Executive summaryOn 2 April 2020, the Court of Justice of the European Union (CJEU) issued its preliminary ruling in the case GVC Services (Bulgaria) EOOD v Direktor na Direktsia ‘Obzhalvane i danachno-osiguritelna praktika’ – Sofia (Case C-458/18). The case considered the application of the European Union (EU) Parent-Subsidiary Directive (PSD) (Council Directive 2011/96/EU) to Gibraltar companies.In its judgment, the CJEU held that companies incorporated in Gibraltar and subject to Gibraltar’s corporation tax should not be considered as covered by the EU PSD. Accordingly, EU Member States are not required to extend the dividend withholding tax exemption to Gibraltar parent companies, based on...