INHALT

Commission Decision (EU) 2015/1827 of 23 March 2015 on State aid SA 28876 (12/C) (ex CP 202/09) implemented by Greece for Piraeus Container Terminal SA & Cosco Pacific Limited (notified under document C(2015) 66) (Text with EEA relevance)

COMMISSION DECISION (EU) 2015/1827
of 23 March 2015
on State aid SA 28876 (12/C) (ex CP 202/09) implemented by Greece for Piraeus Container Terminal SA & Cosco Pacific Limited
(notified under document C(2015) 66)
(Only the Greek text is authentic)
(Text with EEA relevance)
1.
PROCEDURE
2.
DESCRIPTION OF THE BENEFICIARY AND THE ALLEGED AID MEASURES
2.1.
The Port of Piraeus
2.2.
The Piraeus Port Authority SA
2.3.
The concession agreement between PPA and PCT and the investment project
3.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE
4.
COMMENTS FROM INTERESTED PARTIES AND GREECE
4.1.
As regards the existence of State aid
i.
Concerning the ‘system of reference’ of the measures under examination
ii.
Objective of the measure concerned
iii.
PCT's legal and factual situation in light of the objective of the measure concerned
iv.
Logic of the tax system
4.2.
On the comparison of the alleged State aid measures with similar provisions in other contracts of big infrastructure projects
(42)
4.3.
On the compatibility of the alleged State aid measures
5.
ASSESSMENT OF THE STATE AID CHARACTER OF THE MEASURES
5.1.
Notion of undertaking
5.2.
State resources
5.3.
Existence of a selective advantage
i.
Concerning the ‘system of reference’ and its objective
ii.
PCT's legal and factual situation in light of the objective of the measure concerned
iii.
Justification by the logic of the tax system
5.3.1.
Exemption from income tax imposed on interest accrued until the date of the commencement
(84)
of operation of Pier III
(85)
5.3.2.
Refund of VAT credit balance irrespective of the stage of completion of the contract object — ‘single investment good’ — VAT refund within 60 days from application; interests due to delay
(94)
— Concerning the VAT credit refund irrespective of the stage of completion of the contract object
— Concerning the definition of investment good
— Concerning the computation of interests from the first day after the expiry of the 60-day deadline
5.3.3.
Loss carry-forward without temporal limitation — Income tax (Article 2(5) of Law 3755/2009)
5.3.4.
Choice among three depreciation methods
5.3.5.
Exemption from stamp duties on the loan agreements and any ancillary agreement for the financing of the investment project (Article 2(8))
5.3.6.
Exemption from stamp duties on the contracts between the creditors of the loan agreements under which are transferred the obligations and rights resulting therefrom (Article 2(9))
5.3.7.
Exemption from stamp duties for any compensation paid by PPA to PCT under the concession agreement, which is outside the scope of the VAT code (Article 2(10))
5.3.8.
Following PCT's application, protection provided for in Legislative Decree 2687/1953 for the investment of the concession contract (Article 3)
a. Procedure
b. Privileges that may be granted
5.3.9.
Exemption from the general rules of forced expropriation
5.4.
Comparison of the abovementioned State aid measures with similar provisions in other contracts of big infrastructure projects
5.5.
Distortion of competition and effect on trade
6.
ASSESSMENT OF COMPATIBILITY OF THE MEASURES
6.1.
Applicability of Regional aid guidelines 2007-2013
(182)
(‘RAG’)
6.2.
Direct application of Article 107(3)(c) TFEU
7.
RECOVERY OF THE AID
— Exemption from income tax on interest accrued until the date of the commencement of operation of Pier III
— Right to VAT credit refund irrespective of the date of completion of the construction work or of its parts
— Broad definition of investment good => direct right to 90 % VAT credit refund without audit
— Right to arrear interests without temporal or procedural requirements in case the State does not refund VAT
— Loss carry-forward without temporal limitation
— Choice among three depreciation methods
— Exemption from stamp duties on the loan agreements and any ancillary agreement for the funding of the work
— Exemption in favour of PCT's creditors from taxes, stamp duties, contributions and any rights in favour of the State or third parties that they would normally have to pay on contracts transferring the obligations and rights resulting from PCT's loan agreements
— Exemption from stamp duties for any compensation paid by PPA to PCT under the Concession contract, which is outside the scope of the VAT code
— Following PCT's request, preferential regime for foreign investments
8.
CONCLUSION
Article 1
Article 2
Article 3
Article 4
Article 5
Article 6