natgillin/translations-raw huggingface dataset:
Furthermore, according to those comments, the scheme would not affect competition because any European small- or mid-caps could benefit from the easier access to capital.
Poleg tega v skladu s temi pripombami program ne bi vplival na konkurenco, saj bi lahko vsa majhna in srednje velika kapitalska podjetja imeli koristi zaradi lažjega dostopa do kapitala.
Moreover, it would not constitute aid to such companies because investment vehicles or their management companies would take their investment decisions with a view to maximizing profits.
Prav tako ne bi predstavljal pomoči za takšna podjetja, saj bi se naložbeni nosilci ali njihove družbe za upravljanje o naložbah odločali z namenom povečanja dobička.
Assogestioni provided detailed information on the functioning of the scheme during its first period of operation (2004).
Zveza Assogestioni je zagotovila natančne podatke o delovanju programa med začetnim obdobjem (leto 2004).
By the end of 2004 three specialised investment vehicles were operational: two that had existed previously and had amended their bylaws so that they invested primarily in shares of small- and mid-caps listed on regulated European markets, and one newly established fund.
Ob koncu leta 2004 so bili za poslovanje usposobljeni trije specializirani naložbeni nosilci: dva, ki sta obstajala že prej in sta spremenila svoje lokalne predpise tako, da sta investirala prvenstveno v delnice majhnih in srednje velikih kapitalskih podjetij na organiziranih evropskih trgih, in eden novoustanovljeni sklad.
Assogestioni indicated that the tax cost of the scheme in 2004 was minimal.
Zveza Assogestioni je navedla, da so bili davčni stroški programa v letu 2004 minimalni.
On the basis of the data presented by Assogestioni, the Commission calculated that the shortfall in tax revenues in 2004 amounted to some €1,1 million, account being taken of the necessary adjustments to offset the carry-forward of the virtual tax credits relating to tax incurred in previous years.
Na podlagi podatkov Zveze Assogestioni je Komisija izračunala, da je primanjkljaj za davčni prihodek leta 2004 znašal približno 1,1 milijona EUR, ob upoštevanju potrebnih prilagoditev za kompenzacijo prenosov dejanskih davčnih dobropisov, povezanih z obdavčitvijo iz prejšnjih let.
Italy and the interested parties consider that these figures show that the scheme had an insignificant effect on intra-Community competition and trade, also bearing in mind that small- and mid-caps and investment vehicles established abroad may benefit from the indirect effects of the tax reduction in question.
Italija in zainteresirane stranke menijo, da te številke kažejo, da je imel zadevni program neznaten učinek na konkurenco in trgovanje znotraj Skupnosti, ob upoštevanju, da so majhna in srednje velika kapitalska podjetja s sedežem zunaj Skupnosti lahko zaradi posrednih vplivov zadevnega znižanja davka uživala ugodnosti.
Having considered the comments submitted by the Italian authorities and the interested parties, the Commission maintains its position that the tax reduction for investors constitutes state aid not only for specialised vehicles investing in shares of small- and mid-caps listed on regulated European markets but also for small- and mid-caps whose shares are held by such vehicles because it cumulatively meets all the criteria laid down in Article 87(1) of the Treaty.
Po proučitvi pripomb italijanskih organov in zainteresiranih strank Komisija še vedno meni, da znižanje davka za investitorje predstavlja državno pomoč ne samo za specializirane nosilce, ki investirajo v delnice majhnih in srednje velikih kapitalskih podjetij na organiziranih evropskih trgih, ampak tudi za majhna in srednje velika kapitalska podjetja, katerih delnice imajo ti nosilci, saj kumulativno izpolnjuje merila, določena s členom 87(1) Pogodbe.
Selective advantage for specialised investment vehicles
Selektivna prednost za specializirane naložbene nosilce
The Commission firstly confirms the view expressed in its letter opening the formal investigation procedure that, in some cases, investment vehicles are undertakings within the meaning of Article 87 of the Treaty and may accordingly benefit from the tax reduction provided for in Article 12 of Decree-Law No 269/2003.
Komisija najprej potrjuje stališča iz svojega dopisa o sprožitvi formalnega postopka preiskave, da so, v nekaterih primerih, naložbeni nosilci podjetja v smislu člena 87 Pogodbe in lahko v skladu s tem uživajo ugodnosti ob znižanju davka iz člena 12 Uredbe z zakonsko močjo št. 269/2003.
In particular, it considers that, even if specialised investment vehicles do not benefit directly from the tax reduction granted to their investors, they nonetheless receive an indirect economic benefit in so far as the tax reduction on investments in specialised vehicles prompts investors to buy shares in such vehicles, thereby providing additional liquidity and extra income in terms of entry and management fees.
Še posebno meni, da čeprav specializirani naložbeni nosilci nimajo neposrednih koristi zaradi odobrenega znižanja davka za njihove investitorje, imajo ti vendarle posredno gospodarsko korist, če znižanje davka za investicije v specializirane naložbene nosilce spodbudi investitorje k nakupu delnic takšnih nosilcev, s čimer zagotovijo dodatno likvidnost in dodatni dohodek pri vhodnih tarifah in provizijah za upravljanje.
Pursuant to the Commission Communication on state aid and risk capital, in some cases where a state measure provides for the creation of a fund or other investment vehicle it is necessary to consider whether the fund or vehicle can be considered to be an enterprise benefiting from state aid.
Skladno s Sporočilom Komisije o državni pomoči in tveganemu kapitalu, v nekaterih primerih, kadar državni ukrep predvideva ustanovitev sklad ali drugega naložbenega nosilca, je treba proučiti, ali je sklad oziroma nosilec lahko podjetje, deležno državne pomoči.
In the case at hand, the Commission takes note of the comment by the Italian authorities to the effect that the specialised investment vehicles benefiting from the reduced tax pursuant to Article 12 of Decree-Law No 269/2003 are simply pools of assets and so cannot be regarded as undertakings within the meaning of Article 87 of the Treaty.
Pri obravnavanem primeru se Komisija seznani s pripombami italijanskih organov, da so specializirani naložbeni nosilci, ki uživajo ugodnosti zaradi znižanja davka iz člena 12 Uredbe z zakonsko močjo št. 269/2003, zgolj premoženjske družbe in jih zato ni mogoče obravnavati kot podjetja v smislu člena 87 Pogodbe.
It notes, however, that in some cases such investment vehicles take corporate form and may therefore benefit individually from advantages although taxation of them is separate from taxation of the assets they manage.
Vendar ugotavlja, da imajo v nekaterih primerih takšni naložbeni nosilci obliko družb in lahko individualno uživajo ugodnosti, čeprav je obdavčenje teh ločeno od obdavčenja premoženja, ki ga upravljajo.
It further points out that other investment vehicles without legal personality are managed by undertakings which compete with other operators managing savings and that those undertakings may accordingly benefit from advantages.
V nadaljevanju poudarja, da druge naložbene nosilce brez pravne osebe upravljajo podjetja, ki konkurirajo drugim upravljavcem za upravljanje hranilnic, in da lahko v skladu s tem ta podjetja uživajo prednosti.
The Commission considers that specialised investment vehicles perform an economic activity and constitute undertakings within the meaning of Article 87(1).
Komisija meni, da specializirani naložbeni nosilci opravljajo gospodarsko dejavnost in predstavljajo podjetja v smislu člena 87(1).
This is confirmed by the case law of the Court in the VAT field.
To potrjuje sodna praksa Sodišča za področje DDV.
In particular, the Court recently held that transactions carried out by SICAVs and consisting in the collective investment in transferable securities constitute an economic activity carried out by taxable persons within the meaning of Article 4(2) of the Sixth VAT Directive.
Sodišče je pred nedavnim odločilo zlasti, da transakcije, ki jih opravljajo SICAV-i in ki zajemajo kolektivne naložbe v prenosljive vrednostne papirje, predstavljajo gospodarsko dejavnost, ki jo izvajajo davčni zavezanci v smislu člena 4(2) Šeste Direktive o DDV.
According to the case law, it is evident from the preamble to the First Directive that VAT harmonisation aims to eliminate factors which may distort conditions of competition and therefore to secure neutrality in competition.
V skladu s sodno prakso je iz uvodnih izjav Prve Direktive razvidno, da usklajevanje DDV teži k odpravi dejavnikov, ki bi lahko izkrivljali konkurenčne pogoje, in torej k zagotavljanju nevtralnosti v konkurenci.
Given that the state aid rules and the VAT harmonisation directives share the same purpose, the Commission considers it appropriate to refer to the case law concerning the latter, which confirms that the investment vehicles in question, whether or not they have corporate form, perform an economic activity and therefore constitute undertakings within the meaning of Article 87(1).
Glede na to, da imajo predpisi o državnih pomočeh in direktive za usklajevanje DDV iste cilje, Komisija meni, da je pri zadnjih primerno sklicevanje na sodno prakso, kar potrjuje, da zadevni naložbeni nosilci, ne glede na to, ali imajo obliko družbe ali ne, opravljajo gospodarsko dejavnost in torej predstavljajo podjetja v smislu člena 87(1).
The Commission accordingly considers that a tax advantage provided to investors investing in specialized investment vehicles favours the vehicles themselves as undertakings when they have corporate form or the undertakings managing such vehicles when they have contractual form.
Komisija zato meni, da so davčne ugodnosti za investitorje, ki vlagajo v specializirane naložbene nosilce, primerne tako za same nosilce kot za podjetja, kadar imajo obliko družb, ali za podjetja, ki upravljajo takšne nosilce, kadar imajo pogodbeno obliko.
In particular, the increased demand for shares of specialized investment vehicles leads to an increase in the management and entry fees charged by the vehicles or by the undertakings managing them.
Naraščajoče povpraševanje po delnicah specializiranih naložbenih nosilcev vodi predvsem v povečanje vhodnih tarif in provizij za upravljanje, ki jih obračunajo nosilci ali podjetja, ki te upravljajo.
The argument whereby the scheme is not selective in so far as it does not favour specific investment vehicles and managing undertakings with respect to their size, nationality, place of registration or composition is irrelevant in so far as what matters is the fact that the scheme provides for a tax reduction that is extraordinary and limited to the investment vehicles specialised in shares of listed small- and mid-caps and their managing undertakings.
Utemeljitev, da program ni selektiven, če ne omogoča prednosti za specifične naložbene nosilce in podjetja za upravljanje glede na njihovo velikost, državljanstvo, kraj registracije ali sestavo, je nepomembna, v kolikor je pomembno le dejstvo, da program določa izredno in omejeno znižanje davka za naložbene nosilce, specializirane za delnice majhnih in srednje velikih kapitalskih podjetij na trgih in njihove družbe za upravljanje.
According to settled case law, the fact that aid is not aimed at one or more specific recipients defined in advance but is subject to a series of objective criteria cannot suffice to call into question the selective nature of a state measure.
V skladu z ustaljeno sodno prakso dejstvo, da pomoč ni namenjena enemu ali več posebnim vnaprej opredeljenim prejemnikom, ampak je predmet vrste objektivnih meril, ne more zadostovati za dvom o selektivni naravi državnega ukrepa.
The Commission also considers that the fact that the advantage conferred by the scheme on investment undertakings managing specialised investment vehicles is only indirect cannot rule out the existence of state aid in so far as, according to the settled case law of the Court, direct tax advantages granted to investors who are not undertakings constitute indirect aid for the undertakings invested in.
Komisija o dejstvu, da uživajo naložbena podjetja, ki upravljajo specializirane naložbene nosilce, po programu, le posredne ugodnosti, meni tudi, da to ne more izključiti obstoja državne pomoči, če v skladu z ustaljeno sodno prakso Sodišča neposredne davčne ugodnosti, dodeljene investitorjem, ki niso podjetja, predstavljajo posredno pomoč za podjetja, v katere se vlaga.
The Commission accordingly concludes that the measure confers the specific indirect advantage mentioned above on specialised investment vehicles and their management companies, to the detriment of other undertakings offering alternative forms of investment.
Komisija skladno s tem ugotavlja, da ukrep podeljuje zgoraj omenjeno posebno posredno ugodnost za specializirane naložbene nosilce in njihove družbe za upravljanje v škodo drugih podjetij, ki ponujajo alternativne oblike investicij.
Selective advantage for small- and mid-caps whose shares are held by specialised investment vehicles
Selektivna ugodnost za majhna in srednje velika kapitalska podjetja, katerih delnice imajo specializirani naložbeni nosilci
The Commission also confirms the view expressed in its letter opening the formal investigation procedure that the effect of the scheme in question is to favour small- and mid-caps whose shares are held by specialised investment vehicles benefiting from the tax reduction provided for in Article 12 of Decree-Law No 269/2003.
Komisija tudi potrjuje mnenje iz svojega dopisa o sprožitvi formalnega postopka preiskave, da bo učinek zadevnega programa omogočanje prednosti majhnim in srednje velikim kapitalskim podjetjem, katerih delnice imajo specializirani naložbeni nosilci, ki uživajo ugodnosti zaradi znižanja davka, določenega s členom 12 Uredbe z zakonsko močjo št. 269/2003.
In particular, it considers that the scheme confers an indirect selective advantage on small- and mid-caps whose shares are held by specialised investment vehicles consisting in the increased demand for their shares and in increased liquidity.
Meni zlasti, da program podeljuje posredno selektivno ugodnost za majhna in srednje velika kapitalska podjetja, katerih delnice imajo specializirani naložbeni nosilci, kar predstavlja naraščajoče povpraševanje po njihovih delnicah in povečano likvidnost.
The argument that there would be no advantage for small- and mid-caps because funds and investors seek to maximize profits cannot be accepted since more favourable tax treatment enhances the attractiveness of such an investment, with increased liquidity for small- and mid-caps even in absence of any active behaviour by them aimed at benefiting from such an advantage.
Trditve, da majhna in srednje velika kapitalska podjetja ne bodo deležna ugodnosti, ker si skladi in investitorji prizadevajo za maksimiranje dobičkov, ni mogoče sprejeti, saj ugodnejša davčna obravnava povečuje privlačnost takšne naložbe s povečano likvidnostjo za majhna in srednje velika kapitalska podjetja, tudi če ta pri okoriščanju s tako ugodnostjo niso dejavna.
The argument according to which the scheme would constitute a general tax policy measure aimed at favouring the capitalisation of small- and mid-caps in Europe and would fall outside the scope of the state aid rules cannot be accepted either.
Trditve, po kateri bi program predstavljal splošni ukrep davčne politike za podprtje kapitalizacije majhnih in srednje velikih kapitalskih podjetij v Evropi in tako ne bi sodil v področje predpisov o državni pomoči, prav tako ni mogoče sprejeti.
The Commission takes the view that the tax advantage conferred does not offset any substantial disparity in tax treatment between collective investments in listed small- and mid-caps, on the one hand, and collective investments in other companies and individual investments in non-listed companies, on the other.
Komisija zavzema stališče, da dodeljena davčna ugodnost ne kompenzira kakršnih koli znatnih neskladij pri davčni obravnavi kolektivnih naložb v majhna in srednje velika kapitalska podjetja na trgu na eni strani ter kolektivnih naložb v druga podjetja in individualnih naložb v podjetja zunaj trga na drugi strani.
Nor can the scheme be justified by its own specific objective because it provides solely for tax reductions in the case of specialised collective investments in shares of small- and mid-caps listed on regulated markets and, as such, it is not targeted at or proportionate to the aim of promoting the capitalisation of such companies but instead is conditional on the investments being made through specialised investment vehicles.
Niti ni mogoče programa utemeljiti z njegovim posebnim ciljem, saj predvideva izključno znižanje davka za specializirane kolektivne naložbe v delnice majhnih in srednje velikih kapitalskih podjetij na organiziranih trgih in kot takšen ni usmerjen v cilj spodbujanja kapitalizacije takšnih podjetij oziroma sorazmeren z njim, ampak je namesto tega pogojen z naložbami specializiranih naložbenih nosilcev.
The Commission would point out that the advantages in question are granted by the State or through state resources.
Komisija poudarja, da zadevne ugodnosti dodeli država oziroma so dodeljene iz državnih sredstev.
Noting that Italy did not present any objections in this respect, it confirms the appraisal made in the decision to initiate the formal procedure according to which the advantage is attributable to the State as it consists in the forgoing of tax revenues by the Italian Treasury.
Ob ugotovitvi, da Italija pri tem ni ugovarjala, potrjuje presojo iz sklepa o sprožitvi formalnega postopka, v skladu s katero je ugodnost pripisljiva državi, saj za italijansko državno blagajno predstavlja odpoved davčnim prihodkom.
Effect on competition
Vpliv na konkurenco
In view of the effects of the measure, the Commission confirms the appraisal made in the decision initiating the formal procedure that the measure may distort competition between undertakings and affect trade between Member States because the beneficiary companies can operate in international markets and pursue commercial and other economic activities in markets where competition is intense.
Glede na vpliv ukrepa Komisija potrjuje presojo iz sklepa o sprožitvi formalnega postopka, da bi ukrep lahko izkrivljal konkurenco med podjetji in vplival na trgovino med državami članicami, saj lahko upravičene družbe poslujejo na mednarodnih trgih in opravljajo trgovske in druge gospodarske dejavnosti na trgih z močno konkurenco.
In accordance with the settled case law of the Court, for a measure to distort competition it is sufficient that the recipient of the aid competes with other undertakings on markets open to competition.
V skladu z ustaljeno sodno prakso je za to, da ukrep izkrivlja konkurenco, dovolj, da prejemnik pomoči konkurira drugim podjetjem na trgih, odprtih za konkurenco.
In particular, the vehicles undertaking collective investment in transferable securities and specialised in shares of small- and mid-caps compete with other financial undertakings and operate in an open market characterised by substantial intra-Community trade.
Nosilci, ki opravljajo kolektivne naložbe v prenosljive vrednostne papirje in ki so specializirani za delnice majhnih in srednje velikih kapitalskih podjetij, konkurirajo zlasti drugim finančnim podjetjem in poslujejo na odprtem trgu, za katerega je značilno živahno trgovanje znotraj Skupnosti.
As to the small- and mid-caps whose shares are held by the specialised investment vehicles described in Article 12 of Decree-Law No 269/2003, at least some of them are active in sectors where trade between Member States takes place.
Med majhnimi in srednje velikimi kapitalskimi podjetji, katerih delnice imajo specializirani naložbeni nosilci iz člena 12 Uredbe z zakonsko močjo št. 269/2003, so vsaj nekatera dejavna v sektorjih, v katerih poteka trgovanje med državami članicami.
The Commission considers that neither the limited tax expenditure on this scheme in 2004 (€1,1 million) nor the small number of specialised vehicles operating during that same year (three), as compared with the large number of listed small- and mid-caps whose shares have been held, can affect the conclusion that the measure constitutes aid firstly because, according to the settled case law of the Court, even a small amount of aid affects competition and secondly because it is not ruled out by Italy that the scheme in question may have a far more important economic impact in the future.
Komisija meni, da niti omejeni davčni stroški programa v letu 2004 (1,1 milijona EUR) niti majhno število specializiranih nosilcev, ki so poslovali v istem letu (trije), v primerjavi s številnimi majhnimi in srednje velikimi kapitalskimi podjetji na trgu, katerih delnice so zadržali, ne morejo spremeniti zaključka, da ukrep predstavlja pomoč prvič zato ker, glede na ustaljeno sodno prakso, celo majhna količina pomoči vpliva na konkurenco, in drugič, ker Italija ne izključuje dejstva, da bi lahko zadevni program v prihodnosti imel mnogo večji gospodarski vpliv.
It must further be noted that the limited impact of the measure may also be explained by the fact that the Commission promptly initiated an investigation and opened the formal investigation procedure into the measure, and this may have influenced the behaviour of the operators.
Nadalje je treba opozoriti, da lahko omejeni vpliv ukrepa razložimo tudi z dejstvom, da je Komisija takoj sprožila preiskavo in začela formalni postopek preiskave v zvezi z ukrepom, to pa je lahko vplivalo na vedenje gospodarskih subjektov.
Lastly, although the number of eligible small- and mid-caps listed on regulated European markets is relatively large compared with the size of the tax reduction in 2004, the information presented by Italy does not indicate that the benefits accruing to any individual beneficiary fall within the limit for de minimis aid.
Podatki, ki jih je posredovala Italija, ne kažejo, da so ugodnosti, ki se natečejo vsakemu posameznemu upravičencu, v mejah za pomoč de minimis, čeprav je število upravičenih majhnih in srednje velikih kapitalskih podjetij na organiziranih evropskih trgih v primerjavi z obsegom davčnega znižanja v letu 2004 precej veliko.
The Commission has therefore come to the conclusion that the scheme alters (by way of the tax treatment accorded to investors) the competitive position of certain undertakings pursuing economic activities and, in so far as the latter operate on markets open to international competition, affects competition.
Komisija je zato sklenila, da program (z davčno obravnavo investitorjev) spreminja konkurenčni položaj nekaterih podjetij, ki opravljajo gospodarske dejavnosti, in če ta poslujejo na trgih, odprtih za mednarodno konkurenco, izkrivlja konkurenco.
Lawfulness of the scheme
Zakonitost programa
Since the Italian authorities implemented the scheme without first notifying the Commission, they did not fulfil the obligation incumbent on them under Article 88(3) of the Treaty.
Ker so italijanski organi izvajali program brez predhodne priglasitve Komisiji, niso izpolnili naložene obveznosti iz člena 88(3) Pogodbe.
In so far as it constitutes state aid within the meaning of Article 87(1) of the Treaty and was put into effect without prior approval from the Commission, the measure ranks as unlawful aid.
Ukrep šteje kot nezakonita pomoč, če predstavlja državno pomoč v smislu člena 87(1) Pogodbe in je začel veljati brez predhodne odobritve Komisije.
As the measure constitutes state aid within the meaning of Article 87(1) of the Treaty, its compatibility with the common market must be assessed in the light of the derogations provided for in Article 87(2) and (3) of the Treaty.
Ker ukrep prestavlja državno pomoč v smislu člena 87(1) Pogodbe, je treba njegovo združljivost s skupnim trgom oceniti glede na odstopanja iz člena 87(2) in (3) Pogodbe.