council direct juli common system taxat applic merger divis transfer asset exchang share compani member state eec council european commun regard treati establish european econom commun articl thereof regard propos commiss regard opinion european parliament regard opinion econom social committe merger divis transfer asset exchang share compani member state order creat commun condit analog intern market order ensur establish effect function common market oper hamper restrict disadvantag distort aris tax provis member state end introduc respect oper tax rule neutral point view competit order enterpris adapt requir common market increas product improv competit strength intern level tax provis disadvantag oper comparison compani member state remov disadvantag attain object extens commun level system present forc member state differ system tend produc distort common tax system provid satisfactori solut respect common tax system avoid imposit tax connect merger divis transfer asset exchang share time safeguard financi interest state transfer acquir compani respect merger divis transfer asset oper result transform transfer compani perman establish compani receiv asset asset connect perman establish compani system deferr taxat capit gain relat asset transfer actual dispos appli asset transfer perman establish permit exempt taxat capit gain time ensur ultim taxat state transfer compani date dispos defin tax regim applic provis reserv loss transfer compani solv tax problem occur compani hold capit allot sharehold transfer compani secur receiv acquir compani give rise taxat hand sharehold member state possibl refus appli direct merger divis transfer asset exchang share oper object tax evas avoid result compani particip oper longer fulfil condit requir represent employe compani organ adopt direct titl gener provis articl member state appli direct merger divis transfer asset exchang share compani member state involv articl purpos direct merger oper compani dissolv liquid transfer asset liabil exist compani exchang issu sharehold secur respres capit compani applic cash payment exceed nomin absenc nomin account par secur compani dissolv liquid transfer asset liabil compani form exchang issu sharehold secur repres capit compani applic cash payment exceed nomin absenc nomin account par secur compani dissolv liquid transfer asset liabil compani hold secur repres capit divis oper compani dissolv liquid transfer asset liabil exist compani exchang pro rata issu sharehold secur repres capit compani receiv asset liabil applic cash payment exceed nomin absenc nomin account par secur transfer asset oper compani transfer dissolv branch activ compani exchang transfer secur repres capit compani receiv transfer exchang share oper compani acquir hold capit compani obtain major vote right compani exchang issu sharehold compani exchang secur secur repres capit compani applic cash payment exceed nomin absenc nomin account par secur issu exchang transfer compani compani transfer asset liabil transfer branch activ receiv compani compani receiv asset liabil branch activ transfer compani acquir compani compani hold acquir compani mean exchang secur acquir compani compani acquir hold mean exchang secur branch activ asset liabil divis compani organiz point view constitut independ busi entiti capabl function mean articl purpos direct compani member state compani take form list annex hereto tax law member state consid resid state tax purpos term doubl taxat agreement conclud state consid resid tax purpos commun subject tax possibl option exempt impôt de société vennootschapsbelast belgium selskabsskat denmark koerperschaftsteu feder republ germani foro eisodimato nomikon prosopon kerdokopikoi charaktira greec impuesto sobr sociedad spain impôt sur le société franc corpor tax ireland imposta sul reddito dell person giuridich itali impôt sur le revenu de collectivité luxembourg vennootschapsbelast netherland imposto sobr rendimento da pessoa colectiva portug corpor tax unit kingdom tax substitut tax titl ii rule applic merger divis exchang share articl merger divis give rise taxat capit gain calcul refer differ real valu asset liabil transfer valu tax purpos express mean assign tax purpos basi gain loss comput purpos tax incom profit capit gain transfer compani asset liabil sold time merger divis independ transfer asset liabil asset liabil transfer compani consequ merger divis effect connect perman establish receiv compani member state transfer compani plai part gener profit loss account tax purpos member state make applic paragraph condit receiv compani comput depreci gain loss respect asset liabil transfer rule appli transfer compani compani merger divis place law member state transfer compani receiv compani entitl depreci gain loss respect asset liabil transfer comput basi set paragraph paragraph appli asset liabil respect option exercis articl member state measur ensur provis reserv properli constitut transfer compani partli wholli exempt tax deriv perman establish abroad provis reserv carri tax exempt perman establish receiv compani situat member state transfer compani receiv compani assum right oblig transfer compani articl extent oper refer articl effect compani member state transfer compani member state appli provis allow receiv compani loss transfer compani exhaust tax purpos extend provis cover loss receiv compani perman establish situat territori articl receiv compani hold capit transfer compani gain accru receiv compani cancel hold liabl taxat member state derog paragraph receiv compani hold capit transfer compani exce articl merger divis exchang share allot secur repres capit receiv acquir compani sharehold transfer acquir compani exchang secur repres capit compani give rise taxat incom profit capit gain sharehold member state make applic paragraph condit sharehold attribut secur receiv tax purpos higher secur exchang immedi merger divis exchang applic paragraph prevent member state tax gain aris subsequ transfer secur receiv gain aris transfer secur exist acquisit paragraph express tax purpos mean amount basi gain loss comput purpos tax incom profit capit gain sharehold compani law member state resid sharehold opt tax treatment set paragraph paragraph appli secur respect option exercis paragraph prevent member state take account tax sharehold cash payment made merger divis exchang titl iii rule applic transfer asset articl provis articl appli transfer asset titl iv special case transfer perman establish articl asset transfer merger divis transfer asset includ perman establish transfer compani situat member state transfer compani state renounc tax perman establish state transfer compani reinstat taxabl profit compani loss perman establish previous set taxabl profit compani state recov state perman establish situat state receiv compani appli provis direct transfer state state transfer compani derog paragraph member state transfer compani appli system tax world wide profit member state tax profit capit gain perman establish result merger divis transfer asset condit relief tax provis direct charg profit capit gain member state perman establish situat amount tax charg paid titl final provis articl member state refus appli withdraw benefit part provis titl ii iii iv appear merger divis transfer asset exchang share princip object princip object tax evas tax avoid fact oper refer articl carri valid commerci reason restructur ration activ compani particip oper constitut presumpt oper tax evas tax avoid princip object princip object result compani particip oper longer fulfil condit represent employe compani organ arrang forc prior oper paragraph appli long extent commun law provis equival rule represent employe compani organ applic compani cover direct articl member state bring forc law regul administr provis compli direct januari forthwith inform commiss thereof derog paragraph portugues republ delai applic provis transfer asset exchang share januari member state commun commiss text main provis nation law adopt field cover direct articl direct address member state brussel juli council presid carli oj oj oj annex list compani refer articl compani belgian law société anonym naamloz vennootschap société en commandit par action commanditair vennootschap op aandelen société privé responsabilité limité besloten vennootschap met beperkt aansprakelijkheid public law bodi oper privat law compani danish law aktieselskab anpartsselskab compani german law aktiengesellschaft kommanditgesellschaft auf aktien gesellschaft mit beschraenkt haftung bergrechtlich gewerkschaft compani greek law anonymi etaireia compani spanish law sociedad anónima sociedad comanditaria por accion sociedad de responsabilidad limitada public law bodi oper privat law compani french law société anonym société en commandit par action société responsabilité limité industri commerci public establish undertak compani irish law public compani limit share guarante privat compani limit share guarante bodi regist industri provid societi act build societi regist build societi act compani italian law società azioni società accomandita azioni società responsabilità limitata public privat entiti carri industri commerci activ compani luxembourg law société anonym société en commandit par action société responsabilité limité compani dutch law naamloz vennootschap besloten vennootschap met beperkt aansprakelijkheid commerci compani civil law compani commerci form legal person carri commerci industri activ incorpor accord portugues law compani incorpor law unit kingdom