IA Webinar: FASTER – The EU’s new Directive on Withholding Tax Procedures

.

Join the Investment Association on Tuesday 05 September for an in-depth webinar on the EU Commission’s recently released Council Directive on Faster and Safer Relief of Excess Withholding Taxes (‘FASTER’).
 
Built off the Commission’s vision for a single market for capital across the whole of the EU, the Directive introduces three core components:

1. A common EU digital tax residence certificate or (‘eTRC’) to make withholding tax relief procedures faster and more efficient. EU investors will need only one digital tax residence certificate which will be usable across the EU
2. Two fast-track procedures complementing the existing standard refund procedure: a “relief at source” procedure and a “quick refund” system, which will potentially make the relief process faster and more harmonised across the EU. Member States will be able to choose which one to use – including a combination of both
3. A standardised reporting obligation that will provide national tax administrations with the necessary tools to check eligibility for the reduced rate and to detect potential abuse. Certified financial intermediaries will have to report the payment of dividends or interest to the relevant tax administration so that the latter can trace the transaction.

With our sector still unpacking what these new proposals mean for treaty access across Europe, the webinar will walk members through each of the Directive’s components and how, if enacted, this is likely to transform relief procedures both for the better, and potentially for the worse, and what steps the industry needs to be take ahead of its potential introduction in 2027.  
 
Join this webinar to hear from the experts across the Product, Custodian and Advisor community and listen to their views on how the Directive is likely to unfold in the coming months and years and how it will affect investment funds both inside and out of the bloc. 

Mark Huyan, Global Head of Tax Product, Asset Servicing, State Street
Mark recently joined State Street and leads the Tax Product function across State Street’s Custody and Fund Services businesses. Prior to State Street he was an Executive Director in the JPM Tax Product Advisory team where he was responsible for a range of EMEA businesses (including Prime Brokerage, Agency Securities Finance and Private Banking) and global projects (DAC 6, CRS and FATCA IGA).

Anzhela Popova, Global Head of Tax Product for Securities Services, Citi
Anzhela recently joined Citi as the Head of Tax Product for Custody. Anzhela has extensive experience in operational taxes within the financial sector through working in tax advisory focusing predominantly on the asset servicer segment and at a broker-dealer in the internal tax risk and advisory function overseeing tax operations.

Paul Radcliffe, Partner, EY
Paul is a partner in EY London’s financial sector tax practice and brings industry insights coupled with technical tax insights, leading a team devoted to helping clients understand and comply tax issues related to cross-border investment.

By working with industry organizations and having been involved in global initiatives such as the OECD’s TRACE workstream, he understands macro trends that are shaping tax issues relevant to clients.

Paul has over two decades of financial sector experience. He speaks frequently on operational tax topics and contributes to tax publications on emerging issues. Recently he has written a number of articles on the FASTER initiative.

Reinhart Devisscher, Director, EY
Reinhart is a director in EY London’s financial sector tax practice and focuses mainly on operational taxes for asset servicers and asset owners. Reinhart has over 12 years of financial sector experience and recently has written a number of articles on the FASTER initiative.