On the 14th of May 2024, the Council of the European Union agreed on the FASTER Directive, an initiative aimed at aligning and securing the procedures for obtaining efficient relief from excess withholding taxes, with the aim of promoting cross-border investment and deterring abuse.
What’s New?
Digital Tax Residence Certificate (eTRC): A common EU digital tax residence certificate which aims to simplify the process of claiming relief from excess withholding taxes, ensuring more efficient handling of your investments.
Fast-Track Procedures: Two new fast-track procedures, at least one of which must be adopted by an EU member state. The relief-at-source and quick refund systems will significantly expedite the relief and refund process on withholding taxes.
Standardized Reporting: New standardised reporting obligations for financial intermediaries to deter tax fraud and abuse.
Read more at EMD blog here
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