The European Commission has proposed a draft Faster and Safer Relief of Excess Withholding Taxes (FASTER) Directive. If adopted, it will come into force on 1 January 2027. FASTER seeks to: (1) introduce a harmonised European Union WHT regime to enhance the functioning of its capital markets; (2) improve processes; and (3) reduce fraud and abuse, where the EU estimates €150bn of tax losses have occurred. FASTER’s core pillars are a digital certificate of residence, relief at source and/or a quick refund system, underpinned by financial intermediaries having standardised reporting obligations. Change is needed and is overdue, and stakeholders are encouraged to submit their views during the consultation, which currently closes on 14 September 2023.
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The European Commission has proposed a draft Faster and Safer Relief of Excess Withholding Taxes (FASTER) Directive. If adopted, it will come into force on 1 January 2027. FASTER seeks to: (1) introduce a harmonised European Union WHT regime to enhance the functioning of its capital markets; (2) improve processes; and (3) reduce fraud and abuse, where the EU estimates €150bn of tax losses have occurred. FASTER’s core pillars are a digital certificate of residence, relief at source and/or a quick refund system, underpinned by financial intermediaries having standardised reporting obligations. Change is needed and is overdue, and stakeholders are encouraged to submit their views during the consultation, which currently closes on 14 September 2023.
If you are not a subscriber, subscribe now to read this content.
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