Judgment_paragraph 3 · IM Gestão de Ativos (IMGA) – Sociedade Gestora de Organismos de Investimento Coletivo SA v Autoridade Tributária e Aduaneira (C-656/21)

3Recitals 1 to 3 and 9 of Directive 2008/7 are worded as follows:(1) Council Directive 69/335/EEC of 17 July 1969 concerning indirect taxes on the raising of capital [(OJ 1969 L 249, p. 25),] has been substantially amended several times … Since further amendments are to be made, it should be recast in the interests of clarity.(2) The indirect taxes on the raising of capital, namely the capital duty (the duty chargeable on contributions of capital to companies and firms), the stamp duty on securities, and duty on restructuring operations, regardless of whether those operations involve an increase in capital, give rise to discrimination, double taxation and disparities which interfere with the free movement of capital. The same applies as regards other indirect taxes with the same characteristics as capital duty and the stamp duty on securities.(3) Consequently, it is in the interests of the internal market to harmonise the legislation on indirect taxes on the raising of capital in order to eliminate, as far as possible, factors which may distort conditions of competition or hinder the free movement of capital.…(9) Apart from capital duty, no indirect taxes on the raising of capital should be levied. In particular, no stamp duty should be levied on securities, regardless of the origin of such securities, and regardless of whether they represent a company’s own capital or its loan capital.’