Withholding tax relief in case of outbound dividends that are paid from Austrian corporations to foreign holding companies is an issue of utmost relevance for tax practice and frequently concerns tax authorities as well as courts. In March 2019, the Austrian Supreme Administrative Court had to decide on withholding tax relief in case of dividends paid to a Luxembourg holding that was part of a multi-tier Luxembourg holding structure owned by a Cayman Fund and came to the conclusion that withholding tax relief had to be granted in the given case. Even more recently, the Austrian Federal Finance Court decided on a comparable case dealing with outbound dividends paid to a parent holding company resident in the Netherlands. In the latter case, withholding tax relief was also granted by the court and further aspects were highlighted that need to be considered when analyzing the substance requirements of holding companies in light of the recent developments of the case law of the Court of Justice of the European Union as well as Austrian jurisprudence.