On 6 May 2008, the European Commission announced that it had sent reasoned opinions (the second step of the infringement procedure under Art. 226 of the EC Treaty) to Spain and Portugal in respect of their rules under which dividends paid to foreign pension funds are taxed more heavily than those paid to domestic pension funds. It has also sent letters of formal notice (the first step of the infringement procedure) to (i) Romania and Bulgaria with regard to their rules under which outbound dividends paid to companies may be taxed more heavily than domestic dividends, and (ii) Bulgaria concerning...