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Taxes, the Cost of Capital and the Private Investor Principle

Phedon Nicolaides


I. Introduction The Court of Justice recently addressed the question whether the State can convert an amount of tax owed by company into equity for that company. This possibility raises a bigger question: can the State can act as a private investor by using fiscal resources which, by their very nature, are not available to private investors? The answers of the Court of Justice to both questions were in the affirmative. In the EDF case, the Court uphel


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