Belastingen: Griekenland moet investeringsfondsen uit EFTA-landen niet langer discrimineren (en)

The European Commission has formally requested Greece to abolish the discrimination against investment funds established in EEA/EFTA-countries. The Commission considers the tax treatment of capital gains realised from the sale of units in investment funds established in the EEA/EFTA to be incompatible with the freedom to provide services and the free movement of capital, articles 36 and 40 of the EEA Agreement. Subsequent to a first contact, Greece amended its legislation so as to apply to investment funds in other EU Member States the preferential tax treatment that was originally reserved for Greek investment funds. However it did not extend the benefits to EEA/EFTA funds. The request is in the form of a so-called "reasoned opinion" under Article 226 of the EC Treaty. In the absence of a satisfactory response to the reasoned opinion, the Commission may refer the matter to the European Court of Justice.

Before changes were made in the Greek tax legislation (by law of 24 December 2002), capital gains which were realised by private individuals who sold their units in Greek investment funds were exempt from taxation. However, if the units were held in funds established in other Member States or an EEA/EFTA-country, the capital gains realised were subject to tax. The Commission considered this tax treatment to be incompatible with the freedom to provide services and the free movement of capital provided for in the EC Treaty and the EEA Agreement. The effect of such legislation is that it makes the provision of services by funds established in other Member State or EEA/EFTA-countries to residents in Greece more difficult then the provision of these services purely within Greece.

Greece amended its legislation at the end of 2002, but limited the changes to investment funds established in other Member States. The issue of the EEA/EFTA-countries was not covered and therefore the discrimination against investment funds established there remains.

The latest information on infringement proceedings against the Member States is available on the following site:

http://europa.eu.int/comm/secretariat_general/sgb/droit_com/index_en.htm