ECJ – Recent Developments in Direct Taxation 2014
1. Aufl. 2015
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I. S. 110Introduction
On 9 July 2014 the EFTA Court delivered its decision in joined cases E-3/13 and E-20/13 Fred. Olsen and Others and Petter Olsen and Others v. The Norwegian State. Essentially, this is an EEA parallel to the Cadbury Schweppes case referred to the ECJ. However, it also deals with other issues, notably the treatment under CFC rules of a trust established in Liechtenstein and the question of wealth taxation of beneficiaries of trusts.
II. Facts of the Case; Applicable Domestic Law
Ptarmigan Trust is a discretionary, irrevocable and perpetual trust established in Liechtenstein in 1980. The beneficiaries of the trust are members of the Norwegian Olsen family. The assets of the trust are divided into two so called funds, named Fund A and Fund B. Beneficiaries of Fund A are Fred. Olsen and his descendants, and beneficiaries of Fund B are Petter Olsen and his descendants (Fred. and Petter are brothers). In addition, widows and widowers of the aforenamed are covered.
The trust owns the shares in a Dutch company (Eagleville Group BV) which in turn is the parent company of a large world wide group of companies.
The basic question in the case was whether the beneficiaries are taxable...