Date: 15th May 2023

A recent survey conducted by BETTER FINANCE and DSW among 3000 investors across the EU found that withholding tax (WHT) refund procedures are cumbersome and costly, making it difficult or financially unreasonable for non-professional investors to reclaim excess withholding tax on cross-border dividend income. More than 90% of European investors find the WHT reclaim procedure overall difficult, while in close to 70% of cases, the investors incurred costs via bank (or third party) services. Moreover, substantial knowledge and compliance with refund procedures are required, and delays are also detrimental, thus undermining investors' confidence in cross-border investment within the EU.

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