Italiaans belastingvoordeel aan investeringsinstrumenten voor 'small caps' beoordeeld als ongeoorloofde staatssteun (en)

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The European Commission has decided that an Italian tax scheme for certain investment vehicles violates EU Treaty State aid rules (Article 87). The scheme reduces the nominal tax rate on the earnings accruing to certain collective investment vehicles specialised in holding stocks of small and medium capitalised companies (small caps) listed on regulated EU stock exchanges. The decision follows an in-depth investigation opened in May 2004. The scheme distorts competition because it provides additional liquidity to listed small caps by altering the market value of their stocks and favouring certain undertakings managing the specialised investment vehicles. The aid has been enacted without prior Commission approval and must be recovered from the intermediaries having applied the tax break.

"This Commission is firmly committed to tackle competition distortions deriving from state aid when it does not contribute to achieve any Community objectives or to promote growth, and this is the case when the aid takes the form of tax breaks which merely favour select financial products" commented Competition Commissioner Neelie Kroes i.

With its 2004 budget law, Italy enacted a tax scheme reducing the substitute tax on capital earnings accruing to open-ended collective investment vehicles specialised in holding stocks of small and medium capitalised companies listed on EU regulated stock exchanges from 12.5 to 5%. This substitute tax replaces any other income tax to which the investors would be subject on their earnings from the collective investment vehicles. The collective investment vehicles concerned by the tax break are both corporate-type vehicles such as the SICAV companies and contractual vehicles, not having corporate form, but being managed by financial intermediaries who are undertakings within the meaning of competition law. The small caps targeted by the scheme are the companies listed on regulated stock exchanges in Europe, having a capitalisation below € 800 million.

Although formally available to all specialised vehicles, the scheme appeared to the Commission as a potential subsidy favouring the small caps and the financial intermediaries setting up investment vehicles dedicated to investing in the stocks of listed small caps. Launching a formal probe in May 2004, the Commission ruled out the possibility that the scheme could favour a specific group of investors. The Commission, however, sought to clarify the possible aid character of the scheme because it seemed to favour certain financial intermediaries and the small caps.

During the formal examination procedure, the Commission carefully considered the arguments of the Italian authorities and of the Italian association of financial intermediaries (Assogestioni), which intervened in support of the Italian Government to defend the general tax policy character of the scheme.

After an in-depth examination, the Commission concluded that the scheme constituted state aid in favour of certain financial intermediaries which received indirect benefits from a tax discount granted to the investors. The Commission also found that such advantages were not granted 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.

Consequently, the Commission requested that Italy eliminates the advantage for specialised vehicles. Moreover, because the aid was enacted without prior Commission approval, removing this advantage must be done with retroactive effect - and the past tax break must be recovered from the agents who should have paid the tax.