*Gielen v Ministerraad

European Union – Taxation. The Court of Justice of the European Union ruled that art 5(2) of Council Directive (EC) 2008/7 (concerning indirect taxes on the raising of capital) should be interpreted as precluding the taxation of the conversion of bearer securities into registered securities or dematerialised securities such as that at issue in the main proceedings. Such a tax could not be justified under art 6 of that directive.

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