The following State aid measures in favour of Piraeus Container Terminal SA and its creditor, Cosco, unlawfully put into effect by Greece in breach of Article 108(3) of the Treaty on the Functioning of the European Union, are incompatible with the internal market:
Exemption from income tax on interest accrued until the date of the commencement of operation of Pier III;
Right to VAT credit refund irrespective of the stage of completion of the contract object; definition of the notion of ‘investment good’ for the purposes of VAT rules; right to arrear interests from the first day following the 60th day after the VAT refund request;
Loss carry-forward without any temporal limitation;
Choice among three depreciation methods concerning the investment costs of the reconstruction of Pier II and the construction of Pier III;
Exemption from stamp duties on the loan agreements and any ancillary agreement for the funding of the project;
Exemption from taxes, stamp duties, contributions and any rights in favour of the State or third parties on the contracts between the creditors of the loan agreements under which are transferred the obligations and rights resulting therefrom;
Exemption from stamp duties for any compensation paid by PPA to PCT under the Concession contract, which is outside the scope of the VAT code;
Protection under the special protective regime for foreign investments