The ECJ is currently reviewing a case (AllianzGI-Fonds AEVN) concerning provisions of Portuguese tax law that provide for an unequal treatment of non-resident and resident investment vehicles with respect to nationally-sourced dividend income. In her Opinion of 6 May 2021, Advocate General Kokott posited – in a partial departure from previous ECJ rulings – that the Portuguese provisions did not contravene EU law on the free movement of capital. This article critically examines the Advocate General’s view.