Brussels, 01/07/2011 (Agence Europe) - The European Commission launched an in-depth investigation on Friday 1st July to check whether a Spanish scheme for the purchase of ships involving leasing and financing through tax relief is compatible with EU rules on state aid.
This scheme enables maritime transport companies to purchase ships at prices 20-30% lower than the market price using a complex contractual and financial structure rather than directly from a shipyard. These complex structures were set up by Spanish banks and generally involve a leasing company, Spanish taxpayers wishing to reduce their basic taxable amount and an economic interest grouping (EIG), which is the initial beneficiary of the tax measures in question. Some of the tax measures necessary for the scheme must be approved beforehand by the tax authorities.
Although not questioning the principle of this regime, the Commission considers, at this stage, that it comprises state aid for the EIGs involved, the taxpayers investing in it and the maritime companies purchasing the vessels, and possibly also for the shipyards and certain intermediaries. The investigation will determine whether the aid is in line with European rules or whether it is likely to create undue distortions of competition in the single market. (F.G./transl.rt)