commiss decis decemb state aid scheme central corpor treasuri central de trésoreri implement franc notifi document number french text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof call interest parti submit comment pursuant provis cite procedur ecofin council adopt resolut code conduct busi taxat view put end harm tax practic line undertak gave connect code commiss publish notic applic state aid rule measur relat direct busi taxat hereinaft quot notic quot restat determin appli rule strictli accord principl equal treatment present procedur view context letter date august commiss request inform french scheme central corpor treasuri inform provid letter french perman represent european union date octob letter sg juli commiss inform franc decid initi formal investig procedur laid articl ec treati respect tax scheme central corpor treasuri letter date octob franc comment decis commiss decis initi procedur publish offici journal european commun invit interest parti submit comment aid commiss receiv comment interest parti ii descript measur statu central corpor treasuri approv novemb confer special tax treatment laid instruct april issu director gener taxat hereinaft quot instruct quot instruct effect januari lai arrang appli articl gener tax code hereinaft quot cgi quot concern tax treatment interest paid compani member sum monei place dispos articl cgi impos limit deduct interest paid member sum monei leav place dispos compani irrespect legal structur addit share capit deduct limit interest calcul benchmark rate equal annual averag averag effect rate appli credit institut respect variabl rate busi loan initi durat year instruct french tax author authoris derog limit oper carri context central corpor treasuri articl cgi exempt withhold tax current account oper carri member establish franc provid parti compani instruct stipul current account oper carri member parent compani subsidiari subsidiari contractu agreement compani belong group set central corpor treasuri notifi tax author elig measur order benefit central corpor treasuri establish franc form subsidiari respons group centralis manag treasuri oper compani belong group role consist receiv actual cash flow compani group link contractu agreement meet cash requir compani compani directli indirectli control compani compani parti contractu agreement addit group compani present countri elig scheme iii reason initi procedur assess inform provid french author commiss view derog limit deduct interest reserv sole central corpor treasuri select advantag justifi natur gener scheme system commiss view extens exempt withhold tax interest paid franc central corpor treasuri regard specif advantag exempt appli interest paid franc compani compani iv comment franc french author note open procedur commiss classifi state aid exempt withhold tax interest paid franc central corpor treasuri franc inconsist commiss view derog limit deduct interest central corpor treasuri advantag purpos scope measur ident franc consid derog limit deduct interest central corpor treasuri give rise advantag appli occas entri forc januari ceil rate defin averag rate variabl rate busi loan grant busi credit institut close market rate case franc point statist investig depart director gener taxat track contractu agreement lodg compani meet condit appli measur scheme confer practic advantag french author derog limit deduct interest central corpor treasuri group establish countri select measur confer compar advantag rel elig group take tax base group level scheme simpli shift point taxat central corpor treasuri member interest deduct result central corpor treasuri tax symmetr hand member financi revenu deduct interest limit interest deduct tax hand subsidiari deduct result parent compani reclassifi distribut profit exempt exempt scheme hold parent compani subsidiari french author derog limit deduct interest central corpor treasuri justifi natur gener scheme system deduct interest respect current account oper carri member reason limit deduct interest paid compani member introduc legal presumpt interest deduct level fix relat market rate avoid disput standard rate appli presumpt irrelev relationship member compani laid agreement centralis manag treasuri oper commerci relationship lender borrow take preced member relationship parent compani subsidiari interest deduct line market rate independ parti reason justifi administr approach franc limit impos interest paid subsidiari parent compani classifi credit institut assess measur introduct observ made franc commiss hold posit spelt letter date juli initi procedur provid articl treati take view observ remov misgiv express consid tax scheme investig constitut oper aid unlaw incompat common market pursuant articl ec treati view franc beneficiari compani good reason case point entertain legitim expect aid recov commiss accept french author observ exempt withhold tax interest paid franc liken derog limit deduct interest current account oper carri member commiss opinion measur differ scope dealt separ exempt withhold tax exempt withhold tax interest paid franc articl cgi provid generalis exempt withhold tax instruct simpli state interest paid franc central corpor treasuri subject condit spelt point instruct qualifi exist exempt accord point notic tax measur pure technic natur exempt withhold tax gener measur fall scope articl ec treati provid benefit access firm oper territori concern commiss conclud gener scope exempt withhold tax interest paid franc confirm instruct applic exempt central corpor treasuri measur regard state aid mean articl scheme deduct interest paid member derog limit tax deduct interest paid sum monei made compani member commiss tax measur constitut aid mean articl ec treati satisfi criteria set advantag measur confer advantag reliev recipi charg born budget derog limit deduct interest member current account oper carri central corpor treasuri enabl reduc tax base mention point notic advantag provid reduct tax burden notabl reduct compani tax base addit deduct grant derog standard deduct ceil central corpor treasuri group belong receiv advantag treasuri deduct tax base interest paid member compani franc situat compli ceil observ franc refer recit measur appli occas rate appli case close market rate commiss note exist case advantag confer mere possibl scheme confer advantag suffici scheme classifi aid scheme provid condit articl ec treati met commiss note franc argument refer recit derog limit interest deduct simpli shift point taxat central corpor treasuri member confer compar advantag level group concern rel elig group comparison made french author level effect taxat group depend sum paid central corpor treasuri parent compani form deduct interest distribut profit dividend exist advantag rule case base situat vari extern paramet instanc amount dividend distribut depend subsidiari gener distribut profit manag choic tax treatment depend amount capit held parent compani tax rule notabl intern level applic respect situat franc aris infrequ presuppos thing parent compani subsidiari subject level effect taxat line reason base assumpt subsidiari profit distribut full parent compani lastli franc line reason presuppos parent compani qualifi arrang exempt hold parent compani subsidiari case commiss point assess measur constitut advantag relat nation arrang applic member state concern system ensur hypothet equal treatment countri implicitli invok franc commiss conclud derog limit deduct interest paid member confer advantag central corpor treasuri group belong state resourc advantag grant state resourc case issu reduct tax base central corpor treasuri establish franc result loss tax revenu constitut state resourc effect competit trade member state measur question affect competit trade member state criterion met central corpor treasuri oper multin framework encompass inter alia intra commun trade view advantag confer central corpor treasuri posit compani group belong strengthen rel compani compet group sector characteris exist commun trade underscor point notic small amount aid mention franc alter conclus select lastli commiss consid provis instruct select favour undertak case point concern central corpor treasuri group establish countri appli compani belong group establish franc countri justif natur gener scheme system franc argu arrang limit deduct interest central corpor treasuri justifi reason limit account special relationship member compani limit introduc legal presumpt interest deduct level fix relat market rate avoid disput standard rate appli presumpt irrelev case agreement centralis manag treasuri oper commerci relationship lender borrow preced member relationship parent compani subsidiari reason interest deduct conform market rate independ parti commiss amen argument franc give reason commerci relationship preced parent compani subsidiari relationship case central corpor treasuri compar function involv centralis manag treasuri oper perform subsidiari cover agreement mean instruct franc explain centralis manag activ carri french compani group establish franc countri differ carri central corpor treasuri elig scheme commiss take view irrelev gener rule impos limit interest deduct case central corpor treasuri elig scheme born characterist peculiar central corpor treasuri oppos compani carri type activ fact interest paid subsidiari parent compani classifi credit institut qualifi similar exempt affect assess derog provid justif specif natur scheme appli central corpor treasuri derog gener rule impos limit interest deduct applic central corpor treasuri group establish countri justifi natur gener scheme system commiss conclud scheme state aid scheme mean articl ec treati compat emphasis decis initi formal investig procedur scheme question prima faci qualifi derog articl ec treati french author challeng commiss assess matter sum derog articl aid social charact grant individu consum aid make good damag caus natur disast except occurr aid grant area feder republ germani applic case point derog articl aid promot econom develop area standard live abnorm low underemploy invok scheme investig unlimit territori scope similarli scheme central corpor treasuri fall categori project common european interest elig derog articl qualifi aim promot cultur heritag conserv derog articl tax advantag grant scheme central corpor treasuri qualifi derog articl authoris aid facilit develop econom activ econom area aid advers affect trade condit extent contrari common interest aid oper aid reliev beneficiari compani group belong charg born aid scheme incompat common market recoveri measur question regard exist aid mean articl ec treati articl council regul ec march lai detail rule applic articl ec treati fact implement entri forc treati notifi commiss accord articl cover period limit constitut aid implement constitut aid state aid grant unlawfulli prove incompat common market natur find aid recov beneficiari accord articl regul ec recoveri aid design restor condit competit exist aid grant absenc preced appli state aid rule similar case alleg lack clariti commun polici state aid justifi derog basic principl articl regul ec stipul quot commiss requir recoveri aid contrari gener principl commun law quot case law court justic european commun commiss practic establish order recov aid infring gener principl commun law action commiss beneficiari measur legitim expect aid grant accord commun legisl van den bergh en jurgen court state quot court consist held trader regard institut rise justifi hope reli principl protect legitim expect hand prudent discrimin trader foreseen adopt commun measur affect interest plead principl measur adopt quot franc present commiss argument base exist legitim expect part beneficiari scheme transpir court case law commiss requir consider initi except circumst provid justif pursuant articl regul ec refrain order recoveri unlawfulli grant aid recoveri contrari gener principl commun law respect legitim expect beneficiari present case commiss note french scheme central corpor treasuri similar system introduc belgium royal decre decemb taxat coordin centr scheme concern intra group activ lai specif rule determin tax base decis commiss view scheme give rise aid mean articl ec treati decis publish fact commiss rais object belgian scheme coordin centr made public time report competit polici answer parliamentari question circumst commiss note decis belgian scheme coordin centr adopt french scheme adopt french scheme adopt public notic commiss conclud beneficiari scheme french administr legitim expect aid recov requir recoveri vi conclus commiss find french scheme central corpor treasuri constitut state aid mean articl ec treati franc unlawfulli implement aid breach articl posit commiss past regard tax measur multin creat part french author beneficiari scheme legitim expect scheme central corpor treasuri compat state aid rule commiss find recoveri aid run counter gener principl respect legitim expect decid requir recoveri aid adopt decis articl state aid implement franc form derog limit interest deduct central corpor treasuri derog govern instruct april issu director gener taxat connect scheme central corpor treasuri effect januari incompat common market articl franc requir remov select aid element refer articl scheme govern instruct april articl franc inform commiss month notif decis measur compli articl decis address french republ brussel decemb commiss mario monti member commiss oj oj oj footnot footnot articl cgi state quot yield borrow contract franc french legal person authoris minist economi financ privatis authoris deem gener grant administr instruct director gener taxat franc exempt withhold tax provid paragraph iii articl quot articl iii concern withhold tax yield fix incom invest stipul quot withhold tax appli aforement revenu receiv person tax domicil franc provis appli incom paid franc receiv legal person regist offic franc quot join case spain commiss ecr paragraph oj case ecr paragraph case rsv commiss ecr decis belgian scheme coordin centr sg answer written question oj