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AEIP replies to European Commission’s consultation on Faster and Safer Relief of Excess Withholding Taxes (FASTER)

Homepage News AEIP replies to European Commission’s consultation on Faster and Safer Relief of Excess Withholding Taxes (FASTER)

AEIP replies to European Commission’s consultation on Faster and Safer Relief of Excess Withholding Taxes (FASTER)

Cécile Henrotte
18/09/2023
News

The European Association of Paritarian Institutions (AEIP) has submitted its feedback to the European Commission’s consultation on Faster and Safer Relief of Excess Withholding Taxes (FASTER) proposal for a Directive. AEIP fully supports the initiative to improve withholding taxes (WHT) procedures and the Commission’s proposal to implement relief at source and/or quick refund procedures for excess WHT.

 

Simone Miotto, the Executive Director of AEIP mentioned that:

“FASTER offers numerous advantages to pension funds, primarily through its streamlining of the process, standardized data requirements, and simplified form submissions. This will significantly reduce administrative burdens and allow pension funds to fully exercise their entitlement to tax exemptions and refunds.”

 

FASTER will render the application submission and payment processing swift, thus enabling pension savings to be reinvested promptly. However, in our feedback we raise certain considerations relating to pension funds with the aim to enhance the practical implementation of the FASTER initiative.

 

We think it is crucial to extend the use of digital tax residence certificates to collective investment vehicles, as pension savings are predominantly invested through transparent investment funds. Therefore, transparent investment funds should be granted access to FASTER procedures to facilitate their participation. Concerning Certified Financial Intermediaries (CFIs), we suggest that, as a general principle, investors themselves should bear the responsibility for reporting any inaccurate information. Consequently, CFIs would bear no liability for any withholding failures stemming from information provided by the registered owner.

 

AEIP believes that to ensure the effectiveness of the FASTER initiative, it is essential to ensure its broad applicability, thus there should be limited possibilities for deviating from FASTER procedures.

 

AEIP applauds the introduction of efficient WHT procedures and the necessary tools for Member States to effectively fight tax fraud and abuse. These measures are instrumental in advancing the smooth functioning of the Capital Market Union, facilitating cross-border investments, and ensuring equitable taxation practices.

 

Please see here to read the full AEIP input.

 

For further information please contact: Panayiotis Elia, AEIP Policy Advisor, Pension & Financial Affairs

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Friday, 20, Jun
AEIP input on integration of EU capital markets: supervision of pension funds should remain at national level
Thursday, 12, Jun
AEIP welcomes the European Parliament’s proposed amendments for a directive harmonizing certain aspects of insolvency law
Wednesday, 4, Jun
AEIP input on the revision of EU rules on sustainable finance disclosure: need to consider the features and needs of pension funds in the context of the SFDR review
Wednesday, 30, Apr
Mapping report of social ID Cards in the Construction Sector Across the European Economic Area
Tuesday, 22, Apr
The European Association of Paritarian Institutions – AEIP is looking for a Policy Advisor & Project Officer – Construction Sector, Healthcare & Provident Funds to assist in its lobbying & project management activities in Brussels
Friday, 4, Apr
AEIP welcomes the EU eDeclaration proposal and calls for targeted enhancements to ensure fair posting and compliance

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