Press Release: Internal Market: infringement proceedings against Sweden and Greece

The European Commission on 29 June 2006 decided to take action against Sweden and Greece to ensure that they implement Internal Market laws correctly. The Commission intended to formally request Sweden to modify an aspect of its taxation legislation requiring foreign financial institutions that are not formally established in Sweden to provide the Swedish tax authorities with annual information on any business they do with Swedish residents. The European Commission was also planning to formally request Greece to modify its legislation on company law rendering valid decisions on capital increases in public limited liability companies taken by the Greek government. The Commission considers this to be incompatible with EU company law, which requires these decisions to be taken at a general meeting.