A First Belgian Judgment on the Interpretation of the Term “Beneficial Owner” in a Tax Treaty and the EU Interest and Royalties Directive (2003/49)

A recent Belgian judgment has considered the term “beneficial owner” under a tax treaty and the EU Interest and Royalties Directive (2003/49) regarding Belgian-source interest paid to a Dutch affiliate paid on to a US affiliate by another Dutch affiliate, with both Dutch companies in a Netherlands tax consolidation regime.