Betekenis van:
capital of italy

Voorbeeldzinnen

1. Taxation of capital gains in Italy
2. According to Italy, any private investor would have invested with such guarantees of a return on capital.
3. If account were also to be taken of the capital gains (and losses) derived ex post, as Italy suggests, one would necessarily also have to consider the risk factors associated with these capital gains and losses.
4. Following the failure of the privatisation, Italy notified to the Commission a plan for a new capital injection into the company of some EUR 24 million. According to Italy, the new capital would allow investments in preparation for the exploitation of new, deeper deposits, leading to an increase in the fluorite content of the minerals extracted and in overall production at the mine.
5. According to Italy, the new capital would allow investments in preparation for the exploitation of new, deeper deposits, leading to an increase in the fluorite content of the minerals extracted and in overall production at the mine.
6. Regarding the aid measures, Italy again stated that the temporary participation by Sviluppo Italia in the capital of SIMPE does not qualify as State aid because it is in line with the market economy investor principle.
7. Acquisition of Gruppo Saima Avandero (subsequently ABX in Italy). The Belgian authorities state that, for the period 1998-2002, the calculation available to SNCB resulted in an internal rate of return (IRR) of 13,0 % for a weighted average cost of capital (WACC) of 9,0 % and a net present value (NPV) of EUR 51,8 million, making it possible to expect a reasonable return on investment.
8. The ordinary shareholder loan granted by Italy thus constituted a simple bridging loan intended to protect the value of the State’s holding and would have been granted by any prudent shareholder pursuing a structural policy — whether general or sectoral — guided by longer-term prospects of profitability on the capital invested than those of an ordinary investor.
9. Italy shall take all necessary measures to recover from the beneficiaries the aid granted by payment of the substitute tax foreseen by Article 2(26) of Law 350/2003 in relation to the fiscal recognition of the capital gains resulting from the reorganisations carried out under Law 218/1990 and unlawfully made available to the beneficiaries.
10. The structure of the return to the investor on a postal savings certificate was simple, and small savers in Italy had been well aware for several decades of the significance of the possibility of early redemption of the invested capital and accrued interest, so that no special effort on the part of the distributor was required in order to explain the structure of the product.
11. Accordingly, with 69.7 % of the shares, Fintecna will have only 51 % of the ordinary voting rights. The Commission also notes the information provided both by the expert with regard to private Italian groups and by Italy in the case of other European companies to show that the use of shares of this type is widespread, including for significant parts of the capital of these companies, and does not give rise to any specific objections.
12. It appeared that the intended recipient, ACEA S.p.A., is one of the former ‘aziende municipalizzate’ (public utilities owned by local public administrative bodies) in the energy sector which has benefited of the aid schemes assessed in the Commission Decision 2003/193/EC of 5 June 2002 on State aid granted by Italy in the form of tax exemptions and subsidised loans to public utilities with a majority public capital holding [5] (State aid C 27/99, ex NN 69/98).
13. The scheme amends the tax treatment in Italy of capital income accruing to various investment vehicles including the open-ended investment funds governed by Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), the ‘historic Luxembourg’ funds, open-ended investment companies (SICAVs) and closed-end investment funds, as governed by the laws regulating such investment vehicles.
14. In accordance with its practice in previous decisions, the Commission is unconcerned as to the means of compensation used by the Member State in so far as it can verify the absence of cross subsidy for competitive activities. See, inter alia, Commission decision of 12 March 2002 on the aid granted by Italy to Poste Italiane SpA (OJ L 282, 19.10.2002, p. 29) and Commission decision of 23 July 2003 concerning the capital increase of EUR 297,5 million in favour of La Poste Belge/De Post (OJ C 241, 8.10.2003, p. 13).
15. in the upper half, the distinguishing capital letter(s) of the Member State where the original check is carried out (B for Belgium, BG for Bulgaria, CZ for the Czech Republic, DK for Denmark, D for Germany, EST for Estonia, IRL for Ireland, EL for Greece, E for Spain, F for France, I for Italy, CY for Cyprus, LV for Latvia, LT for Lithuania, L for Luxembourg, H for Hungary, M for Malta, NL for Netherlands, A for Austria, PL for Poland, P for Portugal, RO for Romania, SI for Slovenia, SK for Slovakia, FI for Finland, S for Sweden, UK for the United Kingdom) together, where necessary, with one or two figures identifying a territorial or administrative subdivision,