A Bill implementing Directive 2003/123/EC of 22 December 2003, which modified Directive 90/435/CEE (hereinafter, the Parent-Subsidiary Directive) was submitted to Luxembourg's Parliament on 8 August 2005. When approved, the Bill will apply retroactively for dividend distributions made from 1 January 2005. Details of the Bill are summarized below. (a) General. The Bill proposes to amend Art. 147 of the LIR on the exemption from Luxembourg dividend withholding tax (Art. 5 of the Parent-Subsidiary Directive) and Art. 166 of the Income Tax Code (ITC) on the exemption from dividends received from qualifying EU subsidiaries (Art. 4 of the Parent-Subsidiary Directive). Under...