The EU has reached political agreement on the Directive on Faster and Safer Relief of Excess Withholding Taxes or FASTER. The FASTER initiative aims to boost cross-border investment and combat tax fraud, particularly in light of the ‘Cum/Ex’ and ‘Cum/Cum’ scandals.
The FASTER rules include:
- A common EU digital tax residence certificate
- Two fast-track procedures complementing the existing standard refund procedure
- The creation of national registers for certified financial intermediaries and an EU certified financial intermediary portal
- Standardised reporting obligations.
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