natgillin/translations-raw huggingface dataset:
Articles 9 and 10b of Law No 77 of 23 March 1983 concerning the tax treatment of the net operating result of open-ended investment funds;
Člena 9 in 10b Zakona št. 77 z dne 23. marca 1983 o davčni obravnavi neto rezultatov poslovanja odprtih investicijskih skladov;
Article 11a of Decree-Law No 512 of 30 September 1983 concerning the tax treatment of the net operating result of certain investment funds, including the ‘historic Luxembourg funds’;
Člen 11a Uredbe z zakonsko močjo št. 512 z dne 30. septembra 1983 o davčni obravnavi neto rezultatov poslovanja nekaterih investicijskih skladov, vključno z „zgodovinskimi luksemburškimi skladi“;
Article 11 of Law No 344 of 14 August 1993 concerning the tax treatment of the net operating result of closed-end investment funds;
Člen 11 Zakona št. 344 z dne 14. avgusta 1993 o davčni obravnavi neto rezultatov poslovanja zaprtih investicijskih skladov;
Article 14 of Decree Law No 84 of 25 January 1992 concerning the tax treatment of the net operating result of SICAVs;
Člen 14 Uredbe z zakonsko močjo št. 84 z dne 25. januarja 1992 o davčni obravnavi neto rezultatov poslovanja investicijskih družb s spremenljivim kapitalom (SICAV-ov);
Articles 7 and 9 of Legislative Decree No 461 of 21 November 1997 concerning the tax treatment of capital income and other income accruing to investors resident in Italy;
Člena 7 in 9 Zakonodajne uredbe št. 461 z dne 21. novembra 1997 o davčni obravnavi dohodka od kapitala in drugih oblik dohodka, ki ga ustvarjajo investitorji s prebivališčem v Italiji;
Article 14 of Legislative Decree No 124 of 21 April 1993 concerning the tax treatment of capital income accruing to pension funds.
Člen 14 Zakonodajne uredbe št. 124 z dne 21. aprila 1993 o davčni obravnavi dohodka od kapitala, ki ga ustvarjajo pokojninski skladi.
The investment vehicles in question undertake collective investment in transferable securities including bonds, shares and other securities of listed and non-listed companies in the collective interest of third-party investors (participants).
Zadevni naložbeni nosilci v skupnem interesu investitorjev, ki so tretja stranka (udeleženci), kolektivno investirajo v prenosljive vrednostne papirje vključno z obveznicami, delnicami in drugimi vrednostnimi papirji družb, ki kotirajo na borzi, in družb, ki ne kotirajo na borzi.
They may take the form of a contractual investment fund without legal personality (e.g. a unit trust) managed by a distinct management company or of a corporate investment fund (e.g. a SICAV) or a pension fund.
Lahko so v obliki pogodbenega naložbenega sklada brez pravne osebe (npr. vzajemni naložbeni skladi), ki ga upravlja posebno podjetje za upravljanje, ali korporativni investicijski sklad (npr. SICAV) ali pokojninski sklad.
The investment vehicles taking the form of a unit trust can either be ‘open-ended’ or ‘closed-end’ funds.
Naložbeni nosilci v obliki vzajemnih naložbenih skladov so lahko bodisi „odprti“ ali „zaprti“ skladi.
Article 12 of Decree-Law No 269/2003 provides that, as of the tax year in which the scheme entered into force, the specialised investment vehicles governed by the legislation in question are to apply a 5 % tax, instead of the standard 12,5 %, on the net operating result accruing to them and consisting in the annual increase in the registered daily value of their assets.
Člen 12 Uredbe z zakonsko močjo št. 269/2003 določa, da z dohodninskim letom, v katerem program začne veljati, specializirani naložbeni nosilci, ki jih ureja zadevna zakonodaja, uporabljajo 5 % davek namesto standardnega 12,5 % davka za neto rezultate poslovanja, ki jih ustvarjajo in ki predstavljajo letno povečanje registrirane dnevne vrednosti njihovega premoženja.
Specialised investment vehicles within the meaning of Article 12 of Decree-Law No 269/2003 are:
Specializirani naložbeni nosilci v smislu člena 12 Uredbe z zakonsko močjo št. 269/2003 so:
investment vehicles whose bylaws expressly specify that at least two thirds of the value of the assets held are to be invested in shares of small- and mid-caps listed on a regulated market in the European Union;
naložbeni nosilci, za katere predpisi lokalne skupnosti izrecno določajo, da se vsaj dve tretjini vrednosti premoženja vložita v delnice majhnih in srednje velikih kapitalskih podjetij na organiziranem trgu Evropske unije;
investment vehicles that, one year after the starting date of the fund or from the date on which new bylaws were established, hold shares in small- and mid-caps listed on a regulated market in the European Union the value of which is equal to at least two thirds of its assets, during the calendar year for more than one sixth of the number of days of operation of the investment vehicle following the end of the aforementioned period, on the basis of information taken from the Fund's relevant regular accounting reports.
naložbeni nosilci, ki imajo leto dni po začetku delovanja sklada ali od dne, s katerim so bili uvedeni predpisi lokalne skupnosti, delnice v majhnih ali srednje velikih kapitalskih podjetjih na organiziranem trgu Evropske unije, katerih vrednost je med koledarskim letom več kot šestino dni, v katerih naložbeni nosilci poslujejo, po koncu navedenega obdobja, glede na podatke iz ustreznih rednih knjigovodskih poročil sklada, enaka vsaj dvema tretjinama njihovega premoženja.
Small- and mid-caps within the meaning of Article 12 of Decree-Law No 269/2003 are companies whose market capitalisation does not exceed €800 million, as determined on the basis of the market price of the company's shares on the last trading day of each quarter of the calendar year.
Majhna in srednje velika kapitalska podjetja v smislu člena 12 Uredbe z zakonsko močjo št. 269/2003 so družbe, katerih tržna vrednost ne presega 800 milijonov EUR, kot je določeno s tržno ceno delnic družbe na zadnji dan trgovanja vsakega četrtletja koledarskega leta.
The scheme is applicable as of the tax year in which the investment vehicle's bylaws are amended (or adopted in case of a new investment vehicle), introducing the express requirement that the investment vehicle invest not less than two thirds of its assets in shares of small- and mid-caps listed on a regulated market in the European Union.
Program velja od dohodninskega leta, v katerem so spremenjeni predpisi lokalne skupnosti za naložbene nosilce (ali sprejeti v primeru novih naložbenih nosilcev), in uvaja izrecno zahtevo, da naložbeni nosilci vložijo najmanj dve tretjini svojega premoženja v delnice majhnih in srednje velikih kapitalskih podjetij na organiziranem trgu Evropske unije.
The scheme amends the tax rules concerning all the various Italian investment vehicles in Italy, whether they are administered/incorporated in Italy and subject there to the special substitute tax levied on their net operating result (investment vehicles subject to substitute tax in Italy) or foreign vehicles subject to tax in Italy on revenues distributed to Italian subscribers.
Program spreminja davčna pravila za vse različne italijanske naložbene nosilce v Italiji, ne glede na to, ali so upravljani/registrirani v Italiji in zanje tam velja posebna nadomestna obdavčitev, ki se zaračuna za neto rezultate poslovanja (naložbeni nosilci, za katere v Italiji velja nadomestna obdavčitev), ali pa so tuji nosilci, za katere v Italiji velja davek na prihodek, ki se razdeli med italijanske naročnike.
It amends with the same effect the tax rules applicable to foreign investment vehicles regulated by above-mentioned Council Directive 85/611/EEC (harmonised foreign UCITS) and the net operating result of which is distributed to Italian investors or the shares of which are held by Italian investment vehicles.
Enako učinkuje tudi pri spremembi davčnih pravil, veljavnih za tuje naložbene nosilce, ki jih ureja zgoraj omenjena Direktiva Sveta 85/611/EGS (usklajeni tuji KNPVP), in za neto rezultate poslovanja, ki se razdelijo med italijanske investitorje, ali delnice italijanskih naložbenih nosilcev.
In order to clarify the effects of the scheme and the way in which it indirectly extends the tax reduction to non-specialised vehicles and to other participants, it is necessary to examine separately the different tax rules applicable to capital revenues accruing to investment vehicles and to their participants, as amended by Article 12 of Decree-Law No 269/2003.
Da bi se pojasnili učinki programa in način, kako ta posredno razširja zmanjšanje davkov na nespecializirane nosilce in druge udeležence, je treba davčna pravila, veljavna za kapitalske prihodke, ki jih ustvarjajo naložbeni nosilci in njihovi udeleženci, kakor je bilo spremenjeno s členom 12 Uredbe z zakonsko močjo št. 269/2003, proučiti ločeno.
To this end, a distinction should be drawn between ‘investment vehicles acting as financial intermediaries the income of which is subject to substitute tax in Italy’ and ‘investment vehicles subject to substitute tax and acting as participants in other investment vehicles’, since the same investment vehicle may act both as a financial intermediary (i.e. it invests in transferable securities) and as a participant investor (i.e. it invests in other investment vehicles).
V ta namen je treba razlikovati med „naložbenimi nosilci, ki delujejo kot finančni posredniki, za katerih dohodek v Italiji velja nadomestna obdavčitev“, in „naložbenimi nosilci, za katere velja nadomestna obdavčitev in ki delujejo kot udeleženci v drugih naložbenih nosilcih“, saj je lahko isti naložbeni nosilec oboje – finančni posrednik (to je, investira v prenosljive vrednostne papirje) in sodelujoči investitor (to je, investira v druge naložbene nosilce).
A separate section is devoted to the revenue accruing to other investors exempt from the substitute tax applicable to other investment vehicles.
Poseben odstavek je namenjen prihodkom, ki jih ustvarjajo drugi investitorji, oproščeni nadomestnega davka, veljavnega za druge naložbene nosilce.
Taxation of revenue accruing to investment vehicles acting as financial intermediaries subject to substitute tax in Italy
Obdavčenje prihodkov, ki jih ustvarjajo naložbeni nosilci, delujoči kot finančni posredniki, za katere v Italiji velja nadomestna obdavčitev
Under the general system, investment vehicles are not subject to income tax.
V splošnem sistemu davek na dohodek ne velja za naložbene nosilce.
However, any operating revenue accruing to investment vehicles is ordinarily subject to the 12,5 % substitute tax calculated on their net operating result.
Vendar za vsak poslovni prihodek, ki ga ustvarijo naložbeni nosilci, navadno velja 12,5 % nadomestni davek, izračunan na podlagi njihovih neto rezultatov poslovanja.
As a general rule, this tax is in full discharge of tax liability, replacing any further tax on revenues distributed by investment vehicles.
Praviloma ta davek zajema celotno davčno obveznost in nadomešča kateri koli dodatni davek na dohodke, ki ga razdelijo naložbeni nosilci.
The net operating result is determined by deducting from the fund's net assets at the end of the year, plus the substitute tax payable and any amounts distributed during the year, the fund's net assets at the beginning of the year and the revenue from participation in collective investment undertakings subject to the substitute tax, as well as exempt revenue and revenue subject to withholding tax.
Neto rezultat poslovanja se določi z odštevanjem od neto premoženja sklada ob koncu leta skupaj s plačanim nadomestnim davkom in vsemi zneski, razdeljenimi med letom, neto premoženjem sklada na začetku leta in prihodki iz udeležbe v kolektivnih naložbenih podjemih, za katere velja nadomestni davek, kot tudi oprostitvijo prihodkov in prihodki, za katere velja odtegnitev davka.
Article 12 of Decree-Law No 269/2003 amends the general tax system in that it provides for the levying of a 5 % substitute tax on the operating revenue of specialised investment vehicles.
Člen 12 Uredbe z zakonsko močjo št. 269/2003 spreminja splošni davčni sistem, saj določa obračunavanje 5 % nadomestnega davka za prihodke iz poslovanja specializiranih naložbenih nosilcev.
Taxation of revenue accruing to investment vehicles subject to Italian substitute tax and acting as participants in other investment vehicles
Obdavčenje prihodkov, ki jih ustvarjajo naložbeni nosilci, za katere velja italijanski nadomestni davek, in ki delujejo kot udeleženci v drugih naložbenih nosilcih
Any revenue distributed by an investment vehicle subject to substitute tax in Italy to its participants (including other investment vehicles) is not subject to further taxation under the general system.
V splošnem sistemu za katere koli prihodke, ki jih naložbeni nosilec, za katerega v Italiji velja nadomestni davek, razdeli med udeležence (vključno z drugimi naložbenimi nosilci), dodatno obdavčenje ne velja.
The scheme in question maintains the exemption with regard to revenue deriving from specialised investment vehicles (subject to the 5 % substitute tax).
Zadevni program ohranja oprostitev glede na prihodke, ki izhajajo iz specializiranih naložbenih nosilcev (za katere velja 5 % davek).
It also reduces the effective tax on the revenue of non-specialized investment vehicles participating in foreign specialised investment vehicles not subject to substitute tax in Italy at a rate of 5 %.
Zmanjšuje tudi efektivni davek na prihodke nespecializiranih naložbenih nosilcev, udeleženih v tujih specializiranih naložbenih nosilcih, za katere nadomestni davek v Italiji v višini 5 % ne velja.
Taxation of operating income accrued or distributed to other participants in investment vehicles not subject to the substitute tax
Obdavčenje dohodka iz poslovanja, ki ga ustvarjajo drugi udeleženci v naložbenih nosilcih, za katere nadomestni davek ne velja, ali ki je bil razdeljen med te udeležence
Revenue distributed by Italian and foreign investment vehicles to Italian investors is not subject to further taxation in Italy because it has already been taxed at the level of the investment vehicle (withholding tax).
Za prihodek, ki so ga italijanski ali tuji naložbeni nosilci razdelili italijanskim investitorjem, dodatno obdavčenje v Italiji ne velja, saj je bil že obdavčen na ravni naložbenega nosilca (davčni odtegljaj).
However, if the participating investor is a business undertaking acting as such, the revenue received is included in its taxable income subject to the 33 % rate of tax.
Vendar če je udeleženi investitor poslovni podjem kot takšen, so prejemki vključeni v obdavčljivi dohodek, za katerega velja 33-odstotna davčna stopnja.
Such beneficiary undertakings qualify for a 15 % tax credit which offsets in full the double taxation of the capital revenue received.
Takšni upravičeni podjemi izpolnjujejo pogoje za 15 % davčni dobropis, s čimer se popolnoma kompenzira dvojna obdavčitev kapitalskih prejemkov.
The scheme essentially confirms the tax credit, even when the revenue is distributed by specialised investment vehicles.
Program v bistvu potrjuje davčni dobropis, tudi ko prihodek razdelijo specializirani naložbeni nosilci.
Revenue distributed by foreign investment vehicles to Italian investors is subject to a 12,5 % withholding tax pursuant to Article 18 of the Italian Income Tax Code (TUIR).
Za prihodke, ki jih tuji naložbeni nosilci razdelijo med italijanske naložbene nosilce, velja 12,5 % davčni odtegljaj, določen s členom 18 Italijanskega zakonika o davku na dohodke (TUIR).
The scheme reduces the withholding tax to 5 % for revenue distributed by specialised investment vehicles.
Program za prihodke, ki jih razdelijo specializirani naložbeni nosilci, zmanjšuje davčni odtegljaj na 5 %.
This provision ensures equal treatment of investors in foreign and Italian investment vehicles.
Ta določba zagotavlja enakovredno obravnavo investitorjev v tuje in italijanske naložbene nosilce.
Revenue deriving from investment vehicles is included in the net operating result of a pension fund participating in such investment vehicles.
Prihodek, ki izhaja iz naložbenih nosilcev, je vključen v neto rezultate poslovanja pokojninskega sklada, udeleženega v takšnih naložbenih nosilcih.
It is subject to a substitute tax of 11 %.
Zanj velja 11 % nadomestni davek.
To eliminate double taxation of the income accruing to pension funds, a tax credit equal to 15 % of such revenue is imputed against the substitute tax payable by such pension funds.
Za odpravo dvojnega obdavčenja dohodka, ki ga ustvarjajo pokojninski skladi, je v nadomestni davek, ki ga plačujejo takšni pokojninski skladi, vračunan davčni dobropis v vrednosti 15 % takšnega prihodka.
The scheme adapts the new reduced-taxation arrangements for specialised investment vehicles to the specific tax system for pension funds.
Program prilagaja nove ukrepe zmanjšanega obdavčenja za specializirane naložbene nosilce posebnemu sistemu obdavčenja pokojninskih skladov.
In parallel with the lowering of the substitute tax on specialised investment vehicles, the scheme reduces to 6 % the tax credit for revenue deriving from Italian specialised investment vehicles.
Vzporedno z zmanjšanjem nadomestnega davka za specializirane naložbene nosilce program znižuje davčni dobropis za prihodke, ki izhajajo iz specializiranih italijanskih naložbenih nosilcev, na 6 %.
Furthermore, Article 12 of Decree-Law No 269/2003 provides that the portion of the assets of pension funds generated by foreign specialised investment vehicles is subject to a 5 % substitute tax, instead of the standard 11 %.
Poleg tega člen 12 Uredbe z zakonsko močjo št. 269/2003 določa, da za delež premoženja pokojninskih skladov, ki ga pridelajo tuji specializirani naložbeni nosilci, velja 5 % nadomestni davek namesto standardnega 11 %.
In its decision to initiate the formal procedure, the Commission considered that the measure met all the criteria for classification as state aid for specialised investment vehicles and for small- and mid-caps whose shares are held by such specialised vehicles within the meaning of Article 87(1) of the Treaty, while it did not raise any doubts regarding the direct tax reduction granted to investors in specialised investment vehicles because it constitutes a general measure for all investors.
V svojem sklepu o sprožitvi formalnega postopka je Komisija ugotovila, da ukrepi izpolnjujejo vsa merila, da se jih lahko klasificira kot državno pomoč za specializirane naložbene nosilce in za majhna in srednje velika kapitalska podjetja, katerih delnice imajo takšni specializirani naložbeni nosilci, v smislu člena 87(1) Pogodbe, pri čemer ob neposrednem znižanju davka, dodeljenem investitorjem v specializirane naložbene nosilce, ni bilo dvomov, saj to predstavlja splošni ukrep za vse investitorje.
In raising doubts about the possible existence of aid for specialised investment vehicles, the Commission held them to be undertakings within the meaning of Article 87(1) of the Treaty because they either have a corporate form and constitute business entities per se or constitute separate assets managed by undertakings that compete on investment markets.
Pri dvomih o obstoju pomoči za specializirane naložbene nosilce je Komisija menila, da so to podjemi v smislu člena 87(1) Pogodbe, saj imajo bodisi obliko družb in predstavljajo gospodarske subjekte same po sebi ali pa predstavljajo ločena sredstva, s katerimi upravljajo podjemi, ki konkurirajo na investicijskih trgih.
Secondly, the Commission observed that specialised investment vehicles benefit either directly from a tax rate reduction or indirectly from additional capital investments by way of the tax reduction granted by the scheme to their investors where such vehicles invest primarily in small- and mid-caps listed on a regulated European market.
Komisija je tudi opazila, da imajo specializirani naložbeni nosilci koristi bodisi neposredno zaradi znižanja davčne stopnje bodisi posredno zaradi dodatnih kapitalskih investicij iz naslova znižanja davka, odobrenega s programom za njihove investitorje, pri čemer takšni nosilci investirajo prvenstveno v majhna in srednje velika kapitalska podjetja na organiziranem trgu Evropske unije.
The Commission further observed that the advantages in question are not proportionate to the number of shares in small- and mid-caps owned by such vehicles but are solely dependent on their status as specialised vehicles.
Komisija je v nadaljevanju ugotovila, da zadevne ugodnosti niso v sorazmerju s številom delnic v majhnih in srednje velikih kapitalskih podjetjih, ki so v lasti takšnih nosilcev, ampak so ti odvisni izključno od svojega statusa kot specializirani nosilci.
As regards small-caps the Commission stressed that the measure provides an indirect advantage for those companies whose shares are held by specialised investment vehicles, because it has the effect of increasing their liquidity by providing them with easier access to capital.
Glede majhnih in srednje velikih kapitalskih podjetij je Komisija poudarila, da ukrep predvideva posredno ugodnost za tista podjetja, katerih delnice imajo specializirani naložbeni nosilci, saj se z zagotovitvijo lažjega dostopa do kapitala poveča obseg njihove likvidnosti.
The advantage is dependent on their status as small- and mid-caps listed on a regulated European market and not on the performance; nor it is dependent on other conditions or investments made by such companies.
Ugodnost je odvisna od njihovega statusa, ki ga imajo kot majhna in srednje velika kapitalska podjetja na organiziranem trgu Evropske unije, in ne od njihovega poslovanja, drugih okoliščin ali investicij takšnih podjetij.
COMMENTS FROM ITALY AND INTERESTED PARTIES
PRIPOMBE ITALIJE IN ZAINTERESIRANIH STRANK
In their comments, both Italy and Assogestioni claimed that the investment vehicles in question cannot be viewed as undertakings but simply as pools of assets managed by separate undertakings.
V svojih pripombah sta tako Italija kot Zveza Assogestioni zagotovili, da zadevni naložbeni nosilci ne morejo biti obravnavani kot podjetja, ampak preprosto kot premoženjske družbe, ki jih upravljajo ločena podjetja.
The latter are subject to ordinary taxation on their profits and do not benefit from the tax reduction provided for in Article 12 of Decree-Law No 269/2003.
Za zadnje velja običajno obdavčenje njihovega dobička in nimajo koristi zaradi znižanja davka, predvidenega s členom 12 Uredbe z zakonsko močjo 269/2003.
Both Italy and Assogestioni further observed that the scheme should be viewed as a general tax policy measure directly benefiting the investors and only indirectly affecting small- and mid-caps and investment vehicles.
Tako Italija kot Zveza Assogestioni sta v nadaljevanju ugotovili, da je treba program obravnavati kot splošni ukrep davčne politike, zaradi katerega uživajo neposredne ugodnosti investitorji, posredno pa vpliva na majhna in srednje velika kapitalska podjetja in naložbene nosilce.
For the interested parties, the scheme is aimed at fostering the market capitalisation of small- and mid-caps as opposed to other companies listed in Europe and, as such, it would fall outside the scope of state aid monitoring.
Po mnenju zainteresiranih strank je program, v nasprotju z drugimi podjetji na evropskem trgu, usmerjen v pospeševanje tržne vrednosti majhnih in srednje velikih kapitalskih podjetij, in kot takšen ne sodi v področje nadzora državne pomoči.
Both Italy and the interested parties argued that the measure does not constitute aid for specialized investment vehicles or for certain management companies.
Tako Italija kot zainteresirane stranke so trdile, da ukrep ne predstavlja pomoči za specializirane naložbene nosilce ali za nekatere družbe za upravljanje.
In this respect, the Italian authorities stressed that the scheme is effectively open to all undertakings that create separate funds aimed at investing predominantly in small- and mid-caps listed on regulated European markets and would therefore constitute a general measure.
V zvezi s tem so italijanski organi poudarili, da je program učinkovito odprt za vsa podjetja, ki ustvarjajo ločene sklade, namenjene predvsem za investiranje v majhna in srednje velika kapitalska podjetja na organiziranih evropskih trgih in bi zato pomenil splošen ukrep.