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Withholding tax on dividends
It is predicted that investment funds will be able to make significant claims for repayment of overpaid dividend withholding tax from governments across Europe following the recent European Court of Justice ruling in Aberdeen Property Fininvest Alpha Oy that a Finnish tax withheld on dividends paid to foreign investment funds was unlawful. The case is summarised on page 4 of this issue. It considered the lawfulness of an EU Member State levying dividend withholding taxes only on dividends paid to non-resident investment funds while exempting domestic investment funds from such taxes.
Teresa Owusu-Adjei UK investment management tax markets leader PricewaterhouseCoopers LLP says:
'This judgment is welcome news for investment funds that have been subjected to discriminatory withholding taxes on dividends...

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