Foreign non-UCITS investment funds awarded refund - 21/03/2013


US investment funds (incorporated as regulated investment companies – RIC) have been awarded, by a Swedish Administrative Court of first instance, a refund of unduly withholding tax held from 2004 to 2009.

The Swedish Administrative Court considered, in its decisions, that the differentiation in the tax treatment based on the residence of the funds in a third country - in the case at hand, the U.S.A. - as irrelevant.

These decisions also restate the importance of documentation evidence to be provided when non-UCITS investment funds apply for a refund of Swedish withholding tax based on the EU Treaty.

In light of these decisions, foreign investment funds should consider whether they have any Swedish withholding taxes that potentially could be recovered. Reclaims can be made during 2013 for withholding tax levied on dividend distributions as from 2008.

For further details on the matter, please refer to the alert issued by Deloitte Sweden.

We will keep you informed on any new developments in this regards.

If you have any queries regarding the above, please do not hesitate to contact us.

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