Case C-602/23, Finanzamt für Großbetriebe: Judgment of the Court (First Chamber) of 30 April 2025 (request for a preliminary ruling from the Verwaltungsgerichtshof – Austria) – Finanzamt für Großbetriebe (Reference for a preliminary ruling – Free movement of capital – Restrictions – Tax on income from capital – Undertaking for collective investment in transferable securities (UCITS) – Legal personality – National legislation providing that UCITS do not have legal personality – Tax transparency of UCITS – Tax treatment of foreign undertakings that are comparable to UCITS but that have legal personality – Whether a cross-border situation is comparable to a domestic situation)
Date: 2025-04-30
Institutions: Court of Justice
Subjects: Austria, UCITS fund, capital gains tax, double taxation, foreign enterprise, free movement of capital, tax rebate








C_202503245EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/3245


24.6.2025






Judgment of the Court (First Chamber) of 30 April 2025 (request for a preliminary ruling from the Verwaltungsgerichtshof – Austria) – Finanzamt für Großbetriebe


(Case C-602/23,
                (1)
Finanzamt für Großbetriebe)

(Reference for a preliminary ruling - Free movement of capital - Restrictions - Tax on income from capital - Undertaking for collective investment in transferable securities (UCITS) - Legal personality - National legislation providing that UCITS do not have legal personality - Tax transparency of UCITS - Tax treatment of foreign undertakings that are comparable to UCITS but that have legal personality - Whether a cross-border situation is comparable to a domestic situation)
(C/2025/3245)
Language of the case: German

Referring court

Verwaltungsgerichtshof

Parties to the main proceedings


Appellant in the appeal on a point of law: Finanzamt für Großbetriebe

Interested party: Franklin Mutual Series Funds – Franklin Mutual European Fund

Operative part of the judgment

Article 63 TFEU must be interpreted as meaning that national legislation which has the effect of precluding a refund of tax on income from capital to a non-resident entity which, on the one hand, has the same characteristics as an undertaking for collective investment in transferable securities (UCITS) within the meaning of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), but, on the other hand, has legal personality and is, in that regard, comparable to a resident legal person, even though, under that national legislation, a resident UCITS is considered to be transparent for tax purposes and cannot operate as a legal person, does not constitute a restriction on the free movement of capital, provided that the income received by the non-resident entity is attributed to its unit-holders and is taxed, in its State of residence, not at the level of the non-resident entity but at the level of its unit-holders.


(1)  OJ C C/2023/1436.


ELI: http://data.europa.eu/eli/C/2025/3245/oj
ISSN 1977-091X (electronic edition)