The Budget for 2007 was presented to the Parliament by the Minister of Finance on 11 October 2006 and provides for a reduction of the dividend withholding tax from 1 January 2007. The dividend withholding tax applies to resident as well as non-resident taxpayers. Parent companies qualifying for the participation exemption, however, benefit from an exemption. The exemption applies if the parent company has owned, directly or indirectly, a participation of at least 10% or a participation with an acquisition cost of at least EUR 1.2 million for an uninterrupted period of at least 12 months. For resident taxpayers, the...