The Greek State Council rules that a legislative provision introduced in compliance with a judgment of the EU Court of Justice, ordering the recovery of incompatible aid granted in the form of tax exemptions, does not impinge upon the Greek Constitution, which prohibits the retroactive imposition of taxation (Undertaking X)

Factual Background: On 15.03.1988 the Greek Minister of Financial Affairs adopted Decision E. 3789/128, ratified by Law 1796/1988, which introduced a special single tax on the total income of certain undertakings in the financial year 1987. However, the proportion of earnings deriving from export activity was exempted from taxation. The tax in question was calculated on the basis of the net profits earned by undertakings in a 12-month accounting period (1 July 1986-30 June 1987) after deduction of the profits corresponding to gross export earnings during the accounting period in question. Nevertheless, the European Commission in its Decision 89/659/EEC of 3 May 1989 (OJ L 394, 30.12.1989, p. 1-4), adopted in the context of Article 88(2) EC proceedings, considered the tax exemption in

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