Keywords
Summary

Keywords

1 . TAX PROVISIONS - HARMONIZATION OF LAWS - INDIRECT TAXES ON THE RAISING OF CAPITAL - DUTY ON CONTRIBUTIONS OF CAPITAL TO CAPITAL COMPANIES - BASIS OF ASSESSMENT - REFERENCE TO THE NOMINAL AMOUNT OF THE SHARES IN THE COMPANY - CONCEPT OF ' ' NOMINAL AMOUNT ' ' - COMMUNITY CONCEPT

( COUNCIL DIRECTIVE 69/335 , ART . 5 ( 2 ))

2 . TAX PROVISIONS - HARMONIZATION OF LAWS - INDIRECT TAXES ON THE RAISING OF CAPITAL - DUTY ON CONTRIBUTIONS OF CAPITAL TO CAPITAL COMPANIES - BASIS OF ASSESSMENT - REFERENCE TO THE NOMINAL AMOUNT OF THE SHARES IN THE COMPANY - CONDITIONS

( COUNCIL DIRECTIVE 69/335 , ART . 5 ( 2 ))

3 . MEASURES ADOPTED BY THE INSTITUTIONS - DIRECTIVES - EFFECT - CORRECT IMPLEMENTATION BY THE MEMBER STATES - EFFECTS ON INDIVIDUALS OF NATIONAL IMPLEMENTING MEASURES

( EEC TREATY , ART . 189 )

Summary

1 . THE CONCEPT OF ' ' NOMINAL AMOUNT ' ' WITHIN THE MEANING OF ARTICLE 5 ( 2 ) OF DIRECTIVE 69/335 CONCERNING INDIRECT TAXES ON THE RAISING OF CAPITAL IS CONTAINED IN A PROVISION OF COMMUNITY LAW WHICH DOES NOT REFER TO THE LAW OF THE MEMBER STATES IN ORDER TO DETERMINE ITS MEANING AND SCOPE . THE HARMONIZATION OF TAXES SUCH AS CAPITAL DUTY ON THE RAISING OF CAPITAL , NOT ONLY IN RELATION TO THE RATES BUT ALSO TO THE STRUCTURE THEREOF , IMPLIES THAT THE BASIS OF ASSESSMENT IS DETERMINED IN EACH MEMBER STATE ON THE BASIS OF OBJECTIVE CRITERIA , HAVING A UNIFORM SCOPE WITHIN THE COMMUNITY AND FREE FROM THE INFLUENCE OF NATIONAL LAWS . IT FOLLOWS THAT THE INTERPRETATION OF THE CONCEPT AT ISSUE , CONSIDERED IN ITS ENTIRETY , MAY NOT BE LEFT TO THE DISCRETION OF EACH MEMBER STATE .

2.THE SHARES IN A COMPANY HAVE A NOMINAL AMOUNT WITHIN THE MEANING OF ARTICLE 5 ( 2 ) OF DIRECTIVE 69/335/EEC WHEN THE LEGAL STRUCTURE OF THE TYPE OF COMPANY TO WHICH THE COMPANY CONCERNED BELONGS INCLUDES AMOUNTS FIXED IN CASH , INTENDED TO QUANTIFY THE VALUE OF THE MEMBERS ' CONTRIBUTION TO THE RAISING OF CAPITAL IN THAT COMPANY AND TO CHARACTERIZE IN DURABLE FASHION THE RELATIONS BETWEEN THE MEMBERS AND THE COMPANY .

IT IS FOR THE NATIONAL COURT , TAKING INTO ACCOUNT THE CRITERIA FOR INTERPRETATION LAID DOWN BY THE COURT OF JUSTICE , TO CARRY OUT THE NECESSARY APPRAISAL BOTH OF THE RELEVANT NATIONAL RULES AND THE PROVISIONS OF THE COMPANY ' S DOCUMENTS OF CONSTITUTION IN ORDER TO ESTABLISH WHETHER THAT IS THE CASE .

3.WHENEVER A DIRECTIVE IS CORRECTLY IMPLEMENTED , ITS EFFECTS REACH INDIVIDUALS THROUGH THE INTERMEDIARY OF THE IMPLEMENTING MEASURES ADOPTED BY THE MEMBER STATE CONCERNED , WITHOUT ITS BEING NECESSARY TO EXAMINE THE QUESTION WHETHER THE PROVISION IN QUESTION MEETS THE CONDITIONS WHICH MUST BE FULFILLED FOR INDIVIDUALS TO BE ABLE TO RELY UPON IT BEFORE A NATIONAL COURT IN THE EVENT OF THE DIRECTIVE ' S NOT BEING CORRECTLY IMPLEMENTED .