natgillin/translations-raw huggingface dataset:
Methods such as commitment fees, trigger events or milestones can be used in order to incentivise the intermediaries to achieve the agreed volumes.
Poleg tega se lahko davčna obveznost za kapitalske dobičke v zvezi z odprodajo delnic odloži ob ponovni naložbi v upravičene instrumente, ki se izvede v določenem obdobju, medtem ko se lahko izgube, ki nastanejo na podlagi odprodaje takih delnic, odštejejo od dobičkov iz drugih delnic, za katere se plačuje isti davek.
Conditions for fiscal instruments
Nadzorni organ na splošno meni, da so take oblike davčnih ukrepov ustrezne in imajo spodbujevalni učinek, če lahko država Efte predloži dokaze, da izbira upravičenih podjetij temelji na dobro strukturiranem naboru naložbenih zahtev, o katerih je javnost ustrezno obveščena in ki določajo lastnosti upravičenih podjetij, ki jih je prizadelo prikazano nedelovanje trga.
As pointed out in Section 3.3.2(d), the scope of the General Block Exemption Regulation is limited to fiscal incentives targeted at investors who are natural persons.
Ne glede na možnost podaljšanja ukrepa morajo davčne sheme trajati največ 10 let.
Therefore, measures using tax incentives to encourage corporate investors to provide finance to eligible undertakings, either directly or indirectly through the acquisition of shares in a dedicated fund or other types of investment vehicles that invest into such undertakings, are subject to notification to the Authority.
Če se shema po 10 letih podaljša, mora država Efte izvesti novo predhodno oceno in hkrati ovrednotiti učinkovitost sheme v obdobju izvajanja.
As a general rule, EFTA States have to base their fiscal measures on the findings of a market failure in the ex ante assessment, and therefore target their instrument towards a well-defined category of eligible undertakings.
Nadzorni organ bo v analizi upošteval posebne lastnosti zadevnih nacionalnih davčnih sistemov ter že obstoječe davčne spodbude v državi Efte in medsebojno učinkovanje navedenih pobud, namenjenih boju proti davčnim goljufijam in davčnim utajam.
Tax incentives to corporate investors may take the form of income tax reliefs and/or tax reliefs on capital gains and dividends, including tax credits and deferrals.
Zagotoviti bi bilo treba tudi pravilno uporabo pravil o izmenjavi informacij med davčnimi upravami, da se preprečijo davčne goljufije in utaje.
In the context of its enforcement practice, the Authority has generally considered compatible income tax reliefs that are designed in such a way so as to contain specific limits as to the maximum percentage of the invested amount that the investor can claim for the purposes of the tax relief, as well as a maximum tax break amount which can be deducted from the investor's tax liabilities.
Davčne ugodnosti morajo biti na voljo vsem vlagateljem, ki izpolnjujejo zahtevana merila, ne glede na kraj njihovega sedeža, če zadevna država Efte izpolnjuje minimalne standarde dobrega upravljanja v davčnih zadevah.
Moreover, capital gains tax liability on disposal of shares can be deferred if reinvested in eligible investments within a certain period, while losses arising upon disposal of such shares may be deducted from profits accruing from other shares subject to the same tax.
Pogoji za ukrepe podpore alternativnim platformam za trgovanje
In general, the Authority considers that such types of fiscal measures are appropriate and therefore have an incentive effect if the EFTA State can produce evidence demonstrating that the selection of the eligible undertakings is based on a well-structured set of investment requirements, made public through appropriate publicity, and setting out the characteristics of the eligible undertakings which are subject to a demonstrated market failure.
V zvezi z ukrepi pomoči, ki podpirajo alternativne platforme za trgovanje in ki presegajo zgornje meje iz uredbe o splošnih skupinskih izjemah, mora upravljavec platforme predložiti poslovni načrt, ki dokazuje, da lahko platforma, ki ji je dodeljena pomoč, postane samozadostna v manj kot 10 letih.
Without prejudice to the possibility of prolonging a measure, fiscal schemes must have a maximum duration of 10 years.
Poleg tega je treba v priglasitvi predložiti verjetne hipotetične scenarije, ki vključujejo primerjave razmer, v katerih bi se podjetja, z vrednostjo katerih se trguje, znašla, če ne bi bilo platforme, v smislu dostopa do potrebnih finančnih sredstev.
If, after 10 years, the scheme is prolonged, the EFTA State must carry out a new ex ante assessment together with an evaluation of the effectiveness of the scheme during the period of its implementation.
Nadzorni organ bo naklonjen alternativnim platformam za trgovanje, ki jih ustanovi več držav članic in delujejo v več državah članicah, saj so lahko zelo učinkovite in privlačne za zasebne vlagatelje, zlasti institucionalne.
In its analysis, the Authority will take account of the specific characteristics of the relevant national fiscal system and the fiscal incentives that already exist in the EFTA State, as well as the interplay between those incentives, devoted to fight against tax fraud and evasion.
Za obstoječe platforme mora predlagana poslovna strategija platforme pokazati, da zadevna platforma zaradi stalnega pomanjkanja kotacij in zaradi posledično slabše likvidnosti zahteva kratkoročno pomoč kljub dolgoročni sposobnosti preživetja.
It should also be ensured that the rules on information exchange between tax administrations to prevent tax fraud and evasion duly apply.
Nadzorni organ bo pozitivno obravnaval pomoč za vzpostavitev alternativne platforme za trgovanje v državah Efte, kjer taka platforma še ne obstaja.
EFTA States should therefore ensure an adequate publicity regarding the scope and the technical parameters of the measure.
Spodbujevalni učinek pomoči
These should include the necessary ceilings and caps defining the maximum advantage that each individual investor may draw from the measure, as well as the maximum investment amount which can be made in individual eligible undertakings.
Državna pomoč lahko velja za združljivo s Sporazumom EGP le, če ima spodbujevalni učinek in spreminja ravnanje upravičenca do pomoči tako, da ta začne izvajati dejavnosti, ki jih ne bi izvajal brez pomoči ali bi jih zaradi obstoja nedelovanja trga izvajal bolj omejeno.
Conditions for measures supporting alternative trading platforms
Na ravni upravičenih podjetij je spodbujevalni učinek prisoten, kadar lahko končni upravičenec zbere finančna sredstva, ki mu drugače ne bi bila na voljo v smislu oblike, zneska ali časovnega razporeda.
As regards aid measures supporting alternative trading platforms beyond the limits set out in the General Block Exemption Regulation, the operator of the platform must provide a business plan demonstrating that the aided platform can become self-sustainable in less than 10 years.
Ukrepi tveganega financiranja morajo spodbujati tržne vlagatelje k zagotavljanju financiranja potencialno uspešnih upravičenih podjetij nad sedanjo ravnjo in/ali k prevzemanju dodatnega tveganja.
Moreover, plausible counterfactual scenarios must be provided in the notification, comparing the situations with which the tradable undertakings would be confronted if the platform did not exist, in terms of access to the necessary finance.
Ukrep tveganega financiranja naj bi imel spodbujevalni učinek, če spodbuja naložbe iz tržnih virov, da skupno financiranje upravičenih podjetij presega proračun ukrepa.
The Authority will look favourably at alternative trading platforms set up by and operating across several EFTA States, because they may be particularly efficient and attractive to private investors, in particular to institutional investors.
Zato bi ključni element pri izbiri finančnih posrednikov in upravljavcev skladov morala biti njihova zmožnost spodbujanja dodatnih zasebnih naložb.
For existing platforms, the proposed business strategy of the platform must show that, due to a persistent shortage of listings, and therefore a shortage of liquidity, the platform concerned needs to be supported in the short-term, despite its long-term viability.
Ocena spodbujevalnega učinka je tesno povezana z oceno nedelovanja trga iz oddelka 3.3.
The Authority will consider positively aid for the setting up of an alternative trading platform in EFTA States where no such platform exists.
Poleg tega je primernost ukrepa za doseganje učinka vzvoda odvisna predvsem od zasnove ukrepa v zvezi z razporeditvijo tveganj in koristi med javnimi in zasebnimi ponudniki finančnih sredstev, kar je tesno povezano tudi z vprašanjem, ali je zasnova ukrepa državne pomoči za tvegano financiranje ustrezna (glej oddelek 3.4).
Where the alternative trading platform to be supported is a sub-platform or subsidiary of an existing stock exchange, the Authority will pay particular attention to the assessment of the lack of finance such a sub-platform would face.
Po primerni opredelitvi nedelovanja trga in ustrezni zasnovi ukrepa se zato lahko šteje, da je spodbujevalni učinek prisoten.
Incentive effect of the aid
Sorazmernost pomoči
State aid can only be found compatible with the EEA Agreement if it has an incentive effect that induces the aid beneficiary to change its behaviour by undertaking activities which it would not carry out without the aid or would carry out in a more restrictive manner due to the existence of a market failure.
Državna pomoč mora biti sorazmerna z nedelovanjem trga, ki naj bi ga odpravljala, da se dosežejo ustrezni cilji politike.
At the level of the eligible undertakings, an incentive effect is present when the final beneficiary can raise finance that would not be available otherwise in terms of form, amount or timing.
Oblikovana mora biti stroškovno učinkovito in v skladu z načeli dobrega finančnega poslovodenja.
Risk finance measures must incentivise market investors to provide funding to potentially viable eligible undertakings above the current levels and/or to assume extra risk.
Da bi se ukrep pomoči štel za sorazmernega, mora biti pomoč omejena na najmanjši možni znesek, potreben za privabljanje financiranja na trgu, da se zapolni opredeljena likvidnostna vrzel, ne da bi pri tem nastajale neupravičene prednosti.
A risk finance measure is considered to have an incentive effect if it mobilises investments from market sources so that the total financing provided to the eligible undertakings exceeds the budget of the measure.
Pomoč za tvegano financiranje na ravni končnih upravičencev se praviloma šteje za sorazmerno, če je skupni znesek sindiciranega (javnega in zasebnega) financiranja na podlagi ukrepa tveganega financiranja omejen na obseg likvidnostne vrzeli, opredeljene v predhodni oceni.
Hence, a key element in selecting the financial intermediaries and fund managers should be their ability to mobilise additional private investment.
Na ravni vlagateljev mora biti pomoč omejena na najmanjši možni znesek, potreben za privabljanje zasebnega kapitala za doseganje najmanjšega učinka vzvoda in premostitev likvidnostne vrzeli.
The assessment of the incentive effect is closely linked to the assessment of the market failure discussed in Section 3.3.
Ukrep mora zagotavljati ravnovesje med prednostnimi pogoji, ki jih zagotavlja finančni instrument, da bi se čim bolj povečal učinek vzvoda pri odpravi ugotovljenega nedelovanja trga ter bi se zadovoljila potreba po instrumentu, ki bo omogočil doseganje zadostnih finančnih donosov, da bo ostal operativen.
Further, the suitability of the measure to achieve the leverage effect ultimately depends on the design of the measure as regards the balance of risks and rewards between public and private finance-providers, which is also closely related to the question whether the design of the risk finance State aid measure is appropriate (see Section 3.4 above).
Vrsto in vrednost spodbud je treba opredeliti z odprtim in nediskriminatornim izbirnim postopkom, v okviru katerega se finančne posrednike, upravljavce skladov ali vlagatelje pozove, naj predložijo konkurenčne ponudbe.
Therefore, once the market failure has been properly identified and the measure has an appropriate design, it can be assumed that an incentive effect is present.
Nadzorni organ meni, da se finančni instrument, kadar se asimetrični donosi, prilagojeni tveganju, ali asimetrična porazdelitev tveganj in donosa določijo prek takega postopka, šteje za sorazmernega in kaže pravično stopnjo donosa.
Proportionality of the aid
Kadar so upravitelji skladov izbrani z odprtim, preglednim in nediskriminatornim javnim razpisom, ki od kandidatov zahteva, da kot del izbirnega postopka predstavijo svojo bazo vlagateljev, se šteje, da so bili zasebni vlagatelji ustrezno izbrani.
State aid must be proportionate in relation to the market failure being addressed in order to achieve the relevant policy objectives.
Pri sovlaganju javnega sklada z zasebnimi vlagatelji, ki z njim sodelujejo na podlagi posameznega trgovanja, bi bilo treba slednje za vsako posamezno transakcijo izbrati z ločenim konkurenčnim postopkom, kar je prednostni način oblikovanja pravične stopnje donosa.
It must be designed in a cost-efficient manner, in line with the principles of sound financial management.
Kadar zasebni vlagatelji niso izbrani prek takega postopka (ker se je na primer izbirni postopek izkazal za neučinkovitega ali nedokončnega), mora pravično stopnjo donosa za izognitev previsokih nadomestil vlagateljem določiti neodvisni strokovnjak na podlagi analize tržnih referenčnih vrednosti in tržnega tveganja, pri čemer uporabi metodo vrednotenja diskontiranega denarnega toka.
For an aid measure to be considered proportionate, aid must be limited to the strict minimum necessary to attract funding from the market to close the identified funding gap, without generating undue advantages.
Na podlagi navedenega mora neodvisni strokovnjak izračunati najnižjo pravično stopnjo donosa in ji dodati ustrezen pribitek glede na tveganje.
As a general rule, at the level of the final beneficiaries, risk finance aid is considered to be proportionate if the total amount of syndicated funding (public and private) provided under the risk finance measure is limited to the size of the funding gap identified in the ex ante assessment.
V tem primeru morajo biti vzpostavljena ustrezna pravila za določitev neodvisnega strokovnjaka.
At the level of the investors, aid must be limited to the minimum necessary to attract private capital in order to achieve the minimum leverage effect and bridge the funding gap.
Strokovnjak mora imeti vsaj dovoljenje za zagotavljanje takih nasvetov, biti mora registriran pri ustreznih poklicnih združenjih, upoštevati deontološka in strokovna pravila navedenih združenj, biti mora neodvisen in odgovarjati za točnost svojega strokovnega znanja.
The measure must ensure a balance between the preferential conditions offered by a financial instrument in order to maximise the leverage effect while addressing the identified market failure and the need for the instrument to generate sufficient financial returns to remain operationally viable.
Neodvisni strokovnjaki se načeloma izberejo z odprtim, preglednim in nediskriminatornim izbirnim postopkom.
The exact nature and value of the incentives must be determined through an open and non-discriminatory selection process in the context of which financial intermediaries, as well as fund managers or investors are called to present competing bids.
Istega neodvisnega strokovnjaka v obdobju treh let ni mogoče uporabiti dvakrat.
The Authority considers that where any asymmetric risk-adjusted returns or loss-sharing is established through such a process, the financial instrument is to be regarded as proportionate and to reflect a fair rate of return (FRR).
Glede na to lahko zasnova ukrepa vključuje različne naložbe z asimetrično udeležbo pri dobičku ali časovno asimetrično razporejene javne in zasebne naložbe, če so pričakovani donosi, prilagojeni tveganju, za zasebne vlagatelje omejeni s pravično stopnjo donosa.
Where the fund managers are selected through an open, transparent, and non-discriminatory call requiring the applicants to present their investor base as part of the selection process, the private investors are considered to be duly selected.
Nadzorni organ na splošno meni, da lahko gospodarska uskladitev interesov med državami Efte in finančnimi posredniki ali njihovimi upravljavci po potrebi minimizira pomoč.
In the case of co-investment by a public fund with private investors participating on a deal-by-deal basis, the latter should be selected through a separate competitive process in respect of each transaction, which is the preferred way of establishing the FRR.
Interesi morajo biti usklajeni tako glede doseganja posameznih ciljev politike kot tudi glede finančne uspešnosti javne naložbe v instrument.
Where private investors are not selected through such a process (for instance because the selection procedure has proven to be ineffective or inconclusive) the FRR must be established by an independent expert on the basis of an analysis of market benchmarks and market risk using the discounted cash flow valuation methodology in order to avoid over-compensation of investors.
Finančni posrednik ali upravljavec sklada lahko sovlaga z državo Efte, če pogoji takega sovlaganja ne povzročajo nasprotja interesov.
On that basis, the independent expert must calculate a minimum level of FRR and add to that an appropriate margin to reflect the risks.
Tako sovlaganje bi lahko spodbudilo upravljavca, da uskladi svoje odločitve o naložbah z opredeljenimi cilji politike.
In such a case, there must be appropriate rules in place for the appointment of the independent expert.
Plačilo finančnih posrednikov ali upravljavcev skladov, ki je odvisno od vrste ukrepa tveganega financiranja, mora vključevati letno nadomestilo za upravljanje in spodbude, ki temeljijo na učinkovitosti, kot je odložena udeležba pri dobičku.
As a minimum, the expert must be licensed to provide such advice, be registered with the relevant professional associations, comply with deontological and professional rules issued by those associations, be independent and be liable for the accuracy of its expertise.
Del plačila, ki temelji na učinkovitosti, mora biti znaten in oblikovan tako, da nagrajuje finančno uspešnost in doseganje vnaprej določenih posebnih ciljev politike.
In principle, independent experts are to be selected via an open, transparent and non-discriminatory selection procedure.
Spodbude, povezane s politiko, morajo biti usklajene s spodbudami v zvezi s finančno uspešnostjo, ki so nujne za zagotavljanje uspešne izbire upravičenih podjetij, v katera se bo vlagalo.
The same independent expert may not be used twice within a period of 3 years.
Nadzorni organ bo poleg tega upošteval morebitne kazni, ki so določene v sporazumu o financiranju med državo Efte in finančnim posrednikom ter se uporabljajo ob nedoseganju opredeljenih ciljev politike.
In the light of the above, the design of the measure may contain various asymmetric profit-sharing or asymmetrically timed public and private investments, as long as the expected risk-adjusted returns for the private investors are limited to the FRR.
Raven plačila, ki temelji na učinkovitosti, bi morala biti utemeljena z ustrezno tržno prakso.
As a general principle, the Authority considers that economic alignment of interests between the EFTA State and the financial intermediaries or their managers, as appropriate, can minimise the aid.
Upravljavci morajo biti plačani ne le za uspešno izplačilo in znesek zbranega zasebnega kapitala, temveč tudi za uspešen donos naložb, kot so prejemki prihodkov in kapitala nad določeno minimalno stopnjo donosa.
The interests must be aligned both as regards the achievement of the specific policy targets and the financial performance of the public investment into the instrument.
Skupna provizija za upravljanje ne sme presegati operativnih stroškov in stroškov upravljanja, potrebnih za izvajanje zadevnega finančnega instrumenta, ter razumnega dobička v skladu s tržno prakso.
The financial intermediary or the fund manager may co-invest alongside the EFTA State, as long as the terms and conditions of such a co-investment are such as to exclude any possible conflict of interests.
Provizije ne smejo vključevati stroškov naložb.
Such co-investment could incentivise the manager to align its investment decisions with the set policy targets.
Ker je treba finančne posrednike ali njihove upravljavce po potrebi izbrati z odprtim, preglednim in nediskriminatornim javnim razpisom, se lahko skupna struktura provizij ovrednoti kot del točkovanja v navedenem izbirnem postopku, na podlagi take izbire pa se lahko nato opredeli tudi najvišje plačilo.
The remuneration of the financial intermediaries or the fund managers, depending on the type of risk finance measure, must include an annual management fee, as well as performance-based incentives, such as carried interest.
Pri neposrednem imenovanju pooblaščenega subjekta Nadzorni organ meni, da letno nadomestilo za upravljanje načeloma ne bi smelo presegati 3 % kapitala, ki se prispeva v subjekt, z izjemo spodbud, ki temeljijo na učinkovitosti.
The performance-based component of the remuneration must be significant and designed to reward the financial performance, as well as the attainment of the specific policy targets set in advance.
Celotna naložba za vsako podjetje upravičenca ne sme presegati najvišjega zneska, ki je določen v določbi o tveganem financiranju iz uredbe o splošnih skupinskih izjemah.
Policy-related incentives must be balanced with the financial performance incentives which are required to ensure an efficient selection of eligible undertakings in which investments will be made.
Ne glede na vrsto davčne olajšave morajo biti upravičene delnice novo izdane navadne delnice visokega tveganja, ki jih izdajo upravičena podjetja, kakor je opredeljeno v predhodni oceni, in jih je treba imeti v lasti najmanj tri leta.
In addition, the Authority will take into account possible penalties provided for in the funding agreement between the EFTA State and the financial intermediary, which apply if the defined policy targets are not met.
Olajšave ne smejo biti na voljo vlagateljem, ki ne delujejo neodvisno od družbe, v katero se vlaga.
The level of performance-based remuneration should be justified based on the relevant market practice.
V zvezi z olajšavami pri dohodnini lahko vlagatelji, ki zagotavljajo financiranje upravičenim podjetjem, prejmejo olajšavo do razumnega deleža zneska, vloženega v upravičena podjetja, če ni presežena najvišja obveznost vlagatelja za dohodnino, kakor je določeno pred fiskalnim ukrepom.
The managers must be remunerated not only for the successful disbursement and the amount of private capital raised, but also for the successful returns on investments, such as income receipts and capital receipts above a certain minimum rate of return or hurdle rate.
Nadzorni organ meni, da je 30 % vloženega zneska razumna omejitev olajšav pri dohodnini.
The total management fees must not exceed operational and management costs necessary for the execution of the financial instrument concerned, plus a reasonable profit, in line with market practice.
Izgube zaradi odprodaje delnic so primerljive z dohodnino.
The fees must not include investment costs.
V zvezi z davčnimi olajšavami za dividende se lahko vse dividende, prejete pri upravičenih delnicah, v celoti izvzamejo iz dohodnine.
As financial intermediaries or their managers, as appropriate, must be selected through an open, transparent and non-discriminatory call, the overall fee structure can be evaluated as part of the scoring of that selection process and the maximum remuneration can be established as a result of such selection.
Podobno se lahko v zvezi z davčnimi olajšavami za kapitalske dobičke ves dobiček od prodaje upravičenih delnic v celoti izvzame iz davka na kapitalski dobiček.
In case of direct appointment of an entrusted entity, the Authority considers that the annual management fee should in principle not exceed 3 % of the capital to be contributed to the entity, excluding the performance-based incentives.
Poleg tega se lahko davčna obveznost za kapitalske dobičke v zvezi z odprodajo upravičenih delnic odloži ob ponovni naložbi v nove kvalificirane delnice v roku enega leta.