The European Court of Justice (ECJ) was asked by a French Court to interpret Community legislation concerning transition to the Euro currency. The proceedings before the French Court related to an action brought by a company for the repayment of a tax on sales of flour, meal and wheat. Upon transition to the Euro, French legislation fixed a tax of EUR 16 per tonne, while the company argued that the application of Community regulations on the conversion of French Francs into Euro would lead to a lesser amount. The ECJ found that even though Member States are free to increase taxes, the legislative text effecting the increase must distinguish clearly the decision of the authorities to increase the tax from the operation of conversion of that amount into Euro.
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Monetary policy: ECJ clarifies rules on conversion into euros
- McDermott Will & Emery
- Yannis Virvilis
- European Union
- February 9 2007
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