TRIESTE CENTRE
December 1st, 2002
BY ALAN OSBORNTHE EUROPEAN Commission has ordered Italy to scrap a tax break regime for insurance and other financial companies wanting to trade in eastern Europe, claiming that it breaks EU state aid rules. It wants the Italian government to close its Trieste Financial Services and Insurance Centre; this special registration system was one of a number of similar arrangements initially approved by the Commission in 1995, which saw them as offering a way to enhance the development of financial markets in east European countries and the former Soviet Union.The ...
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