argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: stock exchange - taxation - capital gains

On 18 September 2019, in the ruling concerning joined cases C-662/18 and C-672/18, the E.U. Court of Justice concluded that as part of a securities exchange transaction, the capital gain relating to the securities traded and the same tax treatment must be applied in tax deferral and to that deriving from the sale of the securities received in exchange, with reference to both the tax rate and the application of a tax reduction to take into account the period in which the securities are held, of what would have been applied to the capital gain that would have been made upon the sale of the existing securities prior to the exchange transaction, if the latter had not taken place. The E.U. Court of Justice explained the common tax regime to be applied to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States. The questions were presented in the context of disputes regarding the refusal of the tax administration, at the time of the taxation of capital gains placed in deferred tax and those realized on the occasion of the sale of securities received as part of a transaction of exchange of securities, to apply an overall reduction calculated from the date of purchase of the securities exchanged.