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One year on from the Kretztechnik judgment Paul Harris of Monckton Chambers explains its continuing significance
The ECJ judgment in Kretztechnik AG v Finanzamt Linz Case C-465/03 [2005] STC 1118 (Kretztechnik) now almost exactly one year old remains of great importance for two principal reasons: first it remains the Court's latest word on the meaning of 'economic activity' in relation to share transactions; second it has further developed and clarified the law of input tax deduction — and in a manner that is potentially of direct benefit to the taxpayer.
The Facts
The Austrian taxpayer company sold medical equipment. It wished to raise working capital by issuing new shares...
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