commiss decis march aid scheme nn implement itali favour newli list compani notifi document number italian text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite procedur itali enact decre law septemb lai urgent measur promot develop correct trend public financ quot dl quot enter forc date public offici gazett italian republ octob articl dl provid specif tax incent compani admit list regul market european union octob decemb provis subsequ convert amend law novemb quot quot publish offici gazett italian republ novemb letter date octob commiss invit italian author provid inform incent question entri forc view establish constitut aid mean articl treati letter commiss remind itali oblig articl treati notifi commiss measur constitut aid implement letter novemb novemb italian author provid inform request letter date decemb commiss remind itali oblig articl treati invit italian author inform beneficiari tax incent question consequ envisag treati articl council regul ec march lai detail rule applic articl ec treati event incent question found constitut unlaw aid implement prior authoris commiss letter februari sg commiss inform itali decid initi procedur laid articl treati respect itali tax incent newli list compani letter april italian author submit comment commiss decis initi formal investig procedur publish septemb offici journal european commun invit interest parti submit observ septemb ad hoc meet place repres commiss italian tax author examin aspect scheme fax octob borsa italiana spa italian stock exchang submit observ letter octob commiss forward italian author react letter decemb ii descript measur measur set tax incent respect stock exchang list compani subject italian corpor tax pursuant articl dl compani share admit list regul market member state european union octob decemb year period benefit reduc corpor incom tax rate rate appli quot list premium quot appli newli list compani increas net worth percent result initi public offer ipo stock provid list european stock exchang maximum amount incom subject reduc rate limit million year maximum aid million million million million compani admit list period subsequ de list incent appli respect period compani share effect trade stock exchang benefit maintain term compani subsequ list european stock exchang guarante equival level investor protect afford italian stock exchang articl dl newli list compani fulfil condit laid articl dl reduc taxabl incom amount equal ipo expens incur reduct taxabl incom addit ordinari deduct cost involv ipo recognis tax purpos busi expens expens incur respect ipo transact notabl includ due dilig cost fee extern consult regulatori cost transact case italian stock exchang total amount trade list oper order benefit reduct taxabl incom compani obtain certif extern auditor actual expenditur incur reduct taxabl incom provid articl dl effect reduc effect tax burden year amount tax liabil reduc corpor incom tax rate reduc nomin rate appli list premium amount elig expens concern list system advanc payment corpor tax itali beneficiari compani pai instal incom tax due respect tax year base estim tax compani expect pai includ reduct result scheme prevent benefit carri advanc payment place comput basi reduc tax paid articl dl advanc tax payment comput basi tax payabl absenc tax benefit question incent provid articl articl dl timefram incom reduct applic list premium applic date list year period italian author confirm incent effect advanc tax due sole case list premium articl dl year list tabl decre law provid tax incent question italian govern estim measur concern beneficiari tax expenditur million million estim expenditur provid year oper scheme iii ground initi procedur letter initi formal investig procedur commiss consid measur fulfil criteria class state aid articl treati commiss consid measur afford set econom advantag grant compani newli list regul stock exchang reduc corpor incom tax rate increas tax incom earn busi activ year period ow reduct nomin rate beneficiari undertak enjoi reduc tax liabil year obtain list year scheme lower taxabl incom tax year list transact take place allow beneficiari undertak reduc taxabl incom amount ipo expens neg adjust effect lower effect tax rate appli incom commiss observ advantag favour undertak point tax incent issu favour compani regist offic itali foreign compani oper itali mean perman establish establish form agenc branch subsidiari mean articl treati benefit effect tax rate reduct respect share busi activ attribut italian establish differenti justifi tax measur territori logic tax system justifi aid measur put foreign compani carri busi itali competit disadvantag respect italian compani commiss observ benefit scheme formal open compani admit list european regul market scheme ostens discrimin compani obtain list itali list member state measur effect favour compani list time narrow timefram stipul respect commiss point rule compani list lai number stringent requir includ abil demonstr sound compani asset financi posit duli certifi compani account extern auditor candid list form limit compani share freeli transfer fulfil minimum capitalis requir commiss observ time limit laid scheme de facto exclud potenti candid compani benefit question decis initi formal investig procedur commiss point measur involv state resourc consist forgo tax revenu liabl distort competit trade common market beneficiari list compani oper market competit intens intra commun trade take place commiss final consid select charact tax advantag issu justifi natur gener scheme italian tax system measur compens expens incur aid amount conting specif cost born result admiss list except provid articl treati appli iv comment itali interest parti italian author borsa italiana spa interest parti submit comment essenti rais object firstli italian author borsa italiana spa scheme view gener tax polici measur aim encourag italian compani seek list counter neg trend observ recent year strengthen capitalis competit global market argu scheme fall scope state aid review claim scheme affect competit undertak benefit incent obtain list european stock exchang scheme applic board busi sector industri select final argu scheme affect competit limit durat budget foreign compani elig receiv incent question assess measur state aid mean articl treati consid observ submit italian author commiss maintain posit express letter march initi formal investig procedur scheme examin constitut state aid fulfil relev criteria laid articl treati select advantag commiss consid measur question confer select advantag derog normal oper tax system favour undertak product good constitut specif scheme favour undertak obtain list period stipul scheme exclud undertak list undertak fulfil condit list undertak decid seek list period itali argument scheme constitut tax polici measur fall scope state aid rule accept except normal tax rule justifi natur italian tax system address fundament tax distinct situat list oppos list compani scheme reduct tax rate applic futur profit earn beneficiari deem proportion profit unrel fact beneficiari admit list capit structur characterist list final scheme justifi specif object short durat make effect inaccess potenti beneficiari vein reduct taxabl incom extraordinari incent top ordinari deduct busi expens measur potenti deem justifi specif object pursu scheme basi case law court commiss note short durat measur make inconsist specif object encourag compani seek list effect exclud beneficiari object scheme confer specif advantag effect distort competit trade commun favour undertak subject tax legisl commiss refer relev case law court confirm derogatori tax measur justifi natur tax system specif natur scheme constitut aid commiss note judgment court endors commiss apprais nation tax measur formal gener constitut aid advantag nation industri sector case point commiss consid tax incent grant except normal tax treatment undertak taxabl itali admit list regul market signific effect compani size distort competit improv competit posit compani vi vi competitor regist itali addit aid grant tax system favour italian undertak tax reduct appli worldwid profit gener italian undertak appli italian profit foreign undertak respect put disadvantag differ treatment justifi natur tax system case point fact scheme extraordinari incent justifi part ordinari oper tax system rule justif respect limit period valid scheme itali argu limit number potenti beneficiari compani admit list decemb impos budget constraint view strengthen conclus measur effect competit limit commiss consid limit budget earmark incent detract classif aid result distort competit scheme produc alter taxat pre exist competit posit undertak engag busi activ open intern competit constitut aid liabl distort competit commiss conclud measur afford beneficiari specif tax advantag reduc cost bear busi state resourc commiss consid advantag issu grant state state resourc italian author submit object commiss confirm apprais made initi formal investig procedur advantag attribut state consist forgo tax revenu collect italian treasuri effect competit trade effect measur commiss confirm apprais made initi formal investig procedur measur liabl distort competit effect trade member state beneficiari oper intern market involv trade busi activ market competit intens settl case law court measur distort competit suffici recipi aid compet undertak market open competit appli admiss list regul stock exchang compani seek achiev signific financi object includ increas diversifi sourc corpor financ view pursu asset stock acquisit increas financi stand list compani respect debt holder supplier creditor accept stock guarante debt obtain market valuat compani facilit merger acquisit transact futur date confer extraordinari tax advantag compani decid seek list scheme improv competit posit financi stand vi vi competitor effect favour italian beneficiari oper market intra commun trade take place commiss consid reason scheme affect trade distort competit commiss note decemb ten compani admit list italian stock market increas previou year scheme newli list compani entitl tax benefit proport futur profit compani obtain list italian stock market belong sector rang manufactur public util open intern competit italian author parti argu account specif featur beneficiari advantag grant affect competit intra commun trade light project base profit gener beneficiari year prior list commiss establish compani benefit consider tax reduct commiss calcul tax benefit enjoi beneficiari period potenti amount million mention claus articl dl limit benefit actual tax concess exce million year period itali submiss demonstr benefit accru individu beneficiari remain limit de minimi aid commiss conclud distort competit deriv scheme sector beneficiari oper signific beneficiari leader respect busi sector itali justifi neg apprais scheme legal scheme italian author put scheme effect prior notif commiss fail fulfil oblig articl treati measur constitut state aid mean articl treati put effect prior approv commiss class unlaw aid compat measur constitut state aid mean articl treati compat assess light except provid articl treati italian author explicitli challeng commiss assess set letter march initi formal investig except provid articl treati state aid consid compat common market appli present case commiss found element invalid conclus advantag question unrel expens link expens elig aid commun block exempt regul guidelin except provid articl treati concern aid social charact grant individu consum aid make good damag caus natur disast except occurr aid grant area feder republ germani appli case scheme qualifi except allow articl treati aid promot econom develop area standard live abnorm low underemploy measur question appli itali articl area countri final scheme contribut develop area scheme consid import project common european interest remedi disturb itali economi provid articl treati object promot cultur heritag conserv provid articl treati final scheme question examin light articl treati articl authoris aid facilit develop econom activ econom area aid advers affect trade condit extent contrari common interest tax advantag grant scheme link specif invest job creation specif project simpli constitut reduct cost born firm concern busi regard oper aid incompat common market vi conclus commiss conclud tax incent grant measur constitut oper aid qualifi except gener ban aid incompat common market commiss find itali unlawfulli implement measur question unlawfulli grant state aid found incompat common market natur consequ find aid recov beneficiari recoveri aid competit posit exist aid grant restor case procedur close shortli end tax year applic scheme tax due beneficiari paid commiss rule possibl firm benefit aid term lower advanc payment tax relat current tax year commiss note open formal investig italian author publicli warn scheme potenti beneficiari consequ commiss find measur question constitut incompat aid commiss consid aid made beneficiari recov end itali requir enjoin potenti beneficiari scheme month date notif decis reimburs aid interest calcul accord chapter commiss regul ec april implement council regul ec lai detail rule applic articl ec treati aid made reduct payment tax due current tax year itali collect entir tax due mean final schedul payment event full recoveri complet latest end tax year date notif present decis itali requir provid commiss inform compil list beneficiari concern indic measur plan secur effect recoveri unlaw state aid call forward commiss month notif decis document give evid recoveri proceed initi beneficiari unlaw aid decis concern scheme implement immedi includ recoveri aid grant scheme prejudic possibl part aid grant individu case deem compat articl block exempt regul aid sme adopt decis articl state aid scheme form tax incent compani admit list regul european market provid articl decre law septemb itali put effect incompat common market articl itali abolish aid scheme refer articl effect tax year current date notif decis articl itali measur recov beneficiari aid refer articl unlawfulli made recoveri effect delai accord procedur nation law provid effect implement decis recoveri complet earliest opportun aid made mean lower part payment tax due current tax year itali collect entir tax due mean final schedul payment case itali recov tax due latest end tax year current date notif decis aid recov bear interest run date put dispos beneficiari actual recoveri interest calcul accord chapter commiss regul ec month date notif decis itali enjoin beneficiari aid refer articl reimburs unlaw aid interest articl month date notif decis itali inform commiss measur plan compli inform provid questionnair annex decis period time itali transmit document give evid recoveri proceed initi beneficiari unlaw aid articl decis address republ itali brussel march commiss neeli kroe member commiss oj oj regul amend act access footnot case adria wien pipelin ecr case itali commiss ecr case itali commiss ecr case het vlaams gewest commiss ecr ii trevisan spa industri paint plant isagro spa pharmaceut digit multimedia technolog dmt spa media terna spa public util electr procomac spa bottl plant azimut hold spa financi servic greenvis ambient spa servic panariagroup spa ceram rgi spa applic geox spa cloth oj annex inform implement commiss decis aid scheme nn implement itali favour newli list compani total number beneficiari total amount aid recov explain detail amount aid recov individu beneficiari calcul princip interest total amount unlaw aid grant scheme recov gross aid equival price total number beneficiari unlaw aid grant scheme recov measur plan recov aid describ detail measur measur plan ensur effect recoveri aid relev legal basi measur plan date recoveri aid complet inform individu beneficiari provid detail beneficiari unlaw aid grant scheme recov tabl ident beneficiari amount unlaw aid grant currenc amount reimburs currenc amount aid put dispos beneficiari gross aid equival price gross amount reimburs includ interest