2025 Autumn edition
Keeping up with Tax Banking & Capital Markets
We hope that you enjoyed the summer, and we welcome you to the autumn edition of Keeping up with Tax for Banking and Capital Markets!
As we are entering the last months of 2025, our autumn edition is picking up on a range of current hot topics and latest tax developments relevant to our industry which should acquire our attention in the coming months.
Specifically, the articles cover the following areas:
- Crypto-assets and CRS compliance: DAC 8 redefines the rules
- Update on the Central Electronic System of Payment Information (CESOP)
- Updates on the FASTER Directive: A New Era for Withholding Tax Relief in the European Union
On top of these new hot topics of interest to our industry, please find at the end of this autumn edition, the latest trends and expectations for 2025.
Please get in touch with us or your regular PwC contacts if there is anything that you would like to discuss further. Please also let us know if there are any topics that you would like us to cover in upcoming editions.
Kind regards,
Murielle Filipucci and Nenad Ilic
Crypto-Assets and CRS Compliance: DAC 8 redefines the rules
DAC 8 expands the scope of mandatory tax reporting to crypto-asset service providers, e-money institutions and existing financial institutions. The bill aligns with the OECD Crypto-Asset Reporting Framework (CARF) and revises the Common Reporting Standard (CRS transposed in DAC 2) to reinforce clients’ onboarding oversight.
Update on CESOP
According to Council Directive (EU) 2020/284 (CESOP Directive) effective from January 1, 2024, all payment service providers (PSPs) in the European Union must report certain cross-border payment transactions carried out for clients to tackle Value Added Tax fraud and abuse. The CESOP Directive mandates that PSPs compile extensive details about the payments they process. They are required to keep records of this cross-border payment information and submit to the tax authorities of EU Member States every quarter, starting in April 2024 (for the reporting period from 1 January to 31 March 2024).
Updates on the FASTER Directive: A new era for withholding tax relief in the European Union
The Faster and Safer Tax Excess Relief (FASTER) Directive represents a major shift in the European Union's approach to withholding tax relief. Formally adopted by ECOFIN on 10 December 2024 and published in the Official Journal of the European Union on 10 January 2025, the Directive aims to streamline and secure the relief of excess withholding tax across the European Union. European Member States have until 31 December 2028 to transpose the Directive into national legislation, with the new rules applying from 1 January 2030.
Latest trends and expectations for 2025
