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Loyens & Loeff obtains a favorable judgment

July 2019

Client(s) Loyens & Loeff

On behalf of Loyens & Loeff, Jones Day obtained a favorable judgment ordering a French withholding tax refund in favor of client, PGGM, a Dutch pension fund management company. The case concerned a request for the refund of withholding tax paid between 2003 and 2009 by a pension fund managed by PGGM on the grounds that, under French criteria, our client qualified as being comparable to a French tax-exempt non-profit organization. This is an important judgment as it is, to our knowledge, the first ever French court decision ordering a French withholding tax refund to the benefit of a Dutch pension fund based on its comparability with a French nonprofit organization.

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