On 24 February 2022 the European Court of Justice (ECJ) ruled in the case Viva Telecom Bulgaria EOOD v. Direktor na Direktsia Obzhalvane i danachno-osiguritelna praktika – Sofia (Case C-257/20) (ECJ, 24 February 2022, Case C-257/20, Viva Telecom Bulgaria EOOD v. Direktor na Direktsia Obzhalvane i danachno-osiguritelna praktika – Sofia, ECLI:EU: C:2022:125), inter alia, that fictitious interest payments do not enjoy withholding tax (WHT) exemption neither under the Interest and Royalties Directive (2003/49) (Council Directive 2003/49/EC of 3 June 2003 on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States, OJ L 157, 26 June 2003) (IRD) nor under the Parent-Subsidiary Directive (2011/96) (Council Directive 2011/96/EU of 30 November 2011 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States, OJ L 345, 29 December 2011) (PSD) (together referred to as the directives). This article questions this finding and argues that fictitious interest and dividends should fall under the IRD and PSD respectively.