On 10 May 2011, the EFTA Court issued its judgment in three joined cases concerning the special tax rules of Liechtenstein applicable to captive insurance companies. Under the Liechtenstein Tax Act, such companies were allowed a reduction of capital tax and an exemption from coupon and business income tax. The Court upheld the decision of the EFTA Surveillance Authority (ESA), concluding that the tax provisions on captive insurance companies constituted