On 12 October 2012, Advocate-General (AG) Wattel delivered his opinion (recently published) in case No. 11/04538 as to whether or not, after a change in the law and/or the factual conditions, the participation exemption applies to previously non-qualifying dividends. The details of the opinion are summarized below.
(a) Facts. X BV (the Taxpayer) is a company incorporated under Dutch law with …