natgillin/translations-raw huggingface dataset:
The summary definition of the value maximisation of participations given in the Law of 31 July 1929 has been clarified by the Land Registration and Estates Department, which has interpreted it broadly as including several economic activities, directly or indirectly linked to the value maximisation of participations, taking the form notably of financing activities.
Uprava za registracijo in lastnino je pojasnila kratko opredelitev povečevanja vrednosti deležev, navedeno v zakonu z dne 31. julija 1929, in v obsežni razlagi menila, da mora vključevati več gospodarskih dejavnosti, ki so neposredno ali posredno povezane s povečevanjem vrednosti deležev in se kažejo zlasti kot dejavnosti financiranja.
Holding companies are thus authorised to grant long- or short-term advances and loans to companies in which they directly hold a participation.
Holdinškim družbam je tako dovoljeno, da odobrijo dolgo- ali kratkoročne predujme in posojila družbam, v katerih so neposredno udeležene.
Under the Law of 31 July 1929, collateralisation in favour of creditors of companies in which exempt 1929 holding companies hold a participation and collateralisation of their capital increases also come under the concept of the value maximisation of participations.
Na podlagi zakona z dne 31. julija 1929 spadata tudi dajanje poroštev upnikom družb, v katerih imajo davkov oproščene holdinške družbe 1929 delež, in jamčenje za njihovo dokapitalizacijo v okvir pojma povečevanja vrednosti deležev.
Moreover, in addition to equity participations, exempt 1929 holding companies may hold public or private bonds, whether or not quoted on the regulated markets, and whether or not issued by the public sector.
Poleg tega smejo imeti davkov oproščene holdinške družbe 1929 poleg kapitalskih udeležb državne obveznice in obveznice zasebne izdaje, ki kotirajo ali ne na organiziranem trgu in ki jih je izdal ali ne javni sektor.
Exempt 1929 holding companies may also hold only bonds, independently of or in conjunction with participation management activities.
Davkov oproščene holdinške družbe 1929 imajo tako lahko samo obveznice neodvisno ali v povezavi z dejavnostmi upravljanja deležev.
It is thus possible for financial holding companies to broaden the circle of potential financing beneficiaries and in so doing to grant loans to all companies forming part of the group and hence to all companies sharing a common name which are at least 25 %-held by a common parent company.
Tako lahko finančne holdinške družbe razširijo krog morebitnih prejemnikov financiranja ter s tem odobrijo posojila vsem družbam v skupini in torej vsem družbam s skupnim imenom, v katerih ima skupna matična družba najmanj 25-odstotni delež.
Furthermore, certain activities are presumed to be equivalent to the acquisition of a participation, even if no shares are held by the exempt 1929 holding company in question.
Poleg tega naj bi bile nekatere dejavnosti enakovredne pridobivanju kapitalskih deležev, čeprav ni noben delež v lasti zadevne davkov oproščene holdinške družbe 1929.
A holding company may thus hold patents and, although it may not exploit or negotiate them, it may grant exploitation licences to other companies either outside or within the group to which it belongs and hence collect a royalty without losing the benefit of exemption.
Tako lahko holdinška družba poseduje patente in lahko, čeprav jih ne more izkoriščati ali trgovati z njimi, podeljuje licence za njihovo izkoriščanje drugim tretjim družbam ali družbam skupine, kateri pripada, ter zato prejema licenčnino, ne da bi izgubila ugodnost oprostitve.
The activities which exempt 1929 holding companies are authorised to carry on also include the provision of advice on management and investment by investment funds.
Med dovoljenimi dejavnostmi davkov oproščenih holdinških družb 1929 je tudi svetovanje pri upravljanju in vlaganju s strani investicijskih skladov.
The purpose of this activity is to provide advice to collective investment undertakings on the management of the portfolio entrusted to them.
Namen te dejavnosti je svetovati kolektivnim investicijskim skladom glede upravljanja portfelja, ki jim je bil zaupan.
It is normally carried on by consultancy firms which are in principle taxable under ordinary tax law.
To dejavnost ponavadi opravlja svetovalno podjetje, ki je načeloma obdavčljivo po običajnem davčnem pravu.
However, where certain specific conditions are met, it is possible for a consultancy firm to opt for 1929 holding company status.
Vendar je mogoče, da se svetovalno podjetje, če so izpolnjeni nekateri posebni pogoji, odloči za status davkov oproščene holdinške družbe 1929.
It follows from the above that the activities which a 1929 holding company may carry on are strictly limited by the Law of 31 July 1929, the pursuit of other activities being sanctioned by the withdrawal of tax-exempt status.
Iz zgornjega izhaja, da so dejavnosti, ki jih lahko opravlja holdinška družba 1929, strogo omejene z zakonom z dne 31. julija 1929, pri čemer se opravljanje drugih dejavnosti kaznuje z odvzemom statusa davkov oproščene družbe.
The Commission considers that these restrictions confirm the selective nature of the exemption scheme for exempt 1929 holding companies.
Komisija meni, da te omejitve potrjujejo selektivnost sistema oprostitve za davkov oproščene holdinške družbe 1929.
Moreover, as the Commission mentioned in its decision of 9 February 2006, it suffices to point out that several economic sectors cannot benefit from the advantages offered by the scheme.
Kot je Komisija omenila v odločitvi z dne 9. februarja 2006, je poleg tega dovolj ugotoviti, da več gospodarskih sektorjev ne more uživati ugodnosti, ki jih ponuja ta ureditev.
Thus, undertakings carrying on activities other than those authorised concerning participation value maximisation and activities falling within several sectors, such as manufacturing, agriculture and commerce, are excluded from the benefit of the scheme.
Tako so podjetja, ki opravljajo drugačne dejavnosti od dovoljenih, ki se nanašajo na povečevanje vrednosti kapitalskih deležev, in tudi dejavnosti, ki spadajo v več sektorjev, kot je predelovalna industrija, kmetijstvo ali trgovina, izključena iz ugodnosti navedene ureditve.
The Commission considers that no objective explanation can justify such a tax treatment specifically reserved for exempt 1929 holding companies, seeking as it does, by thus limiting its application to certain undertakings, to place them at an advantage compared with their competitors.
Komisija meni, da ne more nobena objektivna razlaga utemeljiti takšne davčne obravnave, ki je posebej rezervirana za davkov oproščene holdinške družbe 1929 in katere namen je s takšno omejitvijo uporabe na nekatera podjetja dajati tem podjetjem prednost pred njihovimi konkurenti.
The fact that the scheme in question is accessible only to Luxembourg undertakings carrying on a limited number of activities strengthens this assessment.
Poleg tega dejstvo, da je zadevna ureditev dostopna samo luksemburškim družbam, ki opravljajo omejeno število dejavnosti, potrjuje to oceno.
In order to benefit from the exemption scheme in question, any undertaking wishing to maximise the value of its investments must set up a separate entity in Luxembourg for the purpose of carrying on exclusively the activities authorised by the 1929 legislation.
Da bi lahko uživalo ugodnost zadevnega sistema oprostitve, mora namreč vsako podjetje, ki želi povečati vrednost svojih naložb, ustanoviti ločen subjekt v Luksemburgu, katerega namen bo opravljanje izključno tistih dejavnosti, ki jih dovoljuje zakonodaja iz leta 1929.
The establishment of such a structure therefore entails investments on top of the normal costs of an investment activity.
Posledica ustanovitve takšne strukture so torej naložbe poleg običajnih stroškov investicijskih dejavnosti.
Only undertakings with a group structure and significant financial resources of sufficient amount to establish in Luxembourg a structure devoted to the activities of managing and financing participations are able to benefit from the scheme.
Samo podjetja, ki imajo strukturo skupine ter obsežna in zadostna finančna sredstva, da v Luksemburgu ustanovijo strukturo za dejavnosti upravljanja in financiranja kapitalskih deležev, lahko uživajo ugodnost te ureditve.
Such undertakings include, for example, exempt billionaire holding companies.
Gre na primer za davkov oproščene holdinške družbe milliardaires.
With regard to the state origin of the advantages resulting from the application of the scheme in question, it should be pointed out that the concept of aid is more general than that of subsidy because it embraces not only positive benefits, such as subsidies themselves, but also measures which, in various forms, mitigate the charges which are normally included in the budget of an undertaking and which, therefore, without being subsidies in the strict sense of the word, are similar in character and have the same effect.
Kar zadeva državni izvor ugodnosti, ki izhajajo iz uporabe zadevne ureditve, je treba opozoriti, da je pojem pomoči splošnejši od pojma subvencije, ker ne obsega samo pozitivnih ugodnosti, kot so same subvencije, ampak tudi ukrepe, ki v različnih oblikah zmanjšujejo stroške, ki običajno bremenijo proračun podjetja, in so zato, ne da bi bili subvencije v pravem pomenu besede, iste narave in imajo enak učinek.
It follows that a scheme, such as the one at issue here, by which the public authorities grant to certain undertakings exemption from the tax normally due, which, although not involving a transfer of state resources, places beneficiaries in a more favourable financial situation than other taxpayers constitutes state aid within the meaning of Article 87(1) of the Treaty.
Iz tega izhaja, da je tu obravnavana ureditev, s katero organi oblasti nekaterim podjetjem odobrijo oprostitev davka, ki so mu običajno zavezana, in ki, čeprav ne obsega prenosa državnih sredstev, postavlja upravičence v ugodnejši finančni položaj kot druge davčne zavezance, državna pomoč v smislu člena 87(1) Pogodbe.
In the present case, therefore, although the exemptions resulting from the application of the exempt 1929 holding companies scheme do not constitute transfers of state resources, it cannot be denied that they lead to a loss of tax revenue and hence constitute state financing.
Zato v tem primeru, čeprav oprostitve, ki izhajajo iz uporabe ureditve davkov oproščenih holdinških družb 1929, niso prenosi državnih sredstev, ni mogoče zanikati, da povzročajo izpad davčnih prihodkov in so zato državno financiranje.
Distortion of competition and effect on trade between Member States
Izkrivljanje konkurence in vpliv na trgovino med državami članicami
According to Luxembourg, the exempt 1929 holding companies scheme is not capable of distorting competition and trade within the Community because the beneficiary holding companies are exclusively passive recipients of income and are not in situations comparable to those of other operators acting as independent service providers.
Po mnenju Luksemburga naj bi ureditev davkov oproščenih holdinških družb 1929 ne mogla izkrivljati konkurence in trgovine znotraj Skupnosti, ker so upravičene holdinške družbe izključno prejemniki pasivnih dohodkov in naj ne bi bile v položaju, primerljivem s položajem drugih subjektov, ki delujejo kot neodvisni izvajalci storitev.
Nor, according to Luxembourg, has the Commission proved that the scheme has the effect of strengthening the position of exempt 1929 holding companies compared with that of other holding companies.
Poleg tega naj Komisija ne bi dokazala, da je posledica ureditve krepitev položaja davkov oproščenih holdinških družb 1929 v primerjavi z drugimi holdinškimi družbami.
The Commission would point out that, under the settled case law of the Court of Justice of the European Communities, for a measure to distort competition it is sufficient that the recipient of the aid competes with other undertakings on markets open to competition and that a measure affects intra-Community trade when state financial aid strengthens the position of an undertaking compared with other undertakings competing in intra-Community trade.
Komisija ugotavlja, da iz ustaljene sodne prakse Sodišča Evropskih skupnosti na eni strani izhaja, da je za to, da ukrep izkrivlja konkurenco, dovolj, da prejemnik pomoči konkurira z drugimi podjetji na trgih, odprtih za konkurenco, in na drugi strani, da ukrep vpliva na trgovino znotraj Skupnosti, če finančna pomoč, ki jo odobri država, krepi položaj podjetja v primerjavi z drugimi konkurenčnimi podjetji v trgovini znotraj Skupnosti.
The Commission considers that exempt 1929 holding companies are active in the financial sector, where they perform specific activities such as providing loans to other group members, issuing bonds, performing invoice discounting and managing cash deposits on behalf of both directly and indirectly controlled companies and other companies in a group to which an exempt 1929 holding company belongs, or providing advice on the management of investment funds.
Komisija meni, da davkov oproščene holdinške družbe 1929 spadajo v finančni sektor, v okviru katerega opravljajo posebne dejavnosti, kot so odobritev posojil drugim članom skupine, izdajanje obveznic, diskontiranje računov in upravljanje gotovinskih depozitov za družbe, ki jih nadzirajo neposredno ali posredno, in za družbe skupine, ki ji pripada davkov oproščena holdinška družba 1929, ali svetovanje pri upravljanju kolektivnih investicijskih skladov.
As indicated above, exempt financial holding companies and exempt billionaire holding companies enjoy increased operational flexibility under the 1929 legislation in the pursuit of such financing activities.
Kot je bilo že ugotovljeno zgoraj, davkov oproščene finančne holdinške družbe in davkov oproščene holdinške družbe milliardaires na podlagi zakonodaje iz leta 1929 uživajo večjo operativno prožnost pri opravljanju takšnih finančnih dejavnosti.
Exempt 1929 holding companies are also active in purchasing, managing and licensing patents on behalf of directly and indirectly owned subsidiaries, or for other companies in the group.
Davkov oproščene holdinške družbe 1929 so tudi prisotne pri nakupu in upravljanju patentov ter pri podeljevanju licenc za račun odvisnih družb, ki so v njihovi neposredni ali posredni lasti, ali za druge družbe skupine.
In accordance with the process of deregulation which has characterised the Community market in financial services, competition in this sector is based primarily on the elimination of any institutional restrictions to the pursuit of financing activities in the common market and on transparency and equality of conditions in the pursuit of such activities where they are comparable.
V skladu s postopkom deregulacije, ki je bil značilen za trg finančnih storitev Skupnosti, konkurenca v tem sektorju temelji predvsem na odpravi vseh institucionalnih omejitev pri opravljanju finančnih dejavnosti na skupnem trgu ter na preglednosti in enakosti pogojev za opravljanje teh dejavnosti, kadar so primerljive.
Competition is distorted, however, by the scheme in question inasmuch as exempt 1929 holding companies enjoy complete exemption from the direct taxes normally applicable in Luxembourg to the income from such activities, despite the fact that those activities are taxable where they are carried on by independent service providers or service providers who do not take the specific form of an exempt 1929 holding company.
Ta ureditev kljub temu izkrivlja konkurenco, če davkov oproščene holdinške družbe 1929 uživajo ugodnost popolne oprostitve neposrednih davkov, ki se v Luksemburgu običajno uporabljajo za dohodke iz teh dejavnosti, medtem ko so te dejavnosti obdavčljive, če jih opravljajo izvajalci storitev, ki so neodvisni ali nimajo posebne oblike davkov oproščene holdinške družbe 1929.
Moreover, in view of the fact that the legal form of exempt 1929 holding company is frequently chosen by groups having an international dimension or whose activities cover various sectors, including the trading sector, trade between Member States is affected because of the tax advantages awarded to trading multinationals availing themselves of the services of exempt 1929 holding companies.
Nato, ob upoštevanju dejstva, da skupine z mednarodno razsežnostjo ali katerih dejavnosti pokrivajo več sektorjev, zlasti trgovino, pogosto izberejo pravno obliko davkov oproščene holdinške družbe 1929, je trgovina med državami članicami prizadeta zaradi davčnih ugodnosti, odobrenih trgovinskim multinacionalkam, ki uporabljajo storitve davkov oproščenih holdinških družb 1929.
Furthermore, exempt 1929 holding companies provide intra-group services and can, within certain limits, take part in the industrial and commercial activities of participated companies — which, as the Court of Justice confirmed in its recent judgment in Fondazione Cassa di Risparmio di Firenze, constitutes a fully fledged economic activity.
Poleg tega davkov oproščene holdinške družbe 1929 opravljajo storitve znotraj skupine in lahko ob nekaterih omejitvah sodelujejo v industrijski in trgovinski dejavnosti družb, v katerih imajo delež, kar je gospodarska dejavnost v pravem pomenu besede, kot je Sodišče potrdilo v nedavni sodbi Fondazione Cassa di Risparmio di Firenze.
For all these reasons, and because of the commercial activities carried on by the groups to which exempt 1929 holding companies belong, the effect on trade and the distortion of competition are also present at the level of those groups.
Vpliv na trgovino in izkrivljanje konkurence sta prisotna tudi v skupinah, ki jim pripadajo davkov oproščene holdinške družbe 1929, zaradi vseh teh razlogov in zaradi poslovne dejavnosti, ki jo opravljajo te skupine.
These conclusions are strengthened by the finding of the considerable impact which the tax exemptions in question have on the choice of Luxembourg as a preferred financial centre.
Te sklepne ugotovitve potrjuje ugotovitev velikega vpliva, ki ga imajo zadevne davčne oprostitve pri izbiri Luksemburga kot privilegiranega finančnega centra.
In this connection, the Commission considers it appropriate to refer to articles that have appeared in the press, according to which the Luxembourg financial system is founded on the holding companies tax exemption scheme.
Komisiji se v zvezi s tem zdi primerno sklicevati se na članke, objavljene v tisku, po katerih luksemburški finančni sistem temelji na ureditvi davčne oprostitve holdinških družb.
This is evidence that financial multinationals use the structure of holding companies, including exempt 1929 holding companies, in Luxembourg to minimise their tax burden.
To je dokaz, da finančne multinacionalke uporabljajo strukture holdinških družb v Luksemburgu, med njimi strukturo davkov oproščenih holdinških družb 1929, da bi zmanjšale davčne obremenitve.
According to these press articles, there are getting on for 15000 exempt 1929 holding companies registered in Luxembourg.
Glede na te članke je v Luksemburgu registriranih skoraj 15000 davkov oproščenih holdinških družb 1929.
Despite the lack of data from the Luxembourg authorities making it possible to establish the aggregate turnover achieved by exempt 1929 holding companies, the Commission considers there can be no denying how important the scheme is to the financial sector in Luxembourg or how substantial are the resulting distortions of competition and trade.
Kljub temu, da luksemburški organi niso posredovali podatkov, na podlagi katerih bi bilo mogoče ugotoviti celotni promet, ki ga ustvarijo davkov oproščene holdinške družbe 1929, Komisija meni, da ni mogoče zanikati pomena te ureditve za finančni sektor v Luksemburgu niti pomena iz tega izhajajočega izkrivljanja konkurence in trgovine.
The Commission considers that the state aid granted to exempt 1929 holding companies cannot be considered compatible with the common market.
Komisija meni, da državne pomoči, ki jo prejemajo davkov oproščene holdinške družbe 1929, ni mogoče šteti za združljivo s skupnim trgom.
The Luxembourg authorities have advanced no arguments to show that any of the exceptions provided for in Article 87(2) and (3) of the Treaty are applicable in this case.
V zvezi s tem je treba opomniti, da luksemburški organi niso navedli nobenega argumenta, da se v tem primeru uporablja eno od odstopanj iz člena 87(2) in (3) Pogodbe.
The exceptions provided for in Article 87 (2) of the Treaty, which concern aid of a social character granted to individual consumers, aid to make good the damage caused by natural disasters or exceptional occurrences and aid granted to certain areas of the Federal Republic of Germany, clearly do not apply in this case.
Odstopanja iz člena 87(2) Pogodbe, ki se nanašajo na pomoči socialnega značaja, dodeljene posameznim potrošnikom, pomoči za povrnitev škode, ki so jo povzročile naravne nesreče ali izjemni dogodki, in pomoči, dodeljene gospodarstvu nekaterih območij Zvezne republike Nemčije, se v tem primeru ne uporabljajo.
The same goes for the exception provided in Article 87(3)(a) of the Treaty, which provides for the authorisation of aid to promote the economic development of areas where the standard of living is abnormally low or where there is serious underemployment.
Isto velja za odstopanje iz člena 87(3)(a) Pogodbe, ki dovoljuje odobritev pomoči za pospeševanje gospodarskega razvoja območij, kjer je življenjska raven izjemno nizka ali kjer je podzaposlenost velika.
Likewise, the scheme cannot be considered a project of common European interest or a remedy to a serious disturbance in the economy of Luxembourg, as provided for by Article 87(3)(b) of the Treaty.
Ureditve tudi ni mogoče šteti za projekt skupnega evropskega interesa niti za odpravljanje resne motnje v luksemburškem gospodarstvu v smislu člena 87(3)(b) Pogodbe.
Nor does it have as its object the promotion of culture and heritage conservation as provided for by Article 87(3)(d) of the Treaty.
Prav tako ni njen namen pomoč za pospeševanje kulture in ohranjanja kulturne dediščine v smislu člena 87(3)(d) Pogodbe.
As regards lastly Article 87(3)(c) of the Treaty, which permits aid to facilitate the development of certain economic activities or of certain economic areas, where such aid does not adversely affect trading conditions to an extent contrary to the common interest, the Commission would point out that the tax advantages granted to exempt 1929 holding companies are not linked to investment, job creation or specific projects.
V zvezi s členom 87(3)(c) Pogodbe, ki dovoljuje pomoči za pospeševanje razvoja določenih gospodarskih dejavnosti ali določenih gospodarskih območij, kadar takšna pomoč ne spreminja trgovinskih pogojev v obsegu, ki bi bil v nasprotju s skupnimi interesi, Komisija ugotavlja, da davčne ugodnosti, odobrene davkov oproščenim holdinškim družbam 1929, niso povezane z naložbami, ustvarjanjem delovnih mest ali posebnimi projekti.
They simply consist in a mitigation of the charges which should normally be borne by the companies concerned in the course of their business and must therefore be considered to be operating aid.
Obsegajo samo zmanjšanje stroškov, ki bi jih zadevne družbe običajno morale nositi pri opravljanju svojih dejavnosti, in jih je zato treba šteti za državne pomoči za tekoče poslovanje.
In line with established Commission practice, such aid cannot be considered compatible with the common market if it does not facilitate the development of certain activities or of certain economic areas and if it is not limited in time, degressive or proportionate to what is necessary to remedy specific economic handicaps.
V skladu z ustaljeno prakso Komisije se takšne pomoči ne morejo šteti za združljive s skupnim trgom, če ne pospešujejo razvoja določenih dejavnosti ali določenih gospodarskih sektorjev in če niso časovno omejene, degresivne ali sorazmerne s tem, kar je treba storiti za odpravljanje posebnih gospodarskih težav.