Section 1 — Certified financial intermediaries
National register of certified financial intermediaries
1. Member States referred to in Article 2(2) and (4) shall establish a national register of certified financial intermediaries.
2. Member States referred to in Article 2(3) and (5) that opt to apply Chapter III shall establish a national register of certified financial intermediaries.
3. Member States establishing a national register pursuant to paragraph 1 or 2 shall designate a competent authority responsible for maintaining and updating that national register.
4. The national registers shall include the following information on certified financial intermediaries:
(a)
the name of the certified financial intermediary;
(b)
the date of registration of the certified financial intermediary;
(c)
the contact details and any existing website of the certified financial intermediary;
(d)
the EUID or, where the certified financial intermediary has no EUID, the legal entity identifier (LEI) or any legal entity registration number issued by its country of residence.
5. For the purposes of this Article and of Articles 10 to 15, Member States shall permit a certified financial intermediary to assume the obligations and responsibilities set out in Articles 10 to 15 in respect of the position of a financial intermediary that is part of the securities payment chain and is not a certified financial intermediary if the financial intermediary and the certified financial intermediary have so agreed.
6. The national registers shall be made publicly accessible on the European Certified Financial Intermediary Portal referred to in Article 6 (the ‘Portal’), via a website of the Commission, and updated at least once a month.
7. Member States shall remain responsible for any decisions regarding the registration or rejection of a financial intermediary or regarding the removal of a financial intermediary from their national registers, and for measures imposed on financial intermediaries.
8. Any rights and obligations stemming from decisions as referred to in paragraph 7 shall be applicable from the notification by the corresponding Member State to the financial intermediary concerned.
9. The Commission shall not be held liable under any circumstances for the content on the Portal or for the failure to exchange information between Member States regarding the registration or rejection of a financial intermediary or regarding the removal of a financial intermediary from their national registers or for any measures imposed by Member States on financial intermediaries.
Development and operation of the European Certified Financial Intermediary Portal
1. The Commission shall develop and operate the European Certified Financial Intermediary Portal (the ‘Portal’) either by its own means or through a third party.
2. If the Commission decides to develop or operate the Portal through a third party, the Commission shall choose the third party and enforce the agreement concluded with that third party in accordance with Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council ( 16 ) .
3. The Portal shall serve as the electronic access point for financial intermediaries to request to register with the national registers of the Member States. The Portal shall accommodate information exchange between Member States regarding the registration or rejection of a financial intermediary, and the removal of a financial intermediary from a national register and the measures imposed on financial intermediaries.
4. Member States shall ensure that the information required pursuant to Articles 7, 8 and 9 of this Directive is provided to the Portal and that their national registers are interoperable within the Portal.
5. The Commission shall adopt implementing acts laying down the technical specifications for the operation of the Portal. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 21.
Requirement to register as a certified financial intermediary
1. Member States maintaining a national register in accordance with Article 5 shall require all large institutions that handle payments of dividends and, where relevant, interest on securities issued by a resident in their jurisdiction, and central securities depositories as referred to in Article 3(1), point (4), that are the withholding tax agent for those payments, to register with their national register.
2. Member States maintaining a national register in accordance with Article 5 shall enable, upon request, the registration in that national register of any financial intermediary that meets the requirements of Article 8.
Registration procedure
1. Member States shall ensure that where a financial intermediary submits a request to register with their national register, that request shall be approved within three months of the date of submission, provided the financial intermediary provides evidence that it fulfils all of the following requirements:
(a)
it is resident for tax purposes in a Member State or a third-country jurisdiction not included in Annex I to the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes or in Table I of the Annex to Delegated Regulation (EU) 2016/1675;
(b)
if the requesting financial intermediary is a credit institution, an investment firm or a central securities depository, an authorisation from the relevant competent authority in the jurisdiction of residence for tax purposes to perform custodial activities; or if the requesting financial intermediary is a central securities depository, an authorisation from the relevant competent authority in the jurisdiction of residence for tax purposes to perform such activities; where the requesting financial intermediary is resident for tax purposes in a third-country jurisdiction and has obtained such authorisation under national rules that are not deemed comparable with Directive 2013/36/EU or Directive 2014/65/EU, as applicable, by a Member State, that Member State may deem this requirement to be unfulfilled;
(c)
a declaration of compliance with the provisions of Directive (EU) 2015/849 of the European Parliament and of the Council ( 17 ) or with comparable rules of a third-country jurisdiction not included in Annex I to the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes or in Table I of the Annex to Delegated Regulation (EU) 2016/1675.
2. A Member State shall permit a certified financial intermediary to act on behalf of another financial intermediary that is part of the same group and to assume the obligation set out in Article 7 and the obligations and responsibilities set out in Articles 10 to 15.
3. If the requesting financial intermediary is resident for tax purposes in a third-country jurisdiction where neither Directive 2010/24/EU nor a convention that provides assistance in the collection of taxes applies to the recovery of all or part of the loss of withholding tax revenue pursuant to Article 18, the Member State to which the request has been submitted may require sufficient and proportionate guarantees to ensure the recovery of such loss in relation to the request for relief.
4. A Member State may reject the request for registration if:
(a)
the financial intermediary concerned has committed one or more offences or infringements under the national rules of a Member State or of another jurisdiction and such offences or infringements have led to a loss of withholding tax revenue; or
(b)
an inquiry into potential tax fraud or tax abuse is opened by a Member State or another jurisdiction in relation to the financial intermediary concerned which could lead to a loss of withholding tax revenue.
For the purposes of point (a), the source Member State shall only take such offences or infringements into account to the extent that they came to the attention of that Member State not more than 10 years prior to the submission of the request for registration.
5. Financial intermediaries shall, without undue delay, notify the competent authority of the Member State of any change in the information provided under paragraph 1, points (a) to (c).
6. Where the request for registration is rejected pursuant to paragraph 4, the Member State shall ensure that the financial intermediary is allowed to submit another request for registration, if the Member State has determined that the circumstances that caused the rejection have been remedied.
Removal from the national register
1. A Member State shall remove from its national register any certified financial intermediary registered pursuant to Article 7(2), where the certified financial intermediary:
(a)
requests such removal; or
(b)
no longer meets the requirements of Article 8.
2. A Member State may remove from its national register any certified financial intermediary registered pursuant to Article 7(2):
(a)
where the certified financial intermediary has been found not to have complied with its obligations under this Directive or Directive (EU) 2015/849 or under comparable rules of a third country of residence for tax purposes; or
(b)
where the certified financial intermediary has been found to have committed one or more offences or infringements under the national rules of a Member State or another jurisdiction and such offences or infringements have led to a loss of withholding tax revenue; or
(c)
where an inquiry is opened by a Member State or another jurisdiction in relation to the certified financial intermediary concerning potential tax fraud or tax abuse which could lead to a loss of withholding tax revenue.
For the purposes of point (b), the source Member State shall only take such offences or infringements into account to the extent that they became known to that Member State not more than 10 years prior to the removal of the financial intermediary.
3. A Member State may prohibit any certified financial intermediary registered pursuant to Article 7(1) from requesting relief under this Directive:
(a)
where the certified financial intermediary has been found not to have complied with its obligations under this Directive or Directive (EU) 2015/849 or with the comparable rules of a third country of residence for tax purposes; or
(b)
where the certified financial intermediary has been found to have committed one or more offences or infringements under the national rules of a Member State or another jurisdiction and such offences or infringements have led to a loss of withholding tax revenue; or
(c)
where an inquiry is opened by a Member State or another jurisdiction in relation to the certified financial intermediary concerning potential tax fraud or tax abuse which could lead to a loss of withholding tax revenue.
For the purposes of point (b), the source Member State shall only take such offences or infringements into account to the extent that they became known to that Member State not more than 10 years prior to the prohibition to request relief.
Where a Member State prohibits a certified financial intermediary pursuant to this paragraph, it shall without delay update the information contained in the national register accordingly.
4. Where a Member State removes a financial intermediary from the national register pursuant to paragraph 1 or 2, or prohibits a certified financial intermediary from requesting relief pursuant to paragraph 3, the Member State shall ensure that the financial intermediary is re-registered or is allowed to submit another request for relief, if the Member State determines that the circumstances that caused the removal or prohibition have been remedied.
Obligation to report
1. Member States shall take the necessary measures to require certified financial intermediaries registered with their national register to report to their competent authority the information referred to under headings A to E of Annex II within the second month following the month of the payment date. If a settlement instruction in respect of any part of a transaction is pending, certified financial intermediaries shall indicate the part for which settlement is pending.
2. In addition to the information referred to in paragraph 1 of this Article, Member States may require certified financial intermediaries in their national register to report to their competent authority the information referred to under heading F and, where applicable, heading G of Annex II, within the second month following the month of the payment date.
3. Member States shall take the necessary measures to require that certified financial intermediaries as referred to in Article 5(5) report to their competent authority the information referred to in paragraph 1 of this Article and, where applicable, paragraph 2 of this Article with respect to any part of the securities payment chain for which the financial intermediary that handles the payment is not a certified financial intermediary.
4. Notwithstanding paragraphs 1, 2 and 3, Member States may take the necessary measures to require that only the withholding tax agent or a certified financial intermediary in the relevant security payment chain, appointed by their competent authority or designated under national rules, reports the information referred to in those paragraphs to the competent authority. The certified financial intermediaries shall provide that information along the securities payment chain in sequential order and in respect of the position of those certified financial intermediaries in the securities payment chain of which they are part, with the effect that it ultimately reaches the withholding tax agent or the concerned certified financial intermediary.
5. Member States referred to in Article 2(5) that opt to apply Chapter III and that maintain a national register established in accordance with Article 5 shall not require information under heading E of Annex II to be reported.
6. The Commission shall adopt implementing acts laying down standard computerised forms, including the linguistic arrangements, and requirements for the communication channels, for the reporting of information referred to in Annex II. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 21.
7. Member States shall require certified financial intermediaries in their national register to keep the documentation supporting the information reported for 10 years and to provide access to any other information necessary for the correct application of rules on withholding taxes and shall require certified financial intermediaries to delete or anonymise any personal data included in such documentation as soon as the audit has been completed and at the latest 10 years after reporting.
Section 3 — Systems of relief
Request for relief at source or quick refund
1. Source Member States shall require a certified financial intermediary that maintains the investment account of a registered owner receiving dividends distributed or interest paid by a resident in the source Member State to request relief pursuant to Article 13 or Article 14, as applicable, on behalf of that registered owner, if the following conditions are met:
(a)
the registered owner has authorised the certified financial intermediary to request relief on its behalf; and
(b)
the certified financial intermediary has verified and established the registered owner’s eligibility for relief in accordance with Article 12 or Article 15, as applicable.
2. Notwithstanding paragraph 1 of this Article, Member States may exclude, completely or partially, requests for relief under the systems as provided for under Articles 13 and 14, where any of the following circumstances occur:
(a)
the dividend has been paid on a publicly traded share that the registered owner acquired in a transaction carried out within a period of five days before the ex-dividend date;
(b)
the dividend payment on the underlying security for which relief is requested is linked to a financial arrangement that has not been settled, expired or otherwise terminated before the ex-dividend date;
(c)
at least one of the financial intermediaries in the securities payment chain is not a certified financial intermediary and no certified financial intermediary has assumed the position of that financial intermediary for the purposes of Article 10 in accordance with Article 5(5).
(d)
an exemption of the withholding tax is claimed;
(e)
a reduced withholding tax rate not deriving from double tax treaties is claimed;
(f)
the dividend payment exceeds a gross amount of at least 100 000 EUR, per registered owner and per payment date.
For the purposes of the first subparagraph, point (f), of this paragraph, the amount of the dividend payment shall be determined by the gross dividend amount per investor holding equity in a collective investment undertaking where that underlying investor is entitled to relief pursuant to Article 15(2), points (a) or (b), as applicable.
3. Paragraph 2, point (f), shall not apply where either of the following is entitled to relief of excess withholding tax:
(a)
a statutory pension scheme of a Member State or an institution for occupational retirement provision registered or authorised in a Member State in accordance with Article 9(1) of Directive (EU) 2016/2341; or
(b)
a collective investment undertaking that is a UCITS established in accordance with Article 1(1) of Directive 2009/65/EC, an EU AIF or an EU AIFM.
4. Paragraph 2 shall apply to any arrangement whereby the dividend payment is split or to any collective investment undertaking other than those referred to in paragraph 3, point (b), that has been established with the sole purpose of keeping the dividend payment below the amount referred to in paragraph 2, point (f).
5. Notwithstanding paragraph 1, where the financial intermediary that maintains the investment account of a registered owner is not a certified financial intermediary, Member States shall allow a certified financial intermediary to request relief pursuant to Article 13 or Article 14, as applicable, subject to Article 5(5) and Article 10.
6. The systems of relief pursuant to Article 13 and Article 14, as applicable, shall not reduce the control powers of Member States under their national rules in relation to the taxable income to which such relief was applied and do not affect the taxing rights of Member States.
7. Where, prior to the entry into force of this Directive, a Member State has a relief-at-source system or quick refund system or a combination thereof, and that Member State applies Chapter III pursuant to Article 2, that Member State shall ensure the compliance of that system with Chapter III for any request for relief covered by this Directive, i.e. relief relating to dividends arising from publicly traded shares and, where the Member State decides to include interest from publicly traded bonds paid to non-residents, also to such interest. Member States may also maintain and apply an existing national relief-at-source system to the cases referred to in paragraph 2, point (e), of this Article in which verifications are performed in order to:
(a)
ensure equal treatment between domestic and cross-border situations to comply with Chapters 2 and 4 of Title IV of the Treaty on the Functioning of the European Union; or
(b)
apply reduced withholding tax rates in accordance with Council Directives 2003/49/EC ( 18 ) or 2011/96/EU ( 19 ) .
Due diligence of the registered owner’s eligibility
1. Member States shall take the necessary measures to require that a certified financial intermediary requesting relief on behalf of a registered owner under Article 13 or Article 14, as applicable, obtain a declaration from the registered owner that the registered owner:
(a)
is entitled to relief of withholding tax with respect to the dividend or interest in accordance with the national rules of the source Member State or a double tax treaty, where applicable, including the legal basis and the applicable withholding tax rate; and
(b)
if required by the source Member State, is the beneficial owner of the dividend or interest in accordance with the national rules of the source Member State or a double tax treaty, where applicable; and
(c)
has or has not engaged in a financial arrangement linked to the underlying publicly traded share that has not been settled, expired or otherwise terminated before the ex-dividend date; and
(d)
undertakes to inform the certified financial intermediary of any change in its circumstances without undue delay.
2. Member States shall take the necessary measures to require that certified financial intermediaries requesting relief on behalf of a registered owner under Articles 13 and 14, as applicable, verify, on the basis of the information available to those certified financial intermediaries:
(a)
the eTRC of the registered owner or a proof of tax residence in a third country deemed appropriate by the source Member State;
(b)
notwithstanding point (a), the documentation deemed appropriate by the source Member State, in cases where a registered owner is an entity for which an eTRC cannot be issued or that cannot obtain a proof of tax residence in a third country because the entity is disregarded for tax purposes and its income, or part thereof, is taxed at the level of the persons who have an interest in that entity, but that entity is entitled to the relief of withholding tax with respect to the dividend or interest in accordance with the national rules of the source Member State or a double tax treaty, where applicable;
(c)
the registered owner’s declaration under paragraph 1 of this Article and the registered owner’s tax residence against the information that the certified financial intermediary has obtained or has an obligation to obtain, including the information collected for other tax purposes or on the basis of anti-money laundering requirements, which the certified financial intermediary is subject to under Directive (EU) 2015/849, or comparable information required in third countries;
(d)
the registered owner’s entitlement to a specific reduced withholding tax rate in accordance with the national rules of the source Member State or with a double tax treaty between the source Member State and the jurisdiction where the registered owner is resident for tax purposes;
(e)
in the case of a dividend payment, the possible existence of any financial arrangement that has not been settled, expired or otherwise terminated on the ex-dividend date;
(f)
in the case of a dividend payment, whether the underlying share has been acquired by the registered owner in a transaction carried out within a period of five days before the ex-dividend date.
For the purposes of the first subparagraph, point (a), of this paragraph, the source Member State may deem a tax residence certificate as appropriate proof of tax residence in a third country if the content of the certificate is equivalent to that provided for in Article 4(2) and the certificate meets the technical requirements in point 1 of Annex I.
3. Member States may allow a certified financial intermediary to obtain the declaration referred to in paragraph 1 and to carry out the verifications provided for in paragraph 2, points (a) to (d), on an annual basis unless the certified financial intermediary knows or ought to know that there is a change of circumstances or that the declaration or the information to be verified is incorrect or unreliable.
4. In the case provided for in Article 5(5), Member States shall allow the certified financial intermediary to rely on documentation collected and information verified by the financial intermediary that maintains the investment account of a registered owner according to this Article, without prejudice to the fact that those obligations remain the responsibility of the certified financial intermediary.
5. Member States shall require certified financial intermediaries requesting relief pursuant to Article 13 or Article 14, as applicable, to keep all supporting documentation and provide access thereto in accordance with Article 10(7).
6. The Commission shall adopt implementing acts laying down standard templates of computerised forms for the declaration referred to in this Article, including the linguistic arrangements. Such templates shall include the information set out in paragraph 1, points (a), (c), and (d), of this Article and enable Member States to request specific additional information. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 21.
Relief-at-source system
Member States may establish a system to allow certified financial intermediaries that maintain the investment account of a registered owner to request relief at source on behalf of a registered owner in accordance with Article 11 by providing the following information to the withholding tax agent:
(a)
the tax residence of the registered owner or the information contained in the documentation referred to in Article 12(2), point (b), where applicable; and
(b)
the applicable withholding tax rate on the payment in accordance with national rules or a double tax treaty, as applicable.
Quick refund system
1. Member States may establish a system to allow certified financial intermediaries that maintain the investment account of a registered owner to request a quick refund of the excess withholding tax on behalf of the registered owner in accordance with Article 11 if the information referred to in paragraph 3 of this Article is provided within the second month following the month of the payment date of the dividend or interest.
2. Without prejudice to paragraph 4 of this Article, Member States shall process a refund request made in accordance with paragraph 1 of this Article within 60 calendar days after the end of the period to request the quick refund. Member States shall apply interest in accordance with Article 16 on the amount of such a refund for each day of delay after the 60th day.
3. A certified financial intermediary requesting a quick refund shall provide the following information to the relevant Member State:
(a)
the identification of the registered owner as referred to in heading B of Annex II;
(b)
the identification of the dividend or interest payment as referred to in headings D and G of Annex II, where applicable;
(c)
the basis of the applicable withholding tax rate and the total amount of excess withholding tax to be refunded;
(d)
the tax residence of the registered owner, including the eTRC verification code, where applicable, or the information contained in the documentation referred to in Article 12(2), point (b), where applicable;
(e)
the registered owner’s declaration in accordance with Article 12.
4. Member States may reject a refund request made under this Article in any of the following cases:
(a)
the requirements provided for in paragraph 1 or 3 of this Article or in Article 11 or 12 are not met;
(b)
the information necessary to reconstruct the relevant securities payment chain and referred to in Annex II has not been completely and correctly provided at the end of the period set out in paragraph 1 of this Article;
(c)
the Member State, based on risk assessment criteria, initiates any verification procedure or tax audit according to its national rules with respect to the refund request.
5. A rejection of a refund request pursuant to paragraph 4 shall not preclude the application of late payment interest in accordance with paragraph 2 in the event that the refund is ultimately granted and the circumstances set out in paragraph 4, points (a) or (b), do not exist.
6. A rejection as referred to in paragraph 4, points (a) and (b), shall be communicated to the requesting certified financial intermediary and shall not preclude a request for a refund under the standard refund system established under national rules.
7. The Commission shall adopt implementing acts laying down standard computerised forms, including the linguistic arrangements, and requirements for the communication channels for the submission of requests under this Article. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 21.
Special provisions for indirect investments
1. Member States shall allow a certified financial intermediary that maintains the investment account of a registered owner that receives dividends or interest to request relief pursuant to Article 13 or Article 14, as applicable, on behalf of that registered owner, provided that the requirements set out in paragraphs 2 to 5 of this Article are met.
2. For the purposes of paragraph 1, the registered owner shall be:
(a)
a collective investment undertaking which holds securities for the account of investors entitled to relief of withholding tax with respect to the dividends or interest in accordance with the national rules of the source Member State or a double tax treaty, where applicable; or
(b)
a designated legal person under the fund rules, instruments of incorporation or prospectus of a collective investment undertaking that holds the securities in the investment account that give rise to the dividends or interest, and that maintains internal records enabling the individual allocation of those securities to that collective investment undertaking or to the investors in that collective investment undertaking, as applicable, where the collective investment undertaking or the investors in the collective investment undertaking are entitled to relief of withholding tax with respect to that dividend or interest in accordance with the national rules of the source Member State or a double tax treaty, where applicable.
3. For the purposes of paragraph 1, the certified financial intermediary requesting relief shall obtain a declaration from:
(a)
each collective investment undertaking entitled to relief of withholding tax or each investor in the collective investment undertaking entitled to such relief, as applicable, whose securities are held by the registered owner, indicating that:
(i)
they are entitled to relief of withholding tax with respect to the dividend or interest in accordance with the national rules of the source Member State or a double tax treaty, where applicable, including the legal basis and the applicable withholding tax rate; and
(ii)
if required by the source Member State, they are the beneficial owner of the dividend or interest in accordance with the national rules of the source Member State or a double tax treaty, where applicable; and
(iii)
they have authorised relief to be requested on their behalf under this Article; and
(iv)
if relief is granted, they waive their right to independently request relief from the source Member State under this Directive or under the systems pursuant to the national rules of Member States;
(b)
the registered owner referred to in paragraph 2, point (a), indicating the applicable withholding tax rates with respect to the dividend or interest paid;
(c)
the registered owner referred to in paragraph 2, point (b), identifying the collective investment undertaking for which the securities giving rise to the dividend or interest are held, in accordance with its internal records, and indicating the applicable withholding tax rates with respect to the dividend or interest paid;
(d)
the registered owner with the information referred to in Article 12(1), points (c) and (d).
4. For the purposes of paragraph 1 of this Article, the certified financial intermediary requesting relief at source pursuant to Article 13 shall provide the withholding tax agent with:
(a)
the information referred to in paragraph 3, point (b) or (c), of this Article as applicable; and, as regards the collective investment undertaking or the investors in a collective investment undertaking, information on their tax residence or the information contained in the documentation referred to in Article 12(2), point (b), as applicable, instead of the information referred to in Article 13; and
(b)
if the investors in a collective investment undertaking are entitled to relief, the amount of dividends or interest attributable to each investor entitled to relief pursuant to Article 15(2).
5. For the purposes of paragraph 1 of this Article, where the certified financial intermediary requests relief pursuant to Article 14, it shall provide the source Member State with, instead of the information referred to in Article 14(3), points (d) and (e), the information referred to in paragraph 3 of this Article and the tax residence of the collective investment undertaking or of the investors in a collective investment undertaking, including the eTRC verification code or the information referred to in Article 12(2), point (b), as applicable. If the investors in a collective investment undertaking are entitled to relief, the certified financial intermediary shall also provide the source Member State with the amount of dividends or interest attributable to each investor entitled to relief pursuant to Article 15(2), as applicable.
6. Member States shall take the necessary measures to require that certified financial intermediaries requesting relief under this Article verify, on the basis of the information available to them:
(a)
the documentation referred to in Article 12(2), point (a) or (b), with respect to each collective investment undertaking or each investor in a collective investment undertaking, as applicable, entitled to relief;
(b)
the entitlement of the collective investment undertaking or of the investors in a collective investment undertaking, as applicable, to a specific exemption or reduced withholding tax rate in accordance with the national rules of the source Member State or a double tax treaty between the source Member State and the jurisdiction of residence for tax purposes, as applicable;
(c)
in the case of a dividend payment, the possible existence of any financial arrangement that has not been settled, expired or otherwise terminated before the ex-dividend date.
7. Article 12(1), (2) and (3) shall not apply where relief is requested pursuant to this Article.
8. The Commission shall adopt implementing acts laying down standard computerised forms, including the linguistic arrangements, and requirements for the communication channels for the submission of requests under paragraph 5 of this Article. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 21.
Late payment interest
Pursuant to Article 14(2), Member States shall, where provided for under national rules, apply interest at a rate equal to the interest, or equivalent charge, applied by the Member State to late payments of withholding tax refunds related to the taxation of dividends or interest, as applicable.
Standard refund system
1. Member States shall ensure that a standard refund system is in place and applicable where requests for relief within the scope of this Directive are excluded from the relief-at-source system under Article 13 and from the quick refund system under Article 14, as applicable.
2. Member States shall adopt the necessary measures to require that, where Article 13 or Article 14 as relevant, does not apply to dividends due to the conditions set out in this Directive not being met, those entitled to the refund or their authorised representative requesting refund of the excess withholding tax on such dividends provide at least the information required under heading E of Annex II, unless that information has already been provided pursuant to Article 10.
Liability
Member States shall take appropriate measures under their national rules to ensure that a certified financial intermediary that does not comply, whether completely or partially, with its obligations under Article 10, 11, 12, 13, 14 or 15 can be held liable for all or part of the loss of withholding tax revenue.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
