The Council of the European Union has adopted a recast of Directive 69/335 with regard to the taxes imposed on contributions of capital to corporations. In principle, capital duties are levied on contributions of capital to corporations. The modified Directive simplifies the legislation and ensures that corporate restructuring operations, irrespective of whether these operations involve an increase in capital, shall not be subject to capital duties. These exemptions of the Directive apply to: (i) restructuring operations affected by contributions of assets; and (ii) reorganisations implemented through the exchange of shares. Furthermore, the transfer of a company between two EU Member States will also be exempt from capital duties.