The CJEU confirmed that an investment fund with a registered office in the US was entitled to claim an exemption from withholding tax on dividends granted by Poland only to domestic funds. This has implications for EU member states that grant exemptions only to domestic and European funds, writes Philip Baker QC
Viewed individually the various elements that make up the recent judgment of the CJEU in the Emerging Markets Series of DFA Investment Trust Company v Director of the Bydgoszcz Tax Authority (C-190/12) are not novel or innovative; to a large extent they represent established principles of the court’s jurisprudence. Cumulatively however they amount to a decision that may have wide implications for other EU member states (though perhaps less for the UK). It has been estimated that over $3bn of...
