capital transfer

Repatriation of Capital, Profits and Income

capital transfer tax

(transfer from share capital)

Within certain limits, this could, for example, facilitate the indirect transfer of capital from one SOE to another, such as through some reinvestment of dividends received, or the raising of capital on competitive market terms.

Bearing in mind the respective powers and competences of the Community and the Member States, cooperation shall aim to establish a favourable climate for private investment, both domestic and foreign, especially through better conditions for investment protection, the transfer of capital and the exchange of information on investment opportunities.

c) be exempt from the tax relating to the profits or losses generated by terminating the participation in the capital of the transferring company, provided that he participates in the capital of the transferring company.

VI. TAXATION APPLICABLE TO TRANSFERS OF ACTIVITIES, EXCHANGES OF EQUITY HOLDINGS, MERGERS AND DIVISIONS

If the key referred to in Article 29 is adjusted, the national central banks shall transfer among themselves capital shares to the extent necessary to ensure that the distribution of capital shares corresponds to the adjusted key.

Those reliefs and conditions shall apply which would apply if there were no transfer of activities, exchange of equity holdings, and merger and division

Transfer of activities, exchange of equity holdings, merger and division subject to Articles 30 to 48 of this Act shall not be deemed alienation of an asset.

(2) The transfer of things referred to in the first paragraph of this article shall be carried out on the basis of a division balance through the reduction of capital, in compliance with the provisions of the act regulating commercial companies.

(Use of the provisions of the Corporate Profit Tax Act relating to taxation applicable to transfers of activities, taxation applicable to exchanges of equity holdings, and taxation applicable to mergers and divisions)

(a) a practice of a government or regional body or other public organisation involves a direct transfer of funds such as grants, loans or equity infusion, potential direct transfer of funds to the company or the assumption of liabilities of the company such as loan guarantees;

(i) a government practice involves a direct transfer of funds (e.g. grants, loans, and equity infusion), potential direct transfers of funds or liabilities (e.g. loan guarantees);

assume one of the forms to which the common system of taxation applies which is applicable to mergers, divisions, transfers of assets and exchange of equity holdings in the companies from different EU Member States, and which are laid down by the minister responsible for finance;

when calculating own funds at the level of the financial conglomerate, competent authorities shall also take into account the effectiveness of the transferability and availability of the own funds across the different legal entities in the group, given the objectives of the capital adequacy rules;

are subject to one of the taxes with regard to which the common system of taxation applies which is applicable to mergers, divisions, transfers of assets and exchange of equity holdings in the companies from different EU Member States, and which are laid down by the minister responsible for finance.

(b) Feasible measures to detect or monitor the physical cross-border transportation of cash and bearer negotiable instruments, subject to strict safeguards to ensure proper use of information and without impeding in any way the freedom of capital movements.

States Parties shall consider implementing feasible measures to detect and monitor the movement of cash and appropriate negotiable instruments across their borders, subject to safeguards to ensure proper use of information and without impeding in any way the movement of legitimate capital.

Transfer of activities subject to this Article shall mean a transaction whereby a company (hereinafter: transferring company) transfers, without being dissolved, one or several of its activities to another previously established company (hereinafter: receiving company) in exchange for either the issuance or transfer of securities representing the capital of the receiving company to the transferring company.

(2) The provisions of the Corporate Profit Tax Act (Uradni list RS, No. 14/03-official consolidated text), which are governed by the transitional regulation shall, as regards taxation applicable to transfers of activities, taxation applicable to exchanges of equity holdings, and taxation applicable to mergers and divisions subject to Articles 30 to 48 of this Act, be taken into account in such a manner as would apply if there were no transfer of activities, exchange of equity holdings, and merger and division.

assume one of the forms to which the common system of taxation applies which is applicable to mergers, divisions, transfers of assets and exchange of equity holdings in the companies from different EU Member States other than persons set up subject to the law of Slovenia, and which are laid down by the minister responsible for finance;

a company (hereinafter: transferring company), transfers one or several activities to a company formed by it (hereinafter: receiving company), in exchange for the issue or transfer of securities representing the capital of the receiving company, which are acquired either by the transferring company itself or by the partners thereof.

For the purposes of this Article ` reasonable after-tax profit in this sector` means the average return on capital in the sector of transmission system operators of natural gas in the European Union, taking into account calculation of return generated by comparable projects for the last three years for which data are available.

one or more companies (hereinafter: transferring company), on being dissolved without going into liquidation, transfer all their assets and liabilities to another existing company (hereinafter: receiving company) in exchange for the issue or transfer to their partners of securities representing the capital of the receiving company,

two or more companies (hereinafter: transferring company), on being dissolved without going into liquidation, transfer all their assets and liabilities to a company that they form (hereinafter: receiving company), in exchange for the issue or transfer to their partners of securities representing the capital of the receiving company.

a company (hereinafter: transferring company), on being dissolved without going into liquidation, transfers all its assets and liabilities to two or more existing or new companies (hereinafter: receiving companies), in exchange for the pro rata issue or transfer to its partners of securities representing the capital of the receiving companies;

For the purpose of taxation applicable to transfers of activities, taxation applicable to exchanges of equity holdings, and taxation applicable to mergers and divisions subject to Articles 30 to 47 of this Act, the provisions relating to the transfers of securities representing a share in the capital shall also apply to the companies, such as limited liability companies, whose capital is not accounted for by securities.

(1) As regards taxation applicable to transfers of activities, taxation applicable to exchanges of equity holdings, and taxation applicable to mergers and divisions subject to Articles 30 to 48 of this Act, transfers of activities, exchanges of equity holdings, and mergers and divisions shall not be deemed the events which, subject to Articles 40, 41 and 42 of the Corporate Profit Tax Act (Uradni list RS, No. 14/03-official consolidated text) resulting in the situation in which the taxable person must, in the year in which such an event is recorded, increase the tax basis by the used relief subject to Articles 39 to 42 of the Corporate Profit Tax Act (Uradni list RS, No. 14/03-official consolidated text).

If the transferring company is resident in Slovenia and the receiving company is resident in an EU Member State other than Slovenia, Article 31 of this Act and Article 33 of this Act shall not apply to the transfer of one or several activities representing one or several places of establishment located in an EU Member State other than Slovenia, and the transferring company shall have the right to a tax deduction, which is a result of the transfer, which the EU Member State concerned would charge as a result of the transfer in question, if the regulation were not introduced regarding the common system of taxation applicable to mergers, divisions, transfers of assets and exchange of equity holdings in the companies from different EU Member States.

(1) Exchange of equity holdings shall be a transaction whereby a company (hereinafter: the acquiring company) acquires securities of another company (hereinafter: acquired company) in exchange for the issue or transfer to the partners of the acquired company of own securities (hereinafter: new securities), in exchange for the securities held by those partners in the acquired company (hereinafter: original securities), provided that the after the exchange of equity holdings the acquiring company holds no less than the majority of voting rights in the acquired company or no less than 25% of the value of the acquired company` s capital.

(1) If the transferring company is resident in Slovenia and the receiving company is resident in an EU Member State other than Slovenia, and if the merger or division involves the transfer of activities representing a place of establishment in an EU Member State other than Slovenia, point 1 of Article 42, points 1 and 2 of Article 44 and Article 46 of this Act shall not apply, and the transferring company shall have the right to a tax deduction, which is a result of the merger or division, which the EU Member State concerned would charge as a result of the merger or division in question, if the regulation were not introduced regarding the common system of taxation applicable to mergers, divisions, transfers of assets and exchange of equity holdings in the companies from different EU Member States.

Recalling General Assembly resolution 51/210 of 17 December 1996, paragraph 3, subparagraph (f), in which the Assembly called upon all States to take steps to prevent and counteract, through appropriate domestic measures, the financing of terrorists and terrorist organizations, whether such financing is direct or indirect through organizations which also have or claim to have charitable, social or cultural goals or which are also engaged in unlawful activities such as illicit arms trafficking, drug dealing and racketeering, including the exploitation of persons for purposes of funding terrorist activities, and in particular to consider, where appropriate, adopting regulatory measures to prevent and counteract movements of funds suspected to be intended for terrorist purposes without impeding in any way the freedom of legitimate capital movements and to intensify the exchange of information concerning international movements of such funds,

transfers of capital belonging to persons resident in Ireland who are emigrating, other than transfers connected with freedom of movement for workers which shall be liberalized from the date of accession;

transfers of capital belonging to persons resident in the United Kingdom who are emigrating, other than transfers connected with freedom of movement for workers which shall be liberalized from the date of accession;

For land, costs of commercial transfer or actually incurred capital costs are eligible;

'transfer of assets' shall mean an operation whereby a company transfers without being dissolved all or one or more branches of its activity to another company in exchange for the transfer of securities representing the capital of the company receiving the transfer;

The Member States may derogate from paragraph 1 where the receiving company's holding in the capital of the transferring company does not exceed 25 %.

"Transferable securities" means those classes of securities which are negotiable on the capital market, with the exception of instruments of payment, such as:

Each Member State undertakes to authorize, in the currency of the Member State in which the creditor or the beneficiary resides, any payments connected with the movement of goods, services or capital, and any transfers of capital and earnings, to the extent that the movement of goods, services, capital and persons between Member States has been liberalized pursuant to this Treaty.

COUNCIL DIRECTIVE of 30 July 1963 liberalising transfers in respect of invisible transactions not connected with the movement of goods, services, capital or persons (63/474/EEC)

has as its principal objective or as one of its principal objectives tax evasion or tax avoidance;

Where the receiving company has a holding in the capital of the transferring company, any gains accruing to the receiving company on the cancellation of its holding shall not be liable to any taxation.

Other capital transfers in cash are recorded when payment is due (and, in the case of transfers in kind, when ownership of the asset is transferred or when the debt is cancelled by the creditor).

By way of derogation from paragraph 1, the Portuguese Republic may delay the application of the provisions concerning transfers of assets and exchanges of shares until 1 January 1993.

Each Member State shall apply this Directive to mergers, divisions, transfers of assets and exchanges of shares in which companies from two or more Member States are involved.

financial services in connection with the issue, sale, purchase or transfer of securities or other financial instruments, in particular transactions by the contracting entities to raise money or capital;

a practice of a government or regional body or other public organisation involves a direct transfer of funds such as grants, loans or equity infusion, potential direct transfer of funds to the company or the assumption of liabilities of the company such as loan guarantees;

COUNCIL DIRECTIVE of 23 July 1990 on the common system of taxation applicable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States (90/434/EEC)