EN Official Journal of the European Union C 194/4

Judgment of the Court (Third Chamber) of 10 May 2012 (reference for a preliminary ruling from the Tribunal administratif de Montreuil (France)) — Santander Asset Management SGIIC SA, on behalf of FIM Santander Top 25 Euro Fi (C-338/11) v Directeur des résidents à l’étranger et des services généraux and Santander Asset Management SGIIC SA, on behalf of Cartera Mobiliaria SA SICAV (C-339/11), Kapitalanlagegesellschaft mbH, on behalf of Alltri Inka (C-340/11), Allianz Global Investors Kapitalanlagegesellschaft mbH, on behalf of DBI-Fonds APT no 737 (C-341/11), SICAV KBC Select Immo (C-342/11), SGSS Deutschland Kapitalanlagegesellschaft mbH (C-343/11), International Values Series of the DFA Investment Trust Co. (C-344/11), Continental Small Co. Series of the DFA Investment Trust Co. (C-345/11), SICAV GA Fund B (C-346/11), Generali Investments Deutschland Kapitalanlagegesellschaft mbH, on behalf of AMB Generali Aktien Euroland (C-347/11) v Ministre du Budget, des Comptes publics, de la Fonction publique et de la Réforme de l’État

(Joined Cases C-338/11 to C-347/11) (1)

(Articles 63 TFEU and 65 TFEU - Undertakings for collective investments in transferable securities (UCITS) - Different treatment of dividends paid to non-resident UCITS, subject to withholding tax, and dividends paid to resident UCITS, not subject to such tax - Whether it is necessary, for the purpose of determining whether the national measure is in conformity with the free movement of capital, to take account of the situation of shareholders - No such need)

2012/C 194/06

Language of the case: French

Referring court

Tribunal administratif de Montreuil

Parties to the main proceedings

Applicants: Santander Asset Management SGIIC SA, on behalf of FIM Santander Top 25 Euro Fi (C-338/11), Santander Asset Management SGIIC SA, on behalf of Cartera Mobiliaria SA SICAV (C-339/11), Kapitalanlagegesellschaft mbH, on behalf of Alltri Inka (C-340/11), Allianz Global Investors Kapitalanlagegesellschaft mbH, on behalf of DBI-Fonds APT no 737 (C-341/11), SICAV KBC Select Immo (C-342/11), SGSS Deutschland Kapitalanlagegesellschaft mbH (C-343/11), International Values Series of the DFA Investment Trust Co. (C-344/11), Continental Small Co. Series of the DFA Investment Trust Co. (C-345/11), SICAV GA Fund B (C-346/11), Generali Investments Deutschland Kapitalanlagegesellschaft mbH, on behalf of AMB Generali Aktien Euroland (C-347/11)

Defendants: Directeur des résidents à l’étranger et des services généraux, Ministre du Budget, des Comptes publics, de la Fonction publique et de la Réforme de l’État

Re:

Reference for a preliminary ruling — Tribunal administratif de Montreuil — Interpretation of Articles 63 and 65 TFEU — Different tax treatment of non-resident undertakings for collective investments in transferable securities (UCITS), subject to withholding tax, and resident undertakings, not subject to such tax — Obstacle to the free movement of capital — Whether it is necessary, for the purpose of determining whether withholding tax is in conformity with that principle, also to take account of the situation of shareholders

Operative part of the judgment

Articles 63 TFEU and 65 TFEU must be interpreted as precluding the legislation of a Member State which provides for the taxation, by means of withholding tax, of nationally-sourced dividends when they are received by undertakings for collective investments in transferable securities resident in another State, whereas such dividends are exempt from tax when received by undertakings for collective investments in transferable securities resident in the Member State in question.

(1) OJ C 269, 10.9.2011.