On Monday 19 June, the European Commission proposed a new withholding tax procedure for cross-border income – dividends on shares and interest on bonds. Known as ‘FASTER’, this directive is designed to make these rules more effective and more secure for investors, financial intermediaries such as banks, and Member States’ tax authorities.
Like ‘BEFIT’ (see EUROPE B13190A30), it is a key element of the action plan for “business taxation fit for the 21st century”. It is also...