On 10 April 2014 the ECJ (“EU Court of Justice”) ruled that US regulated investment companies (“RICs”) cannot be excluded from the benefits of the Polish withholding tax exemption that is benefiting domestic funds, if Poland has sufficient means to verify that they are comparable to such domestic funds.

For the full decision please refer to:
Emerging Markets Series of DFA Investment Trust (C-190/12) 10th of April, 2014

This is an interesting decision and will also impact other EU member states like France, Germany, the Netherlands, Sweden and Spain.

Should you be interested to have a further discussion or require further information, please contact your account managers and they will be available to assist you further.