CHAPTER IIGENERAL PROVISIONS

Article 5Transactions not subject to indirect tax

1

Member States shall not subject capital companies to any form of indirect tax whatsoever in respect of the following:

a

contributions of capital;

b

loans, or the provision of services, occurring as part of contributions of capital;

c

registration or any other formality required before the commencement of business to which a capital company may be subject by reason of its legal form;

d

alteration of the constituent instrument or regulations of a capital company, and in particular the following:

  1. (i)

    the conversion of a capital company into a different type of capital company;

  2. (ii)

    the transfer from a Member State to another Member State of the centre of effective management or of the registered office of a capital company;

  3. (iii)

    a change in the objects of a capital company;

  4. (iv)

    the extension of the period of existence of a capital company;

e

the restructuring operations referred to in Article 4.

2

Member States shall not subject the following to any form of indirect tax whatsoever:

a

the creation, issue, admission to quotation on a stock exchange, making available on the market or dealing in stocks, shares or other securities of the same type, or of the certificates representing such securities, by whomsoever issued;

b

loans, including government bonds, raised by the issue of debentures or other negotiable securities, by whomsoever issued, or any formalities relating thereto, or the creation, issue, admission to quotation on a stock exchange, making available on the market or dealing in such debentures or other negotiable securities.