argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: financial instruments - tobin tax - compliant with E.U. laws

The 28 of November 2019, in case C-565/18, the lawyer of the E.U. Court of Justice called to provide clarifications on the interpretation of Article 63 TFEU, raising a fundamental question, namely whether the four fundamental freedoms associated with the internal market (goods, people, services and capital ) limit the right of a Member State to apply a tax on certain transactions by referring to criteria other than standard ones, such as territoriality having declared that national legislation applying to financial transactions, regardless of the State of residence, is not contrary to European law of financial operators and intermediaries, a tax that is serious on the counterparties of the transaction, which is equal to a fixed amount increasing by value range of the trades and variable in relation to the type of instrument traded and the value of the contract, and which is due depending on the fact that the transactions subject to tax have as their object the trading of a derivative based on a security issued by a company resident in the State establishing the tax itself. The application was presented in the proceedings between the Société Générale S.A. and the Revenue Agency - Lombardy Regional Directorate (Italy), regarding a request for reimbursement of the amount of a tax on financial transactions paid by Société Générale at the time of the conclusion of derivative financial instruments.