European Finance Ministers reached an agreement (general approach) on the ‘FASTER’ initiative on withholding tax procedures in the EU (see EUROPE B13408A4) at the ‘Economic and Financial Affairs’ Council on Tuesday 14 May. This directive aims to make these procedures safer and faster in order to obtain exemption from double taxation.
It will also harmonise the procedures for applying reduced rates, which currently depend on bilateral agreements, and will help to stimulate...