On 21 June 2018, the Court of Justice of the European Union (CJEU) issued its decision in Fidelity Funds vs. Skatteministeriet (Case C-480/16), concluding that Danish tax legislation that provides for an exemption from Danish withholding tax on dividends distributed by a Danish resident company to Undertakings for the Collective Investment of Transferable Securities (UCITS) resident in Denmark, but not to non-resident UCITS established in other EU member states, is a violation of the free movement of capital principle in article 63 of the Treaty on the Functioning of the European Union (TFEU).

Following the decision, the Danish tax authorities’ general practice would be to issue a “reopening circular” that sets out the conditions for obtaining a refund based on the CJEU decision. Claims for refunds would have to be submitted within six months following the decision, i.e. by 21 December 2018.