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By Sidonie BRAUD, Julie CHAIDRON, Nenad ILIC, PwC Luxembourg*
Withholding tax relief has long been a complex challenge for investors (retail, insurers, and investment funds amongst others) seeking to recover excess taxes withheld on their cross-border investments. The process is often burdened with complex or unclear procedural requirements, a plethora of tax forms and supporting documentation, language barriers, and bureaucratic hurdles that hinder efficiency and transparency. Despite efforts to streamline procedures (spanning over two decades!), many complexities persist, prompting the European Commission to propose initiatives such as FASTER (Faster and Safer Tax Excess Relief) to address these issues, which is expected to enter into force as from 2027...
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