Italiaanse belastingkorting voor bedrijven die beursgang maken bestempeld als illegale staatssteun (en)

The European Commission has decided that an Italian scheme reducing the nominal and effective corporate tax rates of companies listed for the first time on a regulated EU stock exchange in 2004 violates EU Treaty state aid rules (Article 87). The decision follows an in-depth investigation opened in February 2004. The scheme distorts competition because it is limited to a small number of undertakings able to list within the narrow timeframe provided for by the law (i.e. 2004) and constitutes operating aid in favour of some of Italy's high-growth companies. The aid has been enacted without prior Commission approval and must be reimbursed by its beneficiaries. The Italian authorities earmarked €56 million in 2004 alone in terms of foregone tax revenue.

"The Commission's action will avoid serious distortions of competition by prohibiting large tax breaks to a select number of beneficiaries in Italy" commented Competition Commissioner Neelie Kroes.

Italy enacted a special tax scheme aimed at providing a three-year reduction of the corporate tax rate (a 13% reduction) in favour of companies listed for the first time on a regulated stock exchange in 2004, and a one-year exclusion from the tax base of such companies corresponding to the expenses incurred because of the listing. Although formally available to all undertakings listed for the first time on any EU stock exchange, the scheme appeared to the Commission as a potential hidden subsidy favouring the companies capable of being listed in the narrow timeframe permitted.

Launching a formal probe in February 2004 (IP/04/1494), the Commission sought to clarify the possible aid character of the scheme. An in-depth examination revealed that only ten new companies were listed in Italy, each potentially entitled to benefits totalling several millions of euro. Although the precise amount of aid varies from company to company, the Commission considered that given the high-growth character of the potential beneficiaries the effects of the scheme would have been considerable over the three years of its planned operation.

Having examined Italy's observations and the comments received from interested parties, the Commission concluded that the scheme constitutes selective state aid because it allows only companies first listed in 2004 to reduce their tax liability. The aid is proportionate to the revenues earned by such beneficiaries during the period and therefore amounts to operating aid, a forbidden type of aid. Furthermore, because the subsidy is provided by means of the national tax system it effectively favours companies registered in Italy.

Finally, the fact that the tax reduction was only available to companies becoming listed resulted in hidden aid in favour of some of the most high-growth undertakings in the Italian economy and therefore had an adverse effect on intra-Community trade and competition.

The Commission found that the aid was not paid in relation to any investment eligible to receive assistance under state aid rules and it was therefore considered to be incompatible with the Single Market. As the aid has been enacted without prior Commission approval, Italy must recover the aid illegally paid to the beneficiaries. Italy warned potential beneficiaries of the possibility that the incentive could be considered an aid when the investigation began and this should facilitate recovery.