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EU FASTER Directive Agreed: Fast‑Track Withholding Tax Relief on Dividends and Interest, eTRC, Certified Intermediary Reporting; Transposition by 31 December 2028, Application from 1 January 2030

Published on: 15 May 2024

Published by an LexisNexis Ireland - Banking & Financial Services expert

Legal News

Article summary

Taxation: Council agrees on new rules for withholding tax procedures (FASTER)

On 4 May 2024, the Council adopted a general approach on quicker and more secure processes to obtain relief from double taxation, designed to stimulate cross-border investment and combat tax abuse. The Council Directive on Faster and Safer Relief of Excess Withholding Taxes (FASTER) aims to make EU withholding tax procedures safer, more efficient and more reliable for cross-border investors, national tax authorities and financial intermediaries, such as banks or investment platforms.

Aligning tax relief processes is crucial to improve how the capital markets union functions. I am pleased we have reached agreement on this significant proposal, which will also enable a much more effective fight against tax fraud. It will make investing abroad simpler and, we hope, prompt retail investors in particular to participate in European financial markets, ultimately benefiting the entire economy.—Belgian Minister of Finance.

Double taxation

Currently, in the context of cross-border investments, many Member States charge taxes on dividends (from equities and shares) and interest (on bonds) paid to investors residing overseas. At the same time, those investors must pay income tax in their country of residence too, at the national level under applicable rules...

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