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By Nenad ILIC, CFA, Partner, Banking Capital Markets Tax Leader, Julie CHAIDRON, Partner and Armelle DATH, Senior Manager, PwC Luxembourg
On 19 June 2023, the European Commission (EC) proposed ambitious new rules to make withholding tax procedures in the EU more efficient and secure for cross-border investors, financial intermediaries and tax authorities. The initiative, commonly known as FASTER (Faster and Safer Tax Excess Relief) foresees simplified relief at source and refund procedures while also ensuring the fight against tax fraud through improved information exchange with the relevant tax authorities.
What is the issue and why is it important to solve it?
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