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When an EU resident makes an investment in securities in another Member State, the payments received in return (dividends or interest) are normally subject to a withholding tax in the country of the investment (source country), before being subject to tax in the resident's country. In order to eliminate double taxation, the investor has to submit a refund claim on the excess tax withheld by the source country. Today, however, these relief procedures are cumbersome, unharmonised, and often paper-based ...

New economic governance rules

Briefing 07-02-2024

On 26 April 2023, the European Commission published a package of three proposals to revise the EU's economic governance framework: a regulation to replace the current preventive arm of the stability and growth pact (SGP), an amending Council regulation on the corrective arm of the SGP, and an amending Council directive to strengthen the role of independent fiscal institutions. The main proposal on the preventive arm is to be adopted through the ordinary legislative procedure with the European Parliament ...

Croatia's National Recovery and Resilience Plan (NRRP) is an ambitious outline of reforms and investment designed to mitigate the pandemic's socioeconomic fallout. Following the December 2023 amendment of the Croatian NRRP, to which a REPowerEU chapter was added, the plan's worth reached €10 040.7 million (or 18.5 % of national gross domestic product (GDP) in 2019), an increase of over 59 % compared with the original (2021) version of the plan, which was worth €6 297 million in grants only. The amended ...

In nominal terms, Poland is the third biggest beneficiary of the Recovery and Resilience Facility (RRF), after Italy and Spain. EU support for implementing Poland's amended National Recovery and Resilience Plan (NRRP) – Krajowy Plan Odbudowy – amounts to €59.8 billion, and includes €25.3 billion in grants and €34.5 billion in loans. The amount is €24.5 billion (+ 69 %) higher than the one initially approved and takes into account a 2022 update of the maximum financial contribution, additional loans ...

Ireland's National Recovery and Resilience Plan (NRRP) is small compared with most Member States' plans. In absolute terms and per capita, it has the second smallest allocation (after Luxembourg) under the Recovery and Resilience Facility (RRF). Following the European Commission's update of national allocations, the initial €989 million allocation has been adjusted to €914.4 million in grants, to be disbursed in five instalments. Ireland has not yet submitted a REPowerEU chapter. It asked to amend ...

Under the Recovery and Resilience Facility (RRF), Czechia's National Recovery and Resilience Plan (NRRP) had an initial value of €7 036 million in grants only. In June 2022, Czechia's initial RRF grant allocation was revised upwards to €7 673.7 million (+ 9.1 %). In June 2023, Czechia submitted a request to modify its NRRP. The amended plan amounts to a total of €9 231.3 million. It now includes a new REPowerEU chapter with an additional grant allocation of €680.5 million. Czechia also requested ...

In May 2022, the Commission tabled a proposal ('DEBRA') to address the debt-equity bias in corporate taxation. As debt is treated more favourably from a tax perspective than equity, European companies are significantly more reliant on bank loans when funding new investments. To address this bias, the Commission proposes to introduce an allowance that will grant equity the same tax treatment as debt. The Council must vote unanimously, after consulting the Parliament, to adopt the directive. Parliament ...

This At a glance note summarises the study looking at Chinese investments in non-maritime transport infrastructure in the EU and EU Neighbourhood through the lens of ‘de-risking’ for the first time. It provides a comprehensive overview of Chinese investments in the European non-maritime transport infrastructure over the past two decades and weighs the associated risks. The study borrows the framework adopted by the National Risk Assessment of the Kingdom of the Netherlands 2022 for its risk assessment ...

This study looks at potential windfall profits for the four banking acquisitions in 2023. Based on accounting figures, an FT article states that a total of USD 44bn was left on the table. We see accounting figures as a misleading analysis. By estimating marked-based cumulative abnormal returns (CAR), we find positive abnormal returns in all four cases which when made quantifiable, are around half of the FT’s accounting figures. Furthermore, we argue that transparent auctions with enough bidders ...

Spain's National Recovery and Resilience Plan (NRRP) is the second largest (in absolute figures) financed by the Next Generation EU (NGEU) recovery instrument and its main spending tool, the Recovery and Resilience Facility (RRF). Following the October 2023 amendment of the Spanish NRRP, to which a REPowerEU chapter was added, the plan's worth reached €163 billion (or 13.1 % of national gross domestic product (GDP) in 2019), which is an increase of roughly 135 % compared with the original (2021) ...