On 30 January 2019, a decision of the German Federal Fiscal Court was published concerning Germany's participation exemption regime for dividends, which includes a 5% add-back for deemed non-deductible expenses (i.e., a 95% exemption). The case involved the distribution of dividends in 2001 by an Indian company that was 25.17% held by a German company. As per the double taxation relief provision of the 1995 German-India tax treaty, the dividends were exempt from taxation in Germany based on …