Fund Manager Tax Heads Criticize EU Withholding, Reporting Rules

Fund houses like BlackRock are concerned about EU countries’ moves to restrict withholding tax refunds and their reporting requirements for intermediaries, tax executives at several asset management firms said Wednesday.

The executives, speaking at the Hansuke Future of Tax conference, highlighted recent court cases involving withholding taxes on foreign funds in several European Union countries—for example a legal dispute between Portugal and a German fund over withholding tax refunds it granted domestic funds.

“I think the most crucial thing is really ensuring treaty access. Funds being able to reclaim withholding taxes and to be subject to the treaty rates. I ...