76In the second place, as regards the arguments put forward by the Finnish Government relating to there being greater protection for investors where an investment fund is formed in accordance with contract law, it must be observed that, although those considerations show the reasons which may have led the national legislature to require resident investment funds to be constituted in that form, such considerations, with respect to the exemption from income tax granted by Paragraph 20a of the Law on income tax, do not enable an objective distinction to be made between collective investment undertakings constituted under the law of contract and those constituted in a different legal form.
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