It could soon become easier for investors in other European countries to get refunds for cases of double-taxation. European Union finance ministers agreed to a plan to help EU residents quickly receive a tax refund if they receive dividends and interest from an investment in a different Member State. They are often improperly charged tax both in the country of the investment, and their country of residence.
The “very important” new rules do not only help investors, but also the European economy, said Dutch caretaker State Secretary Marnix van Rij. Investors are currently still hesitant to invest in other EU member states, said Van Rij after a meeting with his EU colleagues in Brussels this week. He said the European economy can only compete with the United States and China if European entrepreneurs can find investors to start their companies or help them grow.
A Dutch resident receiving dividends on Italian shares or German bonds can certainly be hit twice. Although this money can be recovered, it is usually very complicated and time-consuming. The finance ministers of the EU member states have now agreed that they will immediately charge the correct tax bill or send back the excessive fees within a specific timeframe.
Van Rij thinks the new rules will eliminate this hurdle, although “it will take a couple of years” before they are implemented. Ministers will still need European Parliament to first give its own non-binding opinion on the deal. The legislative body is on recess until July, with elections set for June 6-9.
Finance ministers can only begin the attempt to adopt the proposal as a law once this happens.
The Alpine nation is due to hold a popular vote in November on the introduction of a federal tax on inheritances and gifts worth more than CHF50 million ($61 million). Unlike existing cantonal duties
The European Commission unveiled on Monday a plan to better channel up to €10 trillion in bank deposits across the bloc into much-needed strategic investments. “Currently, too few European citizens
Recently enacted Internal Revenue Service initiatives recovered $4.7 billion in funds from illegal schemes and criminal practices, officials said in a Thursday statement. Nearly $3 billion came from
The Gwacheon City in South Korea will roll out a virtual asset electronic seizure system next month to track and confiscate crypto from tax evaders. The system will enable authorities to identify hidden