Portugal: Xact via SWIFT and Xact Web Portal messages to replace BO Upload for relief at source and quick refund
Clearstream Banking1 informs customers that effective
24 October 2022
customers must submit their per-payment instruction, if applicable, via an MT565 Corporate action instruction message in Xact via SWIFT or a Corporate action instruction in Xact Web Portal, when requesting relief at source and quick refund on interest or dividends from Portuguese debt securities or equities.
The per payment instruction must be provided for each tax rate and country of tax residence requested, if applicable, and must include:
1. With respect to bonds, both for relief at source and quick refund:
- Your account number;
- ISIN code;
- Corporate ID;
- Instructed quantity (according to the eligible balance in the account);
- Tax rate to apply: to be included in field :92A::TAXB// for SWIFT users or tax rate field for Xact Web Portal users;
- Customer’s full contact details;
With respect to quick refund only (in addition to the above):
- Wording as applicable, to be specified in “INST” field (for SWIFT users) or in “Corporate actions narrative” field (for Xact Web Portal users):
- “Quick refund for non-Portuguese residents”; or
- “Quick refund for Portuguese residents”
2. With respect to equities, both for relief at source and quick refund:
- Your account number;
- ISIN code;
- Corporate ID;
- Instructed quantity (according to the eligible balance in the account);
- Tax rate to apply: to be included in field :92A::TAXB// for SWIFT users or tax rate field for Xact Web Portal users;
- Beneficial owner details, to be included in the BENODET sequence (for SWIFT users): Name, Tax Identification Number (TIN), address, country of residence, holding;
- Customer’s full contact details;
With respect to quick refund only (in addition to the above):
- Wording: “quick refund”.
For full formatting requirements of these instructions, customers should refer to:
- The MT564 Corporate action event notification;
- Tax instruction formats in the Customer Handbook;
- Announcements C18050 and C21034; and
- The Xact via SWIFT User Guide.
Additionally, the following formatting information for equities is required:
Xact via SWIFT | Xact Web Portal |
Sequence C: Beneficial Owner’s details – BENODET | Beneficial owner details |
:95V: OWND Beneficial Owner | The beneficial owner’s details under the “Party”. |
:94C: DOMI Country of Domicile | Country of domicile (for beneficial owner details) |
:36B: OWND Quantity per BO | Quantity per BO under the “Quantity of securities owned” |
:70E: CETI Certification/Breakdown | Exemption code (if exemption claimed)-from 1 to 8 and name of the legal basis if code 8 selected under the “Narrative” |
:70E: CETI Certification/Breakdown | Type of investor under the “Narrative” |
:95S: ALTE Alternate identification for a party Respecting the following format: :95S: ALTE//TXID/PT/TIN_VALUE where PT is the ISO country code | Portuguese Tax identification number under the “TIN” |
Impact on customers
As of the effective date, customers will no longer be able to submit their per-payment instructions via the BO Upload function.
Further information
For further information, customers may contact Clearstream Banking Client Services, their Relationship Officer, or Tax Help Desk.
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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.