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( 1 ) OJ NO L 249 , 3 . 10 . 1969 , P . 25 .

( 2 ) SEE P . 13 THIS OFFICIAL JOURNAL .

COUNCIL DIRECTIVE OF 9 APRIL 1973 FIXING COMMON RATES OF CAPITAL DUTY ( 73/80/EEC )

THE COUNCIL OF THE EUROPEAN COMMUNITIES ,

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY , AND IN PARTICULAR ARTICLES 99 AND 100 THEREOF ;

HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ;

HAVING REGARD TO THE OPINION OF THE EUROPEAN PARLIAMENT ;

HAVING REGARD TO THE OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE ;

WHEREAS ARTICLE 7 ( 2 ) OF THE COUNCIL DIRECTIVE OF 17 JULY 1969 ( 1 ) CONCERNING INDIRECT TAXES ON THE RAISING OF CAPITAL , AS AMENDED BY THE DIRECTIVE OF 9 APRIL 1973 ( 2 ) , PROVIDES THAT THE COMMISSION IS TO SUBMIT A PROPOSAL TO THE COUNCIL BEFORE 1 JANUARY 1971 TO ENABLE THE COUNCIL TO DETERMINE THE COMMON RATES OF CAPITAL DUTY ;

WHEREAS , TO MINIMIZE OBSTACLES TO THE DEVELOPMENT AND FUNCTIONING OF A COMMON MARKET FOR CAPITAL , THE RATE OF THE CAPITAL DUTY PROVIDED FOR IN THE SAID ARTICLE 7 SHOULD BE FIXED AS LOW AS POSSIBLE , ACCOUNT NONETHELESS BEING TAKEN OF THE MEMBER STATES' BUDGETARY REQUIREMENTS ;

WHEREAS THE REDUCED RATE PROVIDED FOR IN PARAGRAPH 1 ( B ) AND ( BB ) OF THE SAID ARTICLE 7 IN RESPECT OF CERTAIN COMPANY RECONSTRUCTION OPERATIONS MUST BE FIXED SUFFICIENTLY LOW TO ELIMINATE ANY CUMULATIVE EFFECTS OF CAPITAL DUTY ; WHEREAS A RATE OF 0.50 % MEETS THIS REQUIREMENTS ; WHEREAS , HOWEVER , TO ENCOURAGE SUCH RECONSTRUCTION OPERATIONS AS FAR AS POSSIBLE , THE MEMBER STATES SHOULD BE GIVEN THE OPTION OF APPLYING A RATE LOWER THAN 0.50 % ;

WHEREAS THE MEMBER STATES SHOULD BE GIVEN SUFFICIENT TIME TO INTRODUCE THE COMMON RATES OF CAPITAL DUTY ;

HAS ADOPTED THIS DIRECTIVE :

ARTICLE 1

THE RATE OF THE CAPITAL DUTY PROVIDED FOR IN ARTICLE 7 OF THE COUNCIL DIRECTIVE OF 17 JULY 1969 CONCERNING INDIRECT TAXES ON THE RAISING OF CAPITAL ( 69/335/EEC ) SHALL , WITH EFFECT FROM 1 JANUARY 1976 , BE 1 % .

ARTICLE 2

THE REDUCED RATES PROVIDED FOR IN ARTICLE 7 ( 1 ) ( B ) AND ( BB ) OF THE SAME DIRECTIVE SHALL , WITH EFFECT FROM 1 JANUARY 1976 , BE ANY RATE BETWEEN 0 % AND 0.50 % .

ARTICLE 3

THIS DIRECTIVE IS ADDRESSED TO THE MEMBER STATES .

DONE AT LUXEMBOURG , 9 APRIL 1973 .

FOR THE COUNCIL

THE PRESIDENT

A . LAVENS