The Spanish National High Court (Audiencia Nacional), in its Judgment dated 28 April 2022, recently published, has confirmed the right of a sovereign fund to obtain the refund of dividend withholding taxes (DWHT) imposed as Nonresident Income Tax (NRIT) derived from its investments in Spain.
The taxpayer in this case was a non-European sovereign fund investing in Spain through two different investment vehicles, one of the vehicles was comparable to the Spanish Fund for Foreign Investment (FIEX) a…