As reported in Tax News last week, the European Commission has proposed new procedures to make withholding tax more efficient and secure. The Commission has identified several problems with the existing regime, including an uneven digitalisation of tax procedures across Member States. In addition, regulation is fragmented with myriad forms applying in the various Member States. Recent estimates suggest investors are losing around €5 billion a year as a result. The new rules seek to standardise withholding tax procedures across the EU.