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Daniel Sarmiento
26th November 2019
Internal Market Tax

Portuguese court asks CJEU about corporate tax-exemption on dividends to collective investment undertakings

The Tribunal Arbitral Tributário (Portugal) has requested an order for reference to the Court of Justice, questioning Article 22 of the Estatuto dos Benefícios Fiscais, which exempts from corporation tax dividends distributed by undertakings established in Portugal to collective investment undertakings which (i) have their seat in Portugal and (ii) are formed and operate under Portuguese law.

The dispute follows because dividends distributed by resident undertakings to collective investment undertakings which have their seat in another Member State of the EU – in this case, Germany ― and therefore not incorporated under national law, are subject to tax at 25% which is withheld at source in full discharge of liability. The referrin


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