Reference
Clearstream Banking1 would like to inform customers that effective
immediately
the full intermediary chain should be covered with power of attorneys, when submitting Finnish standard reclaim applications via Clearstream Banking.
Impact on customers
Customers wishing to reclaim withholding tax on Finnish dividends through the standard reclaim procedure via Clearstream Banking must ensure that the reclaim request contains the required fully executed POAs, as follows:
1. The beneficial owner (hereafter the “BO”) of the reclaim request is the Clearstream Banking customer:
- One POA issued by the BO to Clearstream Banking.
2. The BO is a direct client of the Clearstream Banking customer:
- One POA issued by the BO to the Clearstream Banking customer, that the BO has their account with; and
- One POA issued by the Clearstream Banking customer to Clearstream Banking.
3. The BO is an indirect client of the Clearstream Banking customer:
- One POA issued by the BO to the intermediary bank, that the BO has their account with; and
- One POA issued by the intermediary bank, that the BO has their account with, to the Clearstream Banking customer; and
- One POA issued by the Clearstream Banking customer to Clearstream Banking.
Upon request from the Finnish Tax Authorities (FTA), Clearstream Banking may request its customers to provide supporting documentation for reclaims already submitted to the FTA if these POAs not have been provided with the previous reclaim applications.
Further information
For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.
______________________________________________________
1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking Frankfurt (CBF) customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.