EUR-Lex - 31970D0304 - EN

Article 1

The Italian Republic shall abolish the ten-year exemption from all direct taxation - provided for in Article 12 of the draft law on the restructuring, reorganization and conversion of the textile industry communicated to the Commission on 24 April 1969 by the Office of the Permanent Representative of Italy to the European Community - on income from investments approved under that draft law which are made in the areas described as textile areas.

Article 2

The Italian Republic shall amend the provisions of the last paragraph of Article 5 of the draft law which lays down as a criterion for granting aid the "need to avoid any increase in production capacity in sectors where capacity is only partially utilized" in such a way that the criterion is not applied in relation only to the situation in Italy, but takes into account also any excess capacity in the Community as a whole.

Article 3

This Decision is addressed to the Italian Republic.

Done at Brussels, 27 May 1970.

For the Commission

The President

Jean REY