Implement reporting requirements of the German Tax Authority (BZSt)
The new upcoming MiKaDiv reporting procedure in Germany will require custodian banks and domestic paying agents to report investment income paid to investors to the German Federal Central Tax Office, starting in 2026. The article emphasizes the importance of resolving technical and procedural issues before the interface goes live and highlights RAQUEST’s efforts in developing software components and participating in expert groups to facilitate this transition.
The FASTER Initiative: Introduction of a standardised withholding tax relief system
The FASTER initiative aims to introduce a standardised system for withholding tax relief within the European Union. The objectives of the initiative are to simplify tax relief procedures, reduce administrative burdens, and improve the efficiency and attractiveness for cross-border investments.
EU standardisation initiative FASTER
The European Commission has proposed a standardised system for withholding tax relief, set to be introduced on January 1, 2027. This initiative called “FASTER” aims to simplify the process for investors and financial intermediaries to obtain relief from double taxation. Key features include a common digital EU tax residence certificate and standardised reporting requirements. The proposal also introduces two quick refund options alongside the existing standard refund procedure, allowing member states to choose between relief at source, quick refunds, or a combination of both.
New Advisory Board for the withholding tax fintech RAQUEST
RAQUEST GmbH has established a five-member Advisory Board at the beginning of 2023, comprising renowned experts in the financial industry and foreign withholding tax. This board will provide strategic consultation to RAQUEST on market developments and company positioning. Notable members include amongst others Peer Steinbrück, former German Federal Minister of Finance.
RAQUEST enters strategic partnership with Bolzano-based PRADER BANK and pushes its entry into the Italian market
RAQUEST enters a strategic partnership with Prader Bank, based in Bolzano, marking its entry into the Italian market. This collaboration aims to enhance RAQUEST’s presence in Italy by leveraging Prader Bank’s local expertise and network. The partnership is expected to facilitate the provision of RAQUEST’s innovative tax reclaim solutions to Italian financial institutions, expanding its reach and influence in the region.
New RAQUEST module: Retention Management: GDPR compliant thanks to a smart deletion function
RAQUEST has introduced a new module called “Retention management”, which is GDPR-compliant and fetures a smart deletion function. This module is designed to help financial institutions manage and automate the deletion of data in compliance with GDPR requirements, ensuring that data is retained only as long as necessary. The smart deletion function allows for efficient data management, enhancing data protection practices within organizations.
TRACE – Relief at source from withholding tax in Finland
EN Finland introduced the TRACE (Treaty Relief and Compliance Enhancement) procedure on January 1, 2021, becoming the first OECD country to integrate it into national legislation. TRACE aims to standardise withholding tax process, making financial transactions more transparent and reducing administrative burdens. While participation in TRACE is not mandatory, it offers an alternative to existing procedures like the downstream reclaim and the Finnish Tax at Source Card.
Roman von der Höh becomes managing director of RAQUEST Switzerland GmbH
Roman von der Höh has been appointed as the new Managing Director of RAQUEST Switzerland GmbH, effective 25th August 2021. With a strong background in the financial sector, he is expected to bring valuable leadership and strategic insights to the company as it continues to expand its operations. His role will be crucial in driving RAQUEST’s initiatives in the fintech landscape and enhancing its service offerings.
