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EU venture capital directive plans shelved

Plans to develop an EU directive harmonising the treatment of venture capital funds across the union have been shelved by the Commission.


Discussions between the member states and representatives of the European venture capital industry concluded that legislation in the industry is unnecessary.


The industry is now for the Commission to examine the tax treatment of funds to find ways to increase co-ordination across Europe.


The EU says that it is likely to produce a green paper on investment in the first half of 1999 which may address the tax issue.

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