A decision of the Spanish Supreme Court was published on 15 May 2023 concerning whether the withholding tax imposed on dividends paid by Spanish listed companies to German alternative investment funds (hedge funds) is contrary to the principle of free movement of capital in Article 63 of the TFEU. The appellants in the case are alternative investment fund management companies of German hedge funds. In the years 2011 to 2014, dividends received by the funds were subject to withholding at rates of 19% or 21% (depending on the year), or 15%, in application of the 2011 Germany-Spain tax treaty. The...