A Luxemburg company received dividends from a Finnish nonquoted company (Aberdeen) in which it owned all the shares. Finnish dividend tax was withheld on these distributions. If the Luxemburg company had been a Finnish ‘limited’ or a Finnish investment fund it would have been exempt from Finnish dividend withholding tax. AG

Mazák, referring to Denkavit Internationaal and Amurta, had no trouble finding this withholding tax incompatible with community law. A Luxembourg SICAV is objectively comparable to a Finnish limited liability company or a Finnish investment fund for purposes of the Finnish dividend tax exemption and as such the exemption must be extended. Withholding taxes seem set to continue to fair badly before the ECJ.