1. Highlights in this edition
CJ judgment on the compatibility of Polish tax exemption
applicable only to externally managed collective investment funds
with the free movement of capital (F S.A. v Dyrektor
Krajowej Informacji, Case C18/23)
On 27 February 2025, the CJ delivered its judgment in the case
F S.A. v Dyrektor Krajowej Informacji (C-18/23). The
case deals with the question of whether the free movement of
capital must be interpreted as precluding the legislation of a
Member State which grants a tax exemption only to externally
managed non-resident investment funds while not granting such
exemption to internally managed investment funds.
The case concerned F S.A. (F Fund), a closed-end investment fund
established in Luxembourg and managed internally by a board of
directors. F Fund sent a request for an advanced tax ruling to the
Polish tax authority regarding its qualification for an exemption
provided for under Polish domestic law. F Fund was of the
