Banco de Crédito Industrial SA, now Banco Exterior de España SA v Ayuntamiento de Valencia (C-387/92)

Judgment of 15 Mar 1994

law://eu/cjeu/1992/c-387-92/para_14@2026-11-14

14It follows that a measure by which the public authorities grant to certain undertakings a tax exemption which, although not involving a transfer of State resources, places the persons to whom the tax exemption applies in a more favourable financial situation than other taxpayers constitutes State aid within the meaning of Article 92 (1) of the Treaty.

Banco de Crédito Industrial SA, now Banco Exterior de España SA v Ayuntamiento de Valencia (C-387/92)

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