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18 May 2016

German Federal Council urges new procedural rules for EU refund claims for German withholding tax in relation to portfolio dividends

Claims for refund of German withholding tax with respect to portfolio dividends that have been received by certain non-German resident corporate entities should be provided a central authority for administrative processing, the Federal Council (Bundesrat) states in its considerations for a new draft law. This should apply to corporate entities that are not yet covered by existing legislation, e.g., corporate entities resident in non-European Union (EU) jurisdictions, nonresident pension funds and nonresident investment funds. If ultimately adopted by the German legislator, this new law could provide for legal certainty for nonresident investors regarding the refund of withholding tax based on EU law.

A Tax Alert prepared by Ernst & Young Germany, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-0883

Document ID: 2016-0883

 

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