In 3D I Srl v Agenzia delle Entrate Direzione Provinciale di Cremona (ECJ Case C-207/11) a company claimed that the Italian legislation dealing with transfers of assets and share exchanges contravened Article 4 of Directive 90/434/EEC. Advocate-General Jääskinen rejected this contention.
Why it matters: Directive 90/434/EEC (which was repealed with effect from December 2009) regulated ‘the common system of taxation applicable to mergers divisions partial divisions transfers of assets and exchanges of shares concerning companies of different member States’. Advocate-General Jääskinen rejected the company’s contention that the relevant Italian legislation contravened this provision. It seems likely that the ECJ will uphold this Opinion.
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