natgillin/translations-raw huggingface dataset:
In this respect, the Commission pointed out that the rules on company listing lay down a number of stringent requirements, including the ability to demonstrate the soundness of the company’s assets and financial position, duly certified by company accounts and external auditors.
V tem smislu je Komisija opozorila, da pravila o vključevanju družb v borzno poslovanje postavljajo vrsto strogih zahtev, vključno s sposobnostjo dokazovanja trdnosti premoženja in finančnega položaja družbe, ki ga ustrezno potrjujejo računovodski izkazi družbe in zunanji revizorji.
Candidates for listing must take the form of limited companies, so that their shares are freely transferable, and must fulfil certain minimum capitalisation requirements.
Kandidatke za vključitev v borzno poslovanje morajo prevzeti obliko delniške družbe, tako da so njihove delnice prosto prenosljive, in morajo izpolniti določene zahteve minimalne kapitalizacije.
The Commission accordingly observed that the time limits laid down by the scheme would de facto exclude many potential candidate companies from the benefits in question.
Komisija je tako pripomnila, da bi omejitve, ki jih določa program, dejansko izključile veliko potencialnih kandidatk za zadevne ugodnosti.
In its decision to initiate the formal investigation procedure, the Commission pointed out that the measure involved the use of state resources as it consists in the forgoing of tax revenues and that it was liable to distort competition and trade within the common market because the beneficiaries, being listed companies, operate on markets where competition is intense and where intra-Community trade takes place.
Komisija je v svojem sklepu, da bo sprožila formalni preiskovalni postopek, poudarila, da ukrep vključuje uporabo državnih sredstev, sestavljen je namreč iz odpovedovanja davčnim prihodkom in bi v takšni obliki lahko izkrivljal konkurenco in trgovino na skupnem trgu, saj upravičenci, ki so družbe, katerih delnice kotirajo na borzi, delujejo na trgih, kjer je konkurenca ostra in kjer poteka trgovanje znotraj Skupnosti.
The Commission finally considered that the selective character of the tax advantages at issue did not appear to be justified by the nature or general scheme of the Italian tax system, nor did the measure appear to compensate for possible expenses incurred as the aid amount is not contingent upon specific costs being borne as a result of admission to listing.
Komisija je na koncu menila, da narava ali splošna zasnova italijanskega davčnega sistema ne upravičuje selektivnosti zadevnih davčnih ugodnosti, in zdi se, da ukrep tudi ne nadomešča stroškov, ki bi nastali, saj znesek pomoči ni pogojen s posebnimi stroški, ki jih prinese dovoljenje za vključitev v borzno poslovanje.
Neither did any of the exceptions provided for in Article 87(2) and (3) of the Treaty seem to apply.
Kot kaže, se ne uporablja tudi nobena izjema iz člena 87(2) in (3) Pogodbe.
COMMENTS FROM ITALY AND INTERESTED PARTIES
IV PRIPOMBE ITALIJE IN ZAINTERESIRANIH STRANI
Both the Italian authorities and Borsa Italiana SpA, the only interested party that submitted comments, essentially raised three objections.
Tako italijanski organi kot Borsa Italiana Spa, edina zainteresirana stran, ki je predložila pripombe, so v bistvu podali tri ugovore.
Firstly, according to the Italian authorities and Borsa Italiana SpA, the scheme should be viewed as a general tax policy measure aimed at encouraging Italian companies to seek a listing, thereby countering the negative trend observed in recent years, and strengthening their capitalisation and competitiveness on global markets.
Prvič, po mnenju italijanskih organov in Borsa Italiana SpA bi morali na program gledati kot na splošni ukrep davčne politike, usmerjen v spodbujanje italijanskih družb k vključitvi v borzno poslovanje, s čimer bi se spopadli z negativnim trendom zadnjih let, in v krepitev njihove kapitalske strukture in konkurenčnosti na svetovnih trgih.
As such, they argue, the scheme falls outside the scope of state aid review.
Ugotavljajo, da za program potemtakem ne veljajo pregledi državnih pomoči.
Secondly, they claim, the scheme does not affect competition because any undertaking can benefit from the incentive by obtaining a listing on a European stock exchange; the scheme is applicable across the board to all business sectors and all industries and is therefore not selective.
Drugič, trdijo, da program ne vpliva na konkurenco, saj ugodnosti spodbude lahko uživa vsako podjetje, ki dobi dovoljenje za vključitev na evropsko borzo; program se na splošno uporablja za vse poslovne sektorje in vse dejavnosti, tako da ni selektiven.
Finally, they argue that the scheme does not affect competition because of its limited duration and budget and because foreign companies are also eligible to receive the incentives in question.
Na koncu ugotavljajo, da program ne vpliva na konkurenco zaradi omejenega trajanja in proračuna in ker lahko zadevne spodbude uživajo tudi tuje družbe.
V. ASSESSMENT OF THE MEASURE
V PRESOJA UKREPA
State aid within the meaning of Article 87(1) of the Treaty
Državna pomoč v smislu člena 87(1) Pogodbe
Having considered the observations submitted by the Italian authorities, the Commission maintains the position it expressed in the letter of 18 March 2004 initiating the formal investigation procedure, namely that the scheme under examination constitutes state aid because it fulfils the relevant criteria laid down in Article 87(1) of the Treaty.
Ob upoštevanju pripomb, ki so jih poslali italijanski organi, Komisija ostaja pri stališču, ki ga je izrazila v dopisu z dne 18. februarja 2004 o sprožitvi formalnega postopka preiskave, in sicer, da gre pri preučevanem programu za državno pomoč, saj izpolnjuje ustrezna merila, določena v členu 87(1) Pogodbe.
Selective advantages
Selektivne ugodnosti
The Commission considers that the measure in question clearly confers selective advantages, since it derogates from the normal operation of the tax system, and that it favours certain undertakings or the production of certain goods, in that it constitutes a specific scheme favouring only the undertakings that are able to obtain a listing during the period stipulated by the scheme, thereby excluding undertakings that are already listed, undertakings that do not fulfil the conditions for being listed and undertakings that decide not seek a listing in that period.
Komisija meni, da zadevni ukrep nedvomno prinaša selektivne ugodnosti, saj odstopa od običajnega delovanja davčnega sistema in daje prednost določenim podjetjem ali proizvodnji določenega blaga, ker gre za poseben program, ugoden samo za podjetja, ki so se sposobna vključiti v borzno poslovanje v roku, določenem v programu, tako da izključuje podjetja, katerih delnice že kotirajo na borzi, podjetja, ki ne izpolnjujejo pogojev za vključitev na borzo, in podjetja, ki si v navedenem obdobju ne prizadevajo za vstop na borzo.
Italy’s argument that the scheme constitutes a tax policy measure falling outside the scope of the state aid rules cannot be accepted, nor can this exception to the normal tax rules be justified by the nature of the Italian tax system, since it does not address any fundamental tax distinctions between the situations of listed as opposed to non listed companies.
Razlage Italije, da je program ukrep davčne politike, za katerega se ne uporabljajo pravila za državno pomoč, ni mogoče sprejeti, niti ni mogoče te izjeme od običajnih davčnih pravil upravičiti z naravo italijanskega davčnega sistema, ker ne obravnava nobenih bistvenih davčnih razlikovanj med položajem družb, katerih delnice kotirajo na borzi, v nasprotju z družbami, katerih delnice ne kotirajo na borzi.
In particular, since the scheme provides for a reduction in the tax rate applicable to future profits earned by its beneficiaries, it cannot be deemed proportionate because such profits are unrelated to the fact that the beneficiaries are admitted to listing, to their capital structures and to the other characteristics associated with listing.
Programa zlasti zato, ker zagotavlja znižanje davčne stopnje, ki se uporablja za prihodnje dobičke upravičencev, ni mogoče obravnavati kot proporcionalnega, saj takšni dobički niso povezani z dejstvom, da upravičenci dobijo dovoljenje za vključitev v borzno poslovanje, z njihovo kapitalsko strukturo in drugimi značilnostmi, povezanimi z vključitvijo v borzno poslovanje.
Finally, the scheme cannot be justified by its own specific objectives, because its short duration makes it effectively inaccessible to many potential beneficiaries.
Končno, programa ni mogoče upravičiti z lastnimi posebnimi cilji, ker je zaradi kratkotrajnosti praktično nedostopen za veliko potencialnih upravičencev.
In the same vein, the reduction of taxable income is also an extraordinary incentive because it comes on top of the ordinary deduction of business expenses.
V enakem smislu je izreden ukrep tudi znižanje obdavčljivega prihodka, saj se prišteje k običajnim odbitkom za poslovne izdatke.
Although such a measure might potentially be deemed to be justified by the specific objective pursued by the scheme on the basis of the case law of the Court [4], the Commission notes that the short duration of the measure makes it inconsistent with the specific objective of encouraging companies to seek a listing, as it effectively excludes many possible beneficiaries.
Čeprav bi na podlagi sodne prakse Sodišča [4] tak ukrep mogoče lahko obravnavali kot upravičen zaradi posebnega cilja programa, Komisija opozarja, da je ukrep zaradi kratkotrajnosti neskladen s posebnim ciljem spodbujanja družb k prizadevanju za vključitev v borzno poslovanje, saj dejansko izključuje veliko morebitnih upravičencev.
As for the objection that the scheme does not confer any specific advantage and cannot therefore have the effect of distorting competition and trade within the Community because it favours only undertakings subject to different tax legislations, the Commission refers to the relevant case law of the Court [5] confirming that a derogatory tax measure not justified by the nature of the tax system or by the specific nature of the scheme may constitute aid.
Kar zadeva ugovor, da program ne prinaša nobenih posebnih ugodnosti in da zato ne more izkrivljati konkurence in trgovanja znotraj Skupnosti, saj imajo od njega ugodnosti le podjetja, za katera veljajo različne davčne zakonodaje, se Komisija sklicuje na ustrezno sodno prakso Sodišča [5], ki potrjuje, da je davčni ukrep, ki omogoča odstopanje in ki ga ne upravičuje narava davčnega sistema ali posebna narava programa, lahko državna pomoč.
The Commission notes that in another judgment [6] the Court endorsed the Commission’s appraisal that a national tax measure, although formally general, constituted aid because it was more advantageous to certain national industrial sectors.
Komisija ugotavlja, da je Sodišče v neki drugi sodbi [6] potrdilo presojo Komisije, da je pri nekem nacionalnem davčnem ukrepu, čeprav je bil formalno splošen, šlo za pomoč, ker je bil ugodnejši za določene nacionalne industrijske sektorje.
In the case in point, the Commission considers that a tax incentive granted as an exception to the normal tax treatment to all undertakings taxable in Italy which are admitted to listing on a regulated market has significant effects on companies of a certain size and could distort competition by improving the competitive position of such companies vis-à-vis their competitors not registered in Italy.
V obravnavanem primeru Komisija meni, da ima davčna spodbuda v obliki odstopanja od običajne davčne obravnave, ki se odobri vsem obdavčljivim podjetjem v Italiji, ki se lahko vključijo na organizirani trg, precejšen vpliv na družbe določene velikosti in bi lahko izkrivljala konkurenco z izboljšanjem konkurenčnega položaja takšnih družb v primerjavi s konkurenti, ki niso registrirani v Italiji.
In addition, as the aid is granted through the tax system, it mainly favours Italian undertakings because, while the tax reduction applies to the worldwide profits generated by Italian undertakings, it only applies to the Italian profits of foreign undertakings and, in this respect, the latter are put at a disadvantage.
Ker se pomoč povrhu dodeljuje prek davčnega sistema, imajo ugodnosti od nje predvsem italijanska podjetja, saj se znižanje davka uporablja za dobičke, ki jih proizvedejo italijanska podjetja na svetovnem trgu, medtem ko se pri tujih podjetjih uporablja samo za dobičke na italijanskem trgu in so zato slednja v slabšem položaju.
While this difference in treatment could normally be justified by the nature of the tax system, in the case in point the fact that the scheme is an extraordinary incentive that cannot be justified as part of the ordinary operation of the tax system rules out such a justification.
Medtem ko bi bilo to različno obravnavo običajno mogoče upravičiti z naravo davčnega sistema, v obravnavanem primeru takšen argument spodbija dejstvo, da gre pri programu za izredno spodbudo, ki je ni mogoče upravičiti v okviru običajnega delovanja pravil davčnega sistema.
With respect to the limited period of validity of the scheme, Italy argues that the limitation on the number of potential beneficiaries (only companies admitted to listing before 31 December 2004) is imposed by budget constraints.
Kar zadeva omejeno trajanje veljavnosti programa, Italija razlaga, da je omejitev števila potencialnih upravičencev (samo družbe, ki so dobile dovoljenje za vključitev v borzno poslovanje pred 31. decembrom 2004) posledica proračunskih omejitev.
In its view, this further strengthens the conclusion that the measure’s effect on competition is quite limited.
Po njenem to še dodatno podpira sklep, da je učinek ukrepa na konkurenco precej omejen.
The Commission considers that the limited budget earmarked for the incentive does not detract from its classification as aid or from the resulting distortions of competition.
Komisija meni, da omejenost proračuna, rezerviranega za spodbudo, še ne pomeni, da te ne bi smeli opredeliti kot pomoč ali da ne izkrivlja konkurence.
The scheme produces an alteration (through taxation) of the pre-existing competitive position of certain undertakings engaged in business activities open to international competition, and as such it constitutes aid which is liable to distort competition.
Program prinaša spremembo (prek obdavčitve) prejšnjega konkurenčnega položaja določenih podjetij, ki se ukvarjajo s poslovno dejavnostjo, za katero velja mednarodna konkurenca, in je kot tak pomoč, ki lahko izkrivlja konkurenco.
The Commission therefore concludes that the measure affords the beneficiaries certain specific tax advantages reducing the costs they normally bear in the course of their business.
Komisija zato sklepa, da ukrep upravičencem prinaša določene posebne davčne ugodnosti, ki zmanjšujejo običajne stroške pri njihovem poslovanju.
The Commission considers that the advantages at issue are granted by the State or through state resources.
Komisija meni, da zadevne ugodnosti podeljuje država ali se podeljujejo prek državnih sredstev.
As the Italian authorities did not submit any objections, the Commission confirms the appraisal made when initiating the formal investigation procedure, according to which the advantage is attributable to the State as it consists in the forgoing of tax revenues normally collected by the Italian Treasury.
Ker italijanski organi niso predložili nobenih pripomb, Komisija potrjuje oceno iz sprožanja formalnega postopka preiskave, v skladu s katero je ugodnost mogoče pripisati državi, saj je sestavljena iz odpovedovanja davčnim prihodkom, ki se običajno stečejo v italijansko zakladnico.
Effect on competition and trade
Učinek na konkurenco in trgovino
Considering the effects of the measure, the Commission confirms the appraisal made when initiating the formal investigation procedure, namely that the measure is liable to distort competition and have an effect on trade between Member States because the beneficiaries may be operating on international markets and involved in trade and other business activities in markets where competition is intense.
Komisija ob upoštevanju učinkov ukrepa potrjuje svojo oceno iz sprožitve formalnega postopka preiskave, in sicer da ukrep lahko izkrivlja konkurenco in učinkuje na trgovino med državami članicami, ker upravičenci lahko delujejo na mednarodnih trgih in so vključeni v trgovanje in druge poslovne dejavnosti na trgih z ostro konkurenco.
Following the settled case law of the Court [7], for a measure to distort competition it is sufficient that the recipient of the aid competes with other undertakings on markets open to competition.
Glede na ustaljeno sodno prakso Sodišča [7] je za opredelitev, da ukrep izkrivlja konkurenco dovolj, da prejemnik pomoči tekmuje z drugimi podjetji na trgih, odprtih za konkurenco.
In applying for admission to listing on a regulated stock exchange a company seeks to achieve several significant financial objectives, which include (a) increasing and diversifying the sources of corporate financing with a view to pursuing asset and stock acquisitions; (b) increasing the financial standing of the listed company with respect to debt holders, suppliers and other creditors accepting the stock as a guarantee of debt; and (c) obtaining a market valuation for the company, so as to facilitate merger and acquisition transactions at any future date.
Družba si pri prošnji za dovoljenje za vključitev v organizirano borzno poslovanje prizadeva doseči več pomembnih finančnih ciljev, ki vključujejo (a) povečanje in razvejitev virov financiranja podjetij s ciljem pridobivanja premoženja in delnic; (b) izboljšanje finančnega položaja družbe, katere delnice kotirajo na borzi, kar zadeva imetnike zadolžnic, dobavitelje in druge upnike, ki sprejemajo delnice kot jamstvo za dolg, in (c) borzno vrednotenje družbe, tako da se olajša vse prihodnje transakcije združitev in prevzemov.
By conferring an extraordinary tax advantage on companies that decide to seek a listing, the scheme improves their competitive position and financial standing vis-à-vis their competitors.
Program družbam, ki se odločijo za vključitev v borzno poslovanje, podeli izredno davčno ugodnost in s tem izboljša njihov konkurenčni in finančni položaj v primerjavi z njihovimi tekmeci.
Given that the above effects may favour Italian beneficiaries operating on markets where intra-Community trade takes place, the Commission considers that, for this reason too, the scheme affects trade and distorts competition.
Ker zgornji učinki lahko postavljajo v prednost italijanske upravičence, ki delujejo na trgih, kjer poteka trgovanje znotraj Skupnosti, Komisija meni, da program zato vpliva na trgovanje in izkrivlja konkurenco.
The Commission moreover notes that, as of 31 December 2004, ten companies were admitted to listing on the Italian stock markets (a 100% increase on the previous year) [8].
Komisija poleg tega ugotavlja, da je po 31. decembru 2004 dobilo dovoljenje za vključitev na italijanske trge vrednostnih papirjev deset družb (povečanje za 100 % v primerjavi s prejšnjim letom) [8].
Under the scheme, the newly listed companies are entitled to tax benefits in proportion to their future profits.
Družbe, katerih delnice kotirajo na borzi, so po programu upravičene do davčnih ugodnosti v sorazmerju z njihovimi prihodnjimi dobički.
The companies obtaining a listing on the Italian stock markets belong to various sectors, ranging from manufacturing to public utilities, which are open to international competition.
Družbe, ki so dobile dovoljenje za vključitev na italijanske borze, sodijo v različne sektorje, od proizvodnje do javnih podjetij, ki so odprta za mednarodno konkurenco.
Neither the Italian authorities nor third parties have argued that, on account of certain specific features of the beneficiaries, the advantages granted to them do not affect competition and intra Community trade.
Niti italijanski organi niti tretje strani niso utemeljili, da zaradi določenih posebnih lastnosti upravičencev prednosti, ki so jim podeljene, ne vplivajo na konkurenco in trgovanje znotraj Skupnosti.
In the light of projections based on the profits generated by the beneficiaries in the three years prior to their listing, the Commission has established that each of the companies could benefit from considerable tax reductions.
Komisija je glede na napovedi, utemeljene na dobičkih, ki so jih upravičenci imeli v treh letih pred vključitvijo v borzno poslovanje, ugotovila, da bi vsaka družba lahko uživala precejšnja znižanja davka.
For example, the Commission has calculated that the tax benefits which would be enjoyed by one beneficiary alone over the period 2004-07 could potentially amount to €75 million. However, because of the above-mentioned clause in Article 11 of DL 269/2003 limiting the benefits, the actual tax concession could not exceed €11,7 million over the three-year period. Italy’s submissions do not, however, demonstrate that the benefits accruing to any individual beneficiary would remain below the limit for de minimis aid.
Komisija je na primer izračunala, da bi samo en upravičenec v obdobju 2004–2007 lahko užival davčne ugodnosti, ki bi se lahko povzpele do 75 milijonov EUR. Zaradi zgoraj navedene klavzule v členu 11 DL 269/2003, ki omejuje ugodnosti, pa dejanske davčne olajšave v treh letih ne smejo preseči 11,7 milijona EUR. Iz prispevkov Italije pa ni razvidno, da ugodnosti vsakega posameznega upravičenca ne bi presegle pomoči de minimis.
The Commission concludes that the distortion of competition deriving from the scheme in the different sectors where the beneficiaries operate is significant, considering that the beneficiaries are often leaders in their respective business sectors in Italy, and this justifies the negative appraisal of the scheme.
Komisija ugotavlja, da je izkrivljanje konkurence zaradi programa v različnih sektorjih, kjer delujejo upravičenci, precejšnje, saj so upravičenci pogosto vodilni v svojih poslovnih sektorjih v Italiji, in to upravičuje negativno oceno programa.
The Italian authorities have put the scheme into effect without prior notification to the Commission and have therefore failed to fulfil their obligation under Article 88(3) of the Treaty.
Italijanski organi so začeli izvajati program, ne da bi pred tem obvestili Komisijo, in tako niso izpolnili svoje obveznosti po členu 88(3) Pogodbe.
In so far as the measure constitutes state aid within the meaning of Article 87(1) of the Treaty and has been put into effect without prior approval from the Commission, it is to be classed as unlawful aid.
Ker je ukrep državna pomoč v smislu člena 87(1) Pogodbe in se je začel izvajati brez predhodne odobritve Komisije, ga je treba opredeliti kot nezakonito pomoč.
In so far as the measure constitutes state aid within the meaning of Article 87(1) of the Treaty, its compatibility must be assessed in the light of the exceptions provided for in Article 87(2) and (3) of the Treaty.
Ker je ukrep državna pomoč v smislu člena 87(1) Pogodbe, je treba oceniti njegovo združljivost z vidika izjem iz člena 87(2) in (3) Pogodbe.
The Italian authorities have not explicitly challenged the Commission’s assessment, set out in its letter of 18 March 2004 initiating the formal investigation, that none of the exceptions provided for in Article 87(2) and (3) of the Treaty, whereby state aid may be considered compatible with the common market, applies in the present case.
Italijanski organi niso izrecno oporekali oceni Komisije v njenem dopisu z dne 18. februarja 2004 o sprožitvi formalne preiskave, da se v tem primeru ne uporablja nobena od izjem iz člena 87(2) in (3) Pogodbe, po kateri državna pomoč lahko velja za združljivo s skupnim trgom.
Nor has the Commission found any other elements that could invalidate this conclusion.
Komisija tudi ni odkrila nobenih drugih elementov, ki bi lahko spodbijali ta sklep.
The advantages in question are either unrelated to any expenses or linked to expenses that are not eligible for aid under the Community block exemption regulations or guidelines.
Obravnavane ugodnosti niso povezane z nikakršnimi stroški ali pa so povezane s stroški, ki niso upravičeni do pomoči po uredbi o skupinskih izjemah ali smernicah Skupnosti.