Tax

Freedom of establishment, which Art 49 of the TFEU granted to EU nationals, included the right for them to take up and pursue activities as self-employed persons and to set up and manage undertakings under the conditions laid down for its own nationals by the law of the member state where such establishment was effected. It entailed, in accordance with Art 54 TFEU, for companies or firms formed in accordance with the law of a member state and having their registered office, central administration or principal place of business within the EU, the right to exercise their activity in the member state concerned through a subsidiary, a branch or an agency (see [17] of the judgment). 

Articles 49 TFEU and 54 of TFEU should be interpreted as precluding legislation of a member state under which it was possible for a resident company that was a member of a group to have transferred to it losses sustained by