Portugal: Acceptance of scanned copies of MOD 21-RFI and related certificate of residence
Clearstream Banking1 informs customers that the Portuguese tax authorities (PTA) have confirmed that beneficial owners can provide their valid tax documentation for relief at source and for quick refund on Portuguese dividend payments as scanned copies.
Effective
immediately
MOD 21-RFI and related CORs will be accepted as scanned copies via secure email provided that a dedicated SWIFT message is sent first. This procedure is applicable only during this period of contingency, and related original documents will have to be provided by the prescribed deadline.
Background
In the light of the situation with the spread of COVID-19, our local depository, BNP Paribas Securities Services (BNP), entered into discussions with the PTA to agree on the acceptance of documentation in electronic format on a temporary basis.
BNP received confirmation from the PTA on 7 April 2020 that the MOD 21-RFI and its accompanying certificate of residence (COR) can be accepted in electronic format. The originals must be received by BNP no later than 30 September 2020 and therefore by Clearstream Banking no later than 23 September 2020.
This agreement with the PTA is only applicable to the MOD 21-RFI and its accompanying COR.
Impact on customers
Customers wishing to obtain relief at source or quick refund of tax on Portuguese dividend payments and encountering difficulties providing their tax documentation in original to Clearstream Banking may send a scanned copy of their valid documentation as follows:
- Send a SWIFT MT568 or MT599 to Clearstream Banking using the following template:
Attn: Tax Department
Subject: Scanned Certification
Market: Portugal
Due to the current exceptional situation related to COVID-19, we are not able to deliver to our original tax certificates as per Clearstream Banking’s requirements.
Hence, as a temporary contingency measure we kindly ask you to accept scanned copies of the following certificates:
- CB Account – name of certificate – BO name (if applicable)
- CB Account – name of certificate – BO name (if applicable)
We confirm that the originals will be provided to you by 23 September 2020. If the originals are not provided to Clearstream Banking by the above-mentioned prescribed deadline, we accept that the scanned copies will be subsequently rejected as they do not fulfil Clearstream Banking’s formal requirements. The income events for which we obtained reduced tax rates based on the scanned copies listed above will be considered as fully taxable, and the applicable tax amounts will be debited from our account(s). Furthermore, we acknowledge and accept that Clearstream Banking cannot be held liable in that respect, and hereby accept full responsibility in the event of any loss, claim, damage, or liability whatsoever imposed on, incurred by or asserted against Clearstream Banking by any relevant tax authority or any other authority in connection with any action taken by Clearstream Banking in reliance upon this SWIFT communication and upon the content of the related scanned certification provided to Clearstream Banking. For any payments made based on this scanned certification we therefore undertake to fully indemnify Clearstream Banking in respect of any such loss, claim, damage, or liability.
- Provide the scanned copy of the valid MOD 21-RFI and its accompanying COR via secure email to othertaxcertificates@clearstream.com using the following email template (please be informed that scanned copies sent to our Tax Helpdesk team at tax@clearstream.com will not be accepted):
Subject: TAX CERTIFICATES – Market – Account number – Unique reference number of the SWIFT message (field :20C: for MT568 or field :20: for MT599 messages)
Attachment: Scanned copies of tax certificates
Dear Tax Team,
As per Announcement A20055, please find attached scanned copies of the tax certificates with the following details, for which we sent the acceptance request via the SWIFT message with the unique reference number _________:
Account number:
Name of the document(s):
Contact details of Clearstream Banking customer:
Name:
Email address:
Phone number:
The deadline to provide the originals of both forms is 23 September 2020 at the latest.
Important note: If the originals are not received by Clearstream Banking by the prescribed deadline, the scanned copies previously validated will be rejected, the income events for which customers obtained reduced tax rates based on these scanned copies will be considered as fully taxable, and the applicable tax amounts will be debited from your account(s).
Please be informed that this procedure does not replace the usual process of providing original documents. Therefore, whenever possible it is recommended to continue sending original documents, as Clearstream Banking’s mailing and tax-certification registration services remain operational.
Further details
For further information, please contact the Clearstream Banking Tax Help Desk or Clearstream Banking Client Services or your Relationship Officer.
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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 AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.