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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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News

  • AEIP replies to European Commission’s consultation on Faster and Safer Relief of Excess Withholding Taxes (FASTER)
  • AEIP replies to the European Supervisory Authorities (ESAs) joint consultation on the first batch of DORA policy products
  • AEIP publishes its Activity Report for 2022
  • AEIP replies to the European Supervisory Authorities (ESAs) joint consultation on the review of SFDR Delegated Regulation
  • AEIP General Assembly appoints new President and Vice President for two-year mandate
  • AEIP replies to EIOPA’s Consultation on the review of the IORP II Directive
  • Paritarian institutions in the Building Sector oppose against exemptions to prior notification for the construction industry

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Monday, 18, Sep
AEIP replies to European Commission’s consultation on Faster and Safer Relief of Excess Withholding Taxes (FASTER)
Monday, 11, Sep
AEIP replies to the European Supervisory Authorities (ESAs) joint consultation on the first batch of DORA policy products
Monday, 17, Jul
AEIP publishes its Activity Report for 2022
Tuesday, 4, Jul
AEIP replies to the European Supervisory Authorities (ESAs) joint consultation on the review of SFDR Delegated Regulation
Monday, 26, Jun
AEIP General Assembly appoints new President and Vice President for two-year mandate
Thursday, 25, May
AEIP replies to EIOPA’s Consultation on the review of the IORP II Directive

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