measure if, once consolidated, a group of companies is not treated more favourably than an integrated company.
Den hypotetiske lovbestemte egenkapital på 427 mio. EUR ville ligeledes være større end FFT's egenkapital på 286 mio. EUR på tidspunktet for erhvervelserne af FFNA og FFC.
In general, all undertakings having an income are considered to be in a similar legal and factual situation from the perspective of direct company taxation.
Rapporten om koncerninterne afregningspriser er fra 2011.
Observations of FFT to the Opening Decision, paragraph 2.1.
Denne referenceperiode ændres således ikke.
Observations of FFT to the Opening Decision, paragraph 2.1.3.
Til sammenligning var indeksets beta 1,3 i perioden 12. maj 2012-12. maj 2014.
See footnotes 66 and 67.
Se tabel 6 i indledningsafgørelsen.
See C-138/09 Todaro Nunziatina & C. ECLI:EU:C:2010:291, paragraph 21.
Se tabel 4.
The scheme provided that the positive balance between interest received on group loans and interest paid in the context of intra-group financing transactions was not taxed at the standard corporate tax rate of 25,5 % at the time but taxed in a ‘group interest box’ at the rate of 5 %.
Se betragtning 114.
Groepsrentebox decision, recital 85.
Som anført i betragtning 123.
Groepsrentebox decision, recital 101.
Se betragtning 155.
Groepsrentebox decision, recital 107.
Se betragtning 113 og 114.
The Circular states that ‘[A]s regards intra-group financing companies, the functions they perform when they grant loans go group entities are, in substance, comparable to the functions performed by independent financial institutions, subject to the supervision of the ‘Commission de Surveillance du Secteur Financier’ (CSSF) ’.
Se tabellen i betragtning 125.
See Article 9 of the OECD Model Tax Convention.
Den Internationale Betalingsbank, 81. årsberetning, 1. april 2010-31. marts 2011, 26. juni 2011, s. 90.
In this case, the measure provided for the possibility to deduct from the tax base in Hungary 50 % of the amount of the net interest received from affiliated companies, which is the balance of interest received from affiliated companies less the interest paid to affiliated companies.
ECB, Financial stability review, december 2011, s. 130 (fri oversættelse).
Under the measure, half of the net interest received is taxed, while in the normal application of the tax system the whole amount would be taxed.
Deutsche Bank, European Banks: Running the Numbers: Spring edition, 5. april 2011 (fri oversættelse).
On the level of the affiliated company paying the net interest, 50 % of the amount of the net interest is added to the tax base, i.e. instead of a full deduction of the net interest paid under the normal tax system, companies only deduct half of this amount from their tax base.
I en rapport fra Deutsche Bank af 20. marts 2015 anslås de europæiske bankers implicitte kapitalomkostninger til 10 %.
The scheme applied only to interest received from and paid to affiliated companies and it had as objective reducing the difference between equity and intra-group loan financing.
Første sæt bemærkninger fra FFT, punkt 64, andet sæt bemærkninger fra FFT, punkt 1.8.1. ff., punkt 3.1.8.
Luxembourg's observations to the Opening Decision, paragraph 73.
Primært beslutningen om rentebeskatningssystemet for koncerner i Ungarn.
FFT's second set of comments, paragraphs 2.1.3 and 2.1.4.
Se betragtning 202.
FFT's first set of comments, paragraph 60.
Se også groepsrentebox-beslutningen, betragtning 80-82, beslutningen om rentebeskatningssystemet for koncerner i Ungarn, betragtning 131 og 132.
As noted at recital 206.
Se dom C-81/10 P, France Télécom mod Kommissionen, ECLI:EU:C:2011:811, præmis 43, sag C-66/02, Italien mod Kommissionen, ECLI:EU:C:2005:768, præmis 34.
See Case C-15/14 P Commission v MOL ECLI:EU:C:2015:362, paragraph 60; see also, Case T-385/12 Orange v Commission ECLI:EU:T:2015:117.
Se også forenede sager T-427/04 og T-17/05, Frankrig og France Télécom mod Kommissionen, ECLI:EU:T:2009:474, præmis 207 og 215.
Case C-39/94 SFEI and Others ECLI:EU:C:1996:285, paragraph 60; Case C-342/96 Spain v Commission ECLI:EU:C:1999:210, paragraph 41.
Luxembourgs bemærkninger til indledningsafgørelsen, punkt 28.
This advantage does not have to be ‘out of proportion’ as FFT argues in its observations (paragraphs 1.7.1 and 1.7.2) Any advantage is sufficient to constitute State aid, provided the other conditions of Article 107(1) of the Treaty are met.
Se betragtning 77.
The Umicore decision (Commission decision of 26.5.2010 on State aid granted to Umicore SA, C 76/2003 (ex NN 68/2003)) quoted by FFT is irrelevant to the present case given the fact that the Commission is not bound by its decisional practice (see recital 202).
Første sæt bemærkninger fra FFT, punkt 60, andet sæt bemærkninger fra FFT, punkt 1.4.
In any event, the difference between the present case and the Umicore case does not allow parallels to be drawn between those two cases.
Afsnit 7.2.1.1.
The Umicore case concerned the application of VAT exemptions by Umicore in the context of certain sales of silver to undertakings established in other Member States.
Cirkulæret, s. 3-4.
In December 2000, the Belgian tax authorities' Special Tax Inspectorate (Inspection Spéciale des Impôts-ISI) reached a settlement agreement with the company.
Luxembourgs bemærkninger til indledningsafgørelsen, punkt 34.
This type of settlement was administrative practice by the Belgian tax authorities but only to the extent that the settlement related to the facts of the case and not to the level of taxation: ‘Néanmoins, conformément à l'article 84, CTVA, de tells transactions ne sont possibles que dans la mesure où elles n'impliquent pas exemption ou moderation d'impôt.
Luxembourgs bemærkninger til indledningsafgørelsen, punkt 36.
En application de ce principe, une transaction ne peut donc pas porter sur le montant de la taxe résultant de faits établis, mais bien sur des questions de fait’ (paragraph 154).
Nummereringen er afgørelsernes nummerering som meddelt Kommissionen af Luxembourg.
See Case 173/73 Italy v Commission ECLI:EU:C:1974:71, paragraph 13.
Rapporten om koncerninterne afregningspriser, s. 34.
See, for instance, Case C-387/92 Banco Exterior de Espana ECLI:EU:C:1994:100.
Se betragtning 83.
See Joined Cases C-182/03 and C-217/03 Belgium and Forum 187 v Commission ASBL ECLI:EU:C:2006:416.
To af disse afgørelser vedrørte anmodninger fra FFT og fra [selskab F], se betragtning 28 og 29.
Commission Decision 2003/757/EC of 17 February 2003 on the aid scheme implemented by Belgium for coordination centres established in Belgium (OJ L 282, 30.10.2003, p. 25).
Kommissionens anmodning af 23. juni 2015 vedrører alle rapporterne om koncerninterne afregningspriser fremsendt af selskabet, og Luxembourgs meddelelse af 25. juni 2015 indeholder ikke yderligere rapporter af denne karakter.
See Joined Cases C-182/03 and C-217/03 Belgium and Forum 187 ASBL v Commission, ECLI:EU:C:2006:416, paragraphs 96 and 97.
Brev af 24. marts 2015 fra Luxembourg, svar på spørgsmål nr. 6.
See Joined Cases C-182/03 and C-217/03 Belgium and Forum 187 v Commission ASBL ECLI:EU:C:2006:416, paragraph 81.
Dom i forenede sager C-78/08 til C-80/08, Paint Graphos m.fl. ECLI:EU:C:2009:417, præmis 69.
Observations of Luxembourg to the Opening Decision, paragraphs 38 to 40.
Dom i sag C-170/83, Hydrotherm, ECLI:EU:C:1984:271, præmis 11.
See recital 102.
Dom i sag T-137/02, Pollmeier Malchow mod Kommissionen, ECLI:EU:T:2004:304, præmis 50.
See Table 7.
Domme i sag C-480/09 P, Acea Electrabel Produzione SpA mod Kommissionen, ECLI:EU:C:2010:787, præmis 47-55, og i sag C-222/04, Cassa di Risparmio di Firenze SpA m.fl., ECLI:EU:C:2006:8, point 112.
See recital 64.
Se betragtning 110.
See recital 70.
Se betragtning 34.
For a description of the TNMM, see recital 91.
Se tilsvarende sag 323/82, Intermills, ECLI:EU:C:1984:345, præmis 11, hvor følgende fastslås: »Det fremgår af de af sagsøgeren fremlagte oplysninger, at efter omstruktureringen kontrolleres såvel selskabet Intermills som de tre industriselskaber af den vallonske region, og at selskabet Intermills fortsat har en interesse i disse selskaber, efter at produktionsanlæggene blev overført til de tre nyoprettede selskaber.
The Commission does not accept FFT's argument in recital 162 that the fact that the TNMM is relied upon with increasing frequency would justify its use.
Det må derfor fastslås, at de tre virksomheder i sagen, på trods af, at de hver især har status som selvstændige juridiske personer i forhold til det tidligere Intermills-selskab, tilsammen udgør en enhed, i hvert fald for så vidt angår den støtte, der er ydet af de belgiske myndigheder […].«
This argument is in contradiction with the reference made by FFT to paragraph 2.2 of the OECD Guidelines, as reported in recital 161, which states ‘the selection of a transfer pricing method always aims at finding the most appropriate method for a particular case.’
Se betragtning 48.
This objective of the OECD Guidelines is not compatible with the interpretation that the taxpayer would have a free choice of methods, notwithstanding the facts and circumstances of the case.
Undtagelserne i artikel 107, stk. 2, i TEUF, der vedrører støtte af social karakter til enkelte forbrugere, støtte, hvis formål er at råde bod på skader, der er forårsaget af naturkatastrofer eller af andre usædvanlige begivenheder, og støtte til visse af Forbundsrepublikken Tysklands områder, finder ikke anvendelse i denne sag.
This contrasts with the situation where, although engaging in intra-group loans, a company limits its functions to back-to-back transactions, for which a standalone company would not accept to remunerate a third party, because such transactions do not have any economic rationale in isolation of other functions and operations (i.e. back-to-back transactions can be used for hedging risks stemming from a different activity).
Rådets forordning (EU) 2015/1589 af 13. juli 2015 om fastlæggelse af regler for anvendelsen af artikel 108 i traktaten om Den Europæiske Unions funktionsmåde (EUT L 248 af 24.9.2015, s. 9).
Therefore, such transactions, as well as other functions which cannot be compared to the principal functions of a financial institution, might not be correctly priced based on capital, as in other industries different indicators, such as return on total assets or return on sales might be more appropriate.
Kommissionens forordning (EF) nr. 794/2004 af 21. april 2004 om gennemførelse af Rådets forordning (EF) nr. 659/1999 om fastlæggelse af regler for anvendelsen af EF-traktatens artikel 93 (EUT L 140 af 30.4.2004, s. 1).
See footnote 114.
Luxembourgs bemærkninger til indledningsafgørelsen, punkt 104 ff.
See recital 58 and 59.
Luxembourg citerer punkt 19 i rapporten fra gruppen vedrørende adfærdskodeksen for erhvervsbeskatning til Økofinrådet, der har følgende ordlyd (på engelsk): »With respect to the Luxembourg tax measure concerning companies engaged in intra-group financing activities the Group discussed the agreed description at the meeting on 17 February 2011.
See also recital 68 of the Opening Decision.
Luxembourg informed the Group that Circular No 164/2 dated 28 January 2011 determines the conditions for providing advance pricing agreements confirming the remuneration of the transactions.
For further illustration of differences between different profit indicators based on capital see, for example, McKinsey Working Papers on Risk, Number 24, The use of economic capital in performance management for banks, January 2011, in particular Exhibit 10 on page 13.
At the meeting on 11 April 2011, Luxembourg informed that Group that Circular No 164/2 bis dated 8 April 2011 ensured that advance confirmations granted prior to the entry into force of Circular No 164/2 would cease to be valid by 31 December 2011.
In the transfer pricing report, the tax advisor arrives at a risk remuneration of EUR 1726000, whereas applying the return on equity calculated by the tax advisor of 6,05 % to FFT's accounting equity would result in a risk remuneration of EUR 17392000.
With the benefit of this information, the Group agreed that there was no need for this measure to be assessed against the criteria of the Code of Conduct.«
Recital 163.
Se dommene i sag C-5/89, Kommissionen mod Tyskland, ECLI:EU:C:1990:320, præmis 17, og i sag T-310/99, Italien mod Kommissionen, ECLI:EU:T:2002:143, præmis 104.
See paragraph 2.97 of the OECD Guidelines.
Se dommen i sag T-67/94, Ladbroke Racing mod Kommissionen, ECLI:EU:T:1998:7, præmis 183.
See paragraph 2.86 of the OECD Guidelines.
Se også dommen i forenede sager T-116/01 og T-118/01, P&O European Ferries (Vizcaya) SA og Diputacion Floral de Vizcaya mod Kommissionen, ECLI:EU:T:2003:217, præmis 202.
The Circular notes that service providers covered by the Circular would be in essence performing functions similar to functions performed by regulated institutions.
Se dommene i sag T-290/97, Mehibas Dordtselaan mod Kommissionen, ECLI:EU:T:2000:8, præmis 59, og forenede sager C-182/03 og C-217/03, Belgien og Forum 187 ASBL mod Kommissionen, ECLI:EU:C:2006:416, præmis 147.
The Circular also refers to possible add-on to costs of credit relating to the obligation to respect solvency requirements.
Konklusioner vedtaget af Rådet (ECOFIN) den 1. december 1997 vedrørende skattepolitik (EFT C 2 af 6.1.1998, s. 1).
However the Circular does not limit capital to be remunerated to such solvency requirements.
Se ligeledes dokumenterne på adressen: http://ec.europa.eu/taxation_customs/taxation/company_tax/harmful_tax_practices/index_en.htm.
See recital 81.
Se i denne forbindelse forslag til afgørelse fra generaladvokaten i sag C-217/03, Belgien og Forum 187 ASBL mod Kommissionen, ECLI:EU:C:2006:89, præmis 376.
The use of return on regulatory capital is made more difficult in practice because of the different type of regulatory capital held by regulated institutions, such as Tier 1 and Tier 2 capital, whereas the only capital type that FFT has is equity.
I tillægsprotokol nr. 1 til OECD-konventionen af 14. december 1960 har de undertegnende parter aftalt, at Europa-Kommissionen skal deltage i organisationens arbejde.
This complexity is increased under the Basel III framework.
Repræsentanter for Europa-Kommissionen deltager sammen med medlemsstaterne i drøftelserne om OECD's arbejdsprogram og i hele organisationens arbejde og forskellige organer.
Regulated financial institutions do not typically report the amount of the minimum regulatory capital, although it can be indirectly recalculated.
Selv om Europa-Kommissionens deltagelse naturligvis er mere omfattende end en observatørs, har Kommissionen ingen stemmeret og deltager ikke officielt i vedtagelsen af de instrumenter, som Rådet får forelagt til vedtagelse.
Rather, they report the actual level of regulatory capital they hold, which is always higher than the minimum required.
Kommissionens afgørelse af 11. juli 2001 i sag C 47/2001 (ex NN 42/2000) — Tyskland: udenlandske virksomheders kontrol- og koordinationscentre (EFT C 304 af 30.10.2001, s. 2).
Finally, risk-adjusted return on capital, which at an aggregate level could be seen as similar to a return on regulatory capital, is sometimes used by regulated institutions for internal pricing purposes.
Beslutning 2003/501/EF.
However, in that case, it is used asset by asset rather than as a profit indicator for the institution in aggregate and it is also therefore not disclosed in principle.