natgillin/translations-raw huggingface dataset:
I en pressemeddelelse af 6. oktober 1990 betegner EF­Kommissionen pundets indtræden i mekanismen som en væsentlig begivenhed under Den Økono­miske og Monetære Unions første fase; efter planen skal alle EF­valutaeme optages i mekanismen inden man går videre til anden fase, hvor der skal oprettes et europæisk centralbanksystem.
In a communiqué issued on 6 October the European Commission greeted sterling's entry into the ERM as an important event in the unfoldi ng of the first stage of econo­mic and monetary union (EMU). This effectively provides for the par­ticipation of all Community currencies in the ERM before the transi­tion to the second stage — the creation of a European system of cen­tral banks.
Desuden understregede både Kommissionen og Banksammens­lutningen for ecuen — hvori sidder store EF­banker at pundets indtræden ville styrke og stabilisere den europæiske monetære enhed, ecuen — hvori sidder store EF­banker — at pundets ind­træden ville styrke og stabilisere den europæiske monetære ecuen.
Moreover, both the European Commission and the Bank­ing Association for the ecu, which is made up of the major EC banks, have stressed that sterling's entry will make the ecu, the European monetary unit, stronger and more stable.
I de sidste par år har netop pundets svingninger udgjort den væsentligste stabi I itetsforstyrrende. faktor i forholdet mellem ecuen og de forskellige valutaer.
The fact is that sterling's fluctuations have been the main factor in the ecu's instability vis-a-vis different currencies these last years.
SKATTERET OG VIRKSOMHEDSSAMARBEJDE PA TVÆRS AF GRÆNSERNE I EF
TAX LAW AND CROSS-BORDER COOPERATION BETWEEN COMPANIES
I Den Europæiske Fælles Akt defineres det indre marked som »et område uden indre grænser med fri bevægelighed for varer, personer, tjenesteydelser og kapital«.
The Single European Act defines the internal market as 'an area without internal frontiers in which the free movement of goods, persons, services and capital is ensured'.
I EF findes der for øjeblikket tolv skatteområder med hver sit skattesystem, og erhvervsbeskatningen er således ensidigt reguleret af det enkelte lands nationale lovgivning.
There are at present 12 tax territories in the Community, each with its own tax system. In the nature of things the national rules take a unilateral approach to the tax treatment of a busi­ness activity.
Denne lovgivning stiller ofte grænseoverskridende virksomhed rin­gere end indenlandsk virksomhed og fører ikke sjældent til dobbeltbeskatning, der lægger yderligere byrder på virksom­hederne.
This frequently leaves cross­border activity worse off than domestic activity, and often leads to double taxation which is an added burden on the firms involved.
— kildeskat af udloddet udbytte i datterselskabets land — selskabsskat af udbyttet ved beskatningen af moder­selskabet.
(¡i) withholding tax charged on distributed profits in the sub­sidiary's country; and (iii) corporation tax on the parent company's profits, which incorporate the profits distributed by the sub­sidiary.
Der er ganske vist truffet bilaterale eler unilaterale foranstalt­ninger til at undgå en så ekstrem dobbeltbeskatning, men virksomheder, som opererer internationalt, stilles dog fortsat klart ringere end de af deres konkurrenter, der kun er under­lagt indenlandsk beskatning.
Bilateral or unilateral measures have been taken to minimize such extreme forms of multiple taxation, but companies op­erating internationally are still at a clear disadvantage as com­pared with their competitors who are taxed only in their own country.
Det er klart, at dette ikke just til­skynder virksomhederne til at operere i en anden medlems­stat og dermed også kan lægge hindringer i vejen for virkelig­gørelsen af et ægte indre marked.
Obviously such a situation can discourage firms from operating in another Member State, and thus seriously ham­per the emergence of a single market.
Eksempel 1: En virksomhed, der ønsker at operere i en anden medlemsstat, kan gøre det ved at etablere et datterselskab dér.
Example 1 A company wishing to operate in another Member State may set up a subsidiary there.
Meningen er naturligvis, at virksomheden skal have sin inve­stering forrentet i form af det udbytte, det udenlandske datter­selskab udbetaler til sit moderselskab.
It naturally plans to recover its invest­ment in the form of dividends paid by the foreign subsidiary to the parent.
Men netop her opstår skatteproblemerne.
This is where the tax problems begin.
I det ekstreme tilfælde kan det udbytte, det udenlandske datterselskab udlodder, blive beskattet hele tre gange:
In extreme cases the profits of a foreign subsidiary may be sub­ject to a threefold taxation: (i) corporation tax charged on the subsidiary's profits in the subsidiary's country;
— fusionspartnerne får hver især adgang til den anden part­ners distributionssystem, som er tilpasset efter de særlige for­hold på det nye marked landet
Example 2 Rather than setting up a subsidiary a company may choose to commence operations in another Member State by means of a merger with a local company, or another similar link­up such as a transfer of assets or exchange of shares. The com mer­eiai advantages are self­evident:
— der kan spares transport­ og lageromkostninger ved at flytte den del af produktionen, der alligevel går til eksport — der bliver mulighed for at koord ¡nere vigtige forsknings­og udviklingsaktiviteter og der igennem opnå arbejdsdeling og omkostningsbesparelser.
(i) The two sides can each make use of the other's distribu­tion system, which is at home with the special features of the market to be developed. (ii) Transport and storage costs can be lowered by relocating sections of production activity whose output was in any case intended for export, (iii) Large areas of research and development can be coordi­nated, so as to secure a division of labour and savings in costs.
Ved grænseoverskridende fusionen vil den overtagne virk­somheds stille reserver ifølge den nugældende lovgivning i de enkelte EF­lande normalt blive afdækket og beskattet, hvi I­ket i sig selv er nok ti I at afholde samarbejdsvillige virksomhe­der fra at indgå i denne form for samarbejde med virksomhe­der! andre lande.
As the laws of the individual Member States stand at present, a cross­border merger wi 11 as a ru le expose a transferring com­pany's hidden reserves to tax — a disadvantage which is enough to deter interested companies from this form of co­operation at European level.
Ved udformningen af den europæiske møntsammenslutning har man forestillet sig at der skal være en centralbank for EF, hvor nationale centralbanker vil blive repræsenteret.
Mergers inside a single Member State, on the other hand, are usually covered by special rules which allow tax to be deferred.
— altså uden hensyn til reguleringen af afregningspriserne i datterselskabet — på balancen og beskattes heraf.
Community, where national central banks would be represented.
Desuden kan disse procedurer ofte stå på i mange år, hvilket kan være belastende for likvidi­teten i navnlig små og mellemstore virksomheder.
□ company's case. This means that even though the subsidiary cannot offset the full price paid to the parent so as to reduce its own tax liability, the parent must enter the entire amount in its balance sheet, without taking account of the adjustment made on the subsidiary's side, and pay tax accordingly.
EF-Rådet vedtog den 23. juli 1990 tre kommissionsforslag om direkte virksomhedsbeskatning, som tog sigte på at få løst disse problemer på EF-plan.
On 23 July 1990 the Council of the European Communities adopted three measures in the field of direct company taxation which had been proposed by the Commission with a view to solving these problems on a Community-wide basis.
— et direktiv om en fælles beskatningsordning ved fusion, spaltning, tilførsel af aktiver og ombytning af aktier vedrørende selskaber i forskellige medlemsstater (det såkaldte fusionsdirektiv)')
(i) a Directive on the common system of taxation appi ¡cable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States (the 'Mergers Directive');1
— et direktiv om en fælles beskatningsordning for moder- og datterselskaber fra forskellige medlemsstater (det såkaldte moderVdatterdirektiv)2)
(ii) a Directive on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States (the Parent/subsidiary Directive');2
— en konvention om ophævelse af dobbeltbeskatning i for bindelse med regulering af forbundne foretagenders over skud (den såkaldte voldgiftskonvention)3) udloddet til moderselskabet af dets udenlandske datterselskab eller også beskatter det med fråd rag af skat, der allerede er svaret i udlandet, dog således at fradraget ikke kan overstige den tilsvarende indenlandske skat, og at hverken det land, hvor datterselskabet er etableret, eller det land, hvor moderselskabet har hjemsted, opkræver kildeskat.
Its purpose is to prevent the triple taxation of the profits of foreign subsidiaries in the Community which was described at the beginning of this paper. It does so by requiring the State of the parent company either to refrain from taxing profits distributed by the foreign subsidiary or to deduct tax already paid abroad up to the limit of the amount of the corresponding domestic tax; neither the State of the subsidiary nor the State of the parent is to levy withholding tax.
Voldgiftskonventionen: Det trejde forslag, Rådet vedtog den 23. juli 1990, går ud på at få indført en voldgiftsprocedure til afgørelse af de sager, hvor skattevæsenet i forskellige EF-lande er uenige om den skattemæssige regulering af afregningspriser mellem indbyrdes forbunde virksomheder.
The Arbitration Convention: The third measure adopted by the Council on 23 July provides for the introduction of an arbitration procedure to resolve the differences of opinion of the kind described above which may arise between the tax authorities of different Member States when they reassess transfer prices between associated enterprises for tax purposes.
Disse overenskomster er bindende for de implicerede skatteforvaltninger, men de indebærer ikke pligt til at fjerne dobbeltbeskatningen — kun til at optage bilaterale for handlinger herom.
But the bilateral conventions do not require the tax authorities involved to eliminate double taxation, but only to discuss the matter between them; and, as has already been said, mutual agreement proceedings can often last for years.
Desuden tager disse procedurer som nævntofte adskillige år.
Application of the new measures in the Member States
Disse tre forslag, der blev drøftet i Rådet som en samlet pakke, havde Kommissionen prioriteret højt i sin hvidbog om gen nemførelsen af det indre marked, og den havde gentagne gange presset på for at få dem vedtaget af hensyn til det indre marked.
The Council discussed the measures as a package; the Com mission had given them priority in its White Paper on completing the internal market, and repeatedly drawn attention to their urgency.
Et af det indre markeds overordnede mål er jo netop at sætte virksomhederne i stand til at operere i hele EF uden at blive hæmmet af skattemæssige hindringer eller bestemmelser.
One of the main objectives of the single market is to enable firms to operate throughout the Commun ¡ty with out hindrance from tax borders or tax rules.
De økonomiske fordele ved det indre marked ligger først og fremmest i øget erhvervsaktivitet på tværs af grænserne i EF.
The economic advantages to be secured from the single market rest primarily on an expansion of cross-border business activity within the Community.
Med Rådets vedtagelse af Kommissiones forslag blev der taget et stort skridt på vejen mod dette mål.
The Council's adoption of the Commission proposals is an important step towards the achievement of this goal.
Fusionsdirektivet: Forslaget til fusionsdirektivet blev fremsat af Kommissionen helt tilbage i 19694). Direktivet går — som det fremgår af dets fulde titel — ud på »en fæl les beskatningsordningved fusion, spaltning, tilførsel af aktiver og ombytning af aktier vedrørende selskaber i forskellige medlemsstater«.
The Mergers Directive: This Directive was originally proposed by the Commission in 1969.4 As its full title says, it aims at a 'common system of taxation applicable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States'.
For grænseoverskridende fusioner — og i øvrigt også for de andre transaktioner, der er omfattet af direktivet — har direktivet tilvejebragt skatteneutralitet på tre måder.
In the event of a cross-border merger — and the same applies to the other transactions covered — the Directive ensures tax neutrality in three ways:
Medens de to direktiver i henhold til EØF-Traktatens artikel 189 først skal omsættes i national lovgivning, hvilket kræver lovgivningsforanstaltninger i alle tolv EF-lande, skal konventionen ratificeres i de enkelte landes parlamenter. — I henhold til artikel 8 i moderVdatterselskabsdirektivetskal medlemsstaterne træffe de fornødne retlige og administrative foranstaltninger til, at direktivet er gennemført i national lovgivning senest pr. 1. januar 1992 — dette gælder dog ikke Grækenland, Tyskland og Portugal, der har fået udsættelse med gennemførelsen.
The two Directives must under Article 189 be transposed into national law, which will require appropriate legislation in all 12 Member States, and the Convention has to be ratified by the legislatures of the individual States. (i) Article 8 of the Parent/subsidiary Directive requires Member States to bring into force the laws, regulations and administrative provisions necessary to transpose the Directive into domestic law before 1 January 1992; there are temporary exceptions for Greece, Germany and Portugal. (ii) Like the Parent/subsidiary Directive, the Mergers Direc­tive is to be transposed into the domestic law of all the Member States before 1 January 1992.
Kun Portugal harfået udsat gennem førelsesfristen med et år, alene med hensyn til tilførsel af aktiver og ombytning af aktier og anparter. — Med hensyn til EF-voldgiftsproceduren blev der oprindelig6) — ligesom ved de to andre ordninger — frem lagt et direktivforslag. Under drøftelserne enedes medlemsstaterne imidlertid om at indføre denne voldgiftsprocedure ved en multilateral konvention indgået på grundlag af EØF-Traktatens artikel 220.
The only exception is Portugal, which ¡sallowed one extra yearto implement the provisions concerning transfers of assets and exchanges of shares. (iii) The Community arbitration procedure was originally proposed as a directive, like the other two measures.6 In the course of discussion the Member States agreed to embody the arbitration procedure in a multilateral convention under Article 220 of the EEC Treaty.
— Det overtagende selskabs eventuelle kapitalvinding ved, at dets aktier/anparter i det overtagne selskab bortfalder, beskattes ikke.
The Convention requires ratification by the legislatures of the individual Member States, so that there is no fixed date for its entry into force.
Men det er naturligvis ønskeligt, at konventionen kan træde i kraft samtidig med de to direktiver, nemlig pr. 1. januar 1992.
Obviously it is desirable that it should be applied from 1 January 1992 onward like the two Directives.
3) 90/436/EØF —EFTL 225 af 20.8.1990, S.W.
3 Convention 90/436/EEC; OJ L 225, 20.8.1990, p. 10. 4 OJ C 39, 22.3.1969, p. 1. 5 OJ C 39, 22.3.1969, p. 7. 6 OJ C 301, 21.12.1976, p. 4.
Formålet er inden for EF at undgå den ekstreme dobbeltbeskatning af udenlandske datterselskabers overskud, der blev beskrevet i indledningen.
(i) A merger must not give rise to 'any taxation of capital gains calculated by reference to the difference between the real values of the assets and liabilities transferred and their values for tax purposes', that is to say on the hidden reserves.
Dette opnås ved at fastsætte, at moderselskabets hjemland enten slet ikke beskatter udbytte
It is of course stipulated that a shareholder in the transferring company is to declare the new shares in his tax returns at the same value as the holding cancelled in the course of the merger.
Uddrag af »Europa-Noter«, nr. 1-2/1991.
From European File, No 1-2/1991.
Fællesskabers Statistiske Kontor, L­2920 Luxembourg, tlf. 4301­4567
Statistical Office of the European Communities, L-2920 Luxembourg, Tel. 4301-4567
Det monetære Europa
European Monetary System
ECU'ens sammensætning pr. 8.1.1990 Hver valutas vægt i procent
Composition of the ecu as at 8.1.1990 Percentage share of each currency
Det vigtigste skridt af nyere dato i udbygningen af det monetære Eu­ropa er den britiske valutas indtræ­den i Det Europæiske Monetære System (EMS) i oktober 1990.
The entry of the pound sterling into the European Monetary System (EMS) in October 1990 represents the most important recent event on the road towards European mon­etary union.
Ud­svingsmarginen for pundet er fastsat til 6%, hvilket også gælder for pese­taen, som siden juni 1989 har været med i EMS'en, mod 2,25% for de øvrige valutaer, der deltager i valuta­kursmekanismen.
The pound's fluctuation margin has been set at 6% (like the peseta, which entered the EMS in June 1989) as against 2.25% for the other currencies in the exchange rate mechanism (ERM).
Kun Grækenland og Portugal delta­ger herefter ikke i valutakursmeka­nismen.
Now only Greece and Portugal re­main outside the ERM.
Tilpasning af valutaerne i EMS en (i %) i forhold til deres centralkurs over for ECU'en
Re-alignments of EMS currencies in terms of their central rates against the ecu
Elleve års monetær integration
Eleven years of monetary integration
Siden EMS'ens iværksættelse den 13.3.1979 har der været 13 valuta­kurstilpasninger.
The EMS has seen 13 re-alignments since it came into force on 13 March 1979.
EMS'en har således på trods af de monetære og økonomiske vanske­ligheder sikret en vis stabilitet, og valutakurstilpasningerne er gen­nemført efter forhandlinger.
Despite the monetary and economic difficulties, the EMS has therefore provided relative stability, with re­alignments a matter of negotiation.
Årlige udsving i % for dollar og yen i forhold til ECU'en, 1981-1989
Ecu, yen, dollar: Large fluctuations
Yenens udsving i forhold til ecu'en har ikke været så kraftige som dolla­rens.
The yen has fluctuated less mark edly than the dollar in relation to the ecu.
Fra 1985 til 1986 steg dollaren såle­des med 28,9% mod 9,4% for yenen.
From 1985 to 1986 the dollar rose by 28.9%, whereas the yen rose by only 9.4%.
Disse meget kraftige udsving har ik­ke haft indflydelse på EMS'en.
These very large fluctuations have not destabilized the mechanisms of the EMS.
Obligationsudstedelser i ECU (i mia.)
Bond issues denominated in ecus ('000 million)
Udviklingen i den private brug af ecu­en har overskredet de forventninger, som man i begyndelsen havde til EMS'en. Det var således ikke for­ventet, at ecuen ville blive anvendt som et finansielt instrument.
Private-sector use of the ecu has gone beyond the intentions of the founders of the EMS, who did not foresee that it would develop into a financial instrument.
Obligationsudstedelser i ecu sker både i Fællesskabet og uden for Fællesskabet (over 42% af de sam­lede udstedelser i 1989).
Bonds denominated in ecus are floated both inside and outside the Community (the latter accounting for 42% in 1989).
Det er især virksomhederne, der an­vender dette instrument på grund af den høje grad af stabilitet og dermed sikkerhed.
Companies are the main floaters of ecu bonds on account of their greater stability, which affords in creased security.
Obligationsudstedelser i ECU (i mia.)
Bond issues in ecus ('000 million)
I Det Europæiske Fællesskab
European Community Government
Uden for Det Europæiske Fællesskab
Outside European Community Companies Government Institutions
Virksomheder
Institutions
I dette dokument understreges det, at ØMU vil fjerne den nuværende usikkerhed med hensyn til valutakurserne og dermed stimulereden økonomiske aktivitet.
Seven countries could join the EMU at once and without any problem: the three Benelux countries (Belgium, Luxembourg and the Netherlands); Denmark; France; Germany and Ireland.
Syv lande vil straks og uden problemer kunne integreres i ØMU, nemlig Tyskland, Frankrig, Benelux-landene, Danmark og Irland, hvorimod Italien, Spanien og Stor britannien ville skulle brugeet par år til at tilpasse sig og Grækenland og Portugal skulle bruge mere tid.
Italy, Spain and the United Kingdom would need a few years in which to adapt, while Greece and Portugal would need even more time. But the report points out that the EMU will not come about at the expense of the less well-off members of the Community.
Men i rapporten slås det fast, at ØMU ikke skal gennemføres på bekostning af de mest ugunstigt stillede lande i EF: Ganske vist vil den faldende inflation betyde lavere skatteindtægter, men samtidig vil den lavere rente og genopsvinget i investeringerne på længere sigt mere end kompensere for dette.
Of course the fall in inflation rates will lose them tax revenues; however, such losses will be more than offset by the decline in interest rates and the recovery in long-term investments.
Hinsides den ideologiske debat mellem tilhængerne af laissez-faire og forsvarerne for kraftig statsintervention, mener EF-Kommissionen, at det indre markeds Europa må have en pragmatisk industripolitik.
What the single European market needs is a pragmatic industrial policy, in the view of the European Commission, which has thus tried to look beyond the ideological debate between advocates of laissez-faire policies and defenders of large-scale State intervention.
Det forklarede Michael Emerson, direktør for den økonomiske evaluering i EF-Kommissionen, da han den 5. november 1990 fremlagde en rapport med titlen »Det Indre Markeds Virkning for Industriens Forskellige Sektorer og hvad der Står på Spi I for Medlemsstaterne«.
In this study experts from the Commission and the 12 EC countries have listed the 40 industrial sectors, out of a total of 120, for which the single market will be synonymous with change — good or bad. These sectors together account for some 50 % of manufacturing output in the Community.
I denne studie har Kommissionens og medlemsstaternes eksperter udpeget 40 industrisektorer ud af i alt 120, for hvilke»1992« kommertil at betyde ændringer— i positiv el ler negativ retning; d isse sektorer producerer tilsammen 50% af de værdier, der skabes af EF's industri.
They can be divided into four major groups, the first of which consists of hightechnology public-procurement sectors and the second of traditional public-procurement markets (boilermaking and railway equipment in particular), where price differences between Member States are substantial.
Desuden belyses i rapporten de industristrategiske muligheder, de for skellige EF-lande stå overfor.
In the fourth group are sectors with moderate non-tariff barriers to trade among the Twelve.
De mindst udviklede (Spanien, Grækenland og Portugal) kan vælge mellem at diversificere som de nordlige lande eller specialisere sig i kvalitetsprodukter inden for traditionelle sektorer efter italiensk model; de øvrige lande må vælge, om de vil foretage en virkelig »europæisering« af deres industri eller satse på »nationale mestre« med offentlige tilskud.
The study highlights the industrial strategies open to the different EC countries. Thus the less-developed countries (Greece, Spain and Portugal) can choose between industrial diversification, along the lines of the Community's northern members, or a specialization based on the manufacture of quality products in traditional sectors, on the Italian model.
Disse valg vil være afgørende for, om en industri bliver vinder eller taber.
For the other EC countries the choice is between a veritable 'Europeanization' of their industry and the encouragement of 'national champions', backed by State aid.
DE TOLV EF-LANDE INDHENTER DERES »1992«-FORPLIGTELSER
THE TWELVE FACE UP TO 1992
O EF-Kommissionen foreslog den 19. oktober 1990 medlemslandene at etablere et Europæisk Kontor for Evaluering af Lægemidler.
O The European Commission proposed to the Twelve on 19 October the setting up of a European agency for evaluating medicines.