Directive 90/434 (now 2009/133/EC) ‘on the common system of taxation applicable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different member states’ applies where transactions falling within those headings (as defined) involve companies from two or more member states. (For a discussion of the nature of directives, see ¶103-800.)

On 17 February 2005, the European Commission adopted Directive 2005/19/EC which amended the Mergers Directive 90/434.

On 19 October 2009, the European Commission adopted Council Directive 2009/133/EC which served to codify and update the heavily amended Directive 90/434.

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