On 25 January 2012, the Ministry of Finance published official guidance (IV B 3 – S 2411/07/10016) on the application of the anti-treaty-shopping rules embodied in article 50d(3) of the Income Tax Act as amended in 2011. Under the revised rules, treaty benefits to a non-resident (intermediate) company are denied if: -   as far as its shareholders would not be entitled to the treaty benefits if they would have invested directly; and -   as far as the functional requirements of article 50d(3) are not fulfilled, i.e. the company derives harmful revenue. The functional requirements are met if: -...