Considering the important role of certified financial intermediaries in reporting complete and correct information, which serves as the basis for withholding tax relief or a refund, it is appropriate that the national rules of Member States contain at least rules under which certified financial intermediaries can be held liable for the full or partial loss of withholding tax revenue incurred due to their full or partial non-compliance with the key obligations of this Directive. It should be possible for Member States to establish in their national rules strict and joint and several liability for certified financial intermediaries requesting relief. Additionally, other aspects of liability should continue to be fully regulated by the national rules of Member States. Those other aspects include withholding tax agents that act jointly or severally and that are not acting as certified financial intermediaries, and instances related to either direct or indirect liability of registered owners and investors that submit incomplete or incorrect information to certified financial intermediaries. This Directive does not determine the rules on liability regarding the standard refund system.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
