On 31 December 2015, Finland published Law 1599/2015 in the Official Gazette, which implements amendments made to the EU Parent-Subsidiary Directive into domestic law. The amendments include that the participation exemption will not be granted if: Dividends paid by a subsidiary to its parent company are deductible in the Member State of the subsidiary (if partially deductible, the non-deductible portion will remain exempt); or An arrangement or a series of arrangements are put in place with the main purpose or one of the main purposes of receiving a tax benefit and not for valid commercial reasons that reflect economic reality....