Opinion of Advocate General Sánchez-Bordona in two cases X.
Sánchez-Bordona proposes that the Court of Justice reply as follows to the Hoge Raad der Nederlanden: Article 49 TFEU
– Precludes national legislation on the basis of which a parent company established in a Member State cannot deduct interest in respect of a loan associated with a capital contribution made to a subsidiary established in another Member State, whereas that deduction could have been availed of if that subsidiary had been resident in the same State as the parent company.
– Does not preclude national legislation on the basis of which a parent company established in a Member State cannot deduct from its profits losses (capital losses) derived from fluctuations in the exchange rate, in connection with the value of its shares in a subsidiary established in another Member State, where the same legislation does not provide, symmetrically, for tax to be levied on gains (capital gains) derived from those fluctuations.
4