Parliament approves Bill implementing amendments to EC Parent-Subsidiary Directive

On 11 October 2006, the Luxembourg parliament approved a Bill implementing Directive 2003/123/EC of 22 December 2003, which modified Directive 90/435/CEE (the Parent Subsidiary Directive 2003/123/EC) The Bill applies retroactively for dividend distributions made from 1 January 2005.

Note: On 5 July 2006, the European Commission announced that it had referred Luxembourg to the European Court of Justice for not implementing Council Directive 2003/123/EC.