On 12 October 2012, Advocate-General (AG) Wattel delivered his opinion (recently published) in case No. 11/04538 as to whether or not, after a change in the law and/or the factual conditions, the participation exemption applies to previously non-qualifying dividends. The details of the opinion are summarized below. (a) Facts. X BV (the Taxpayer) is a company incorporated under Dutch law with its legal seat in the Netherlands. In 2007, the Taxpayer owned 49% of the shares in F LLC (F) and G LLC (G), two companies established under the laws of the United Arab Emirates, and resident there. At the...