The EU Commission today issued guidelines designed to make it easier for cross-border investors to recover withholding tax and relieve double taxation.
Voluntary Code of Conduct guidelines urge EU States to adopt quick, simplified, and standardized procedures for refunding withholding taxes.
Among other topics, the guidelines suggest measures to ease burdens on smaller businesses, urge use of simpler digital forms and documentation to apply for withholding tax relief, suggest a reasonable time frame for tax authorities to grant withholding tax relief, and suggest that States provide for a single point of contact to resolve withholding tax issues.
“Today’s Code of Conduct should help investors to avoid long delays and high costs when claiming withholding tax refunds. We will now work closely with Member States to make sure that the new Code of Conduct delivers tangible results,” said Valdis Dombrovskis, Vice-President in charge of Financial Stability, Financial Services and Capital Markets Union, announcing the measures.
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