BusinessCompany NewsEC Challenges rebel states

EC Challenges rebel states

The European Commission takes legal action against five member states for failing to comply with EU accounting rules

The moves include:

• Taking Austria to the European Court of Justice (ECJ) for failing to
implement a 2000 directive on financial transparency.

• Threatening Luxembourg with recurring fines for ignoring an ECJ ruling.

• Launching cases against Italy and Luxembourg for failing to implement 2003
reforms.

• Formally requiring Portugal to scrap tax exemptions for capital gains
secured by public companies from privatisation and restructuring processes.

• Demanding that Spain scraps a law, which automatically treats dividend
payments by Spanish companies to foreign EU companies as tax evasion.

Brussels usually launches such infringement procedures in July, ahead of the
EU’s political summer break.

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