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Cross-Border Retail Lending in the Eurozone? Forget it!

Cross-Border Retail Lending in the Eurozone? Forget it! REVIEW 2 0 1 1­2 ec Forum TAX The Judgment of the Court of Justice of the European Union of 17 June 2010 in Case C-105/08, Commission v. Portugal: Outbound Interests Further Weakens the Credibility of the Eurozone Marc Dassesse, Honorary Professor of the Free University of Brussels (ULB)* 1. INTRODUCTION: SOME BASIC ELEMENTS OF CROSS-BORDER BANKING On 6 March 2008, the Commission brought an action against Portugal before the Court of Justice of the European Union (CJUE) (hereinafter the Court) on the ground that: by taxing payment of [outbound] interests more heavily than [the] payment of interest to entities resident in Portuguese territory, [it] imposes restrictions on the provision of mortgage and other loan services by financial institutions resident in other Member States and in States party to the EEA agreement.1 accordance with the laws of the host Member State and were not allowed, as a rule, to provide cross-border services, at least at the retail level. 1.2. The Achievement of the Second Banking Directive The great achievement of the Second Banking Directive, which came into force on 1 January 1993, was formally to remove most of the regulatory obstacles to the effective exercise of the freedom http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png EC Tax Review Kluwer Law International

Cross-Border Retail Lending in the Eurozone? Forget it!

EC Tax Review , Volume 20 (2) – Feb 1, 2011

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Kluwer Law International
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Copyright © Kluwer Law International
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0928-2750
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Abstract

REVIEW 2 0 1 1­2 ec Forum TAX The Judgment of the Court of Justice of the European Union of 17 June 2010 in Case C-105/08, Commission v. Portugal: Outbound Interests Further Weakens the Credibility of the Eurozone Marc Dassesse, Honorary Professor of the Free University of Brussels (ULB)* 1. INTRODUCTION: SOME BASIC ELEMENTS OF CROSS-BORDER BANKING On 6 March 2008, the Commission brought an action against Portugal before the Court of Justice of the European Union (CJUE) (hereinafter the Court) on the ground that: by taxing payment of [outbound] interests more heavily than [the] payment of interest to entities resident in Portuguese territory, [it] imposes restrictions on the provision of mortgage and other loan services by financial institutions resident in other Member States and in States party to the EEA agreement.1 accordance with the laws of the host Member State and were not allowed, as a rule, to provide cross-border services, at least at the retail level. 1.2. The Achievement of the Second Banking Directive The great achievement of the Second Banking Directive, which came into force on 1 January 1993, was formally to remove most of the regulatory obstacles to the effective exercise of the freedom

Journal

EC Tax ReviewKluwer Law International

Published: Feb 1, 2011

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