Portugal: New procedure to request a tax voucher and amendment of Modelo 30 – Update
Note: This announcement, originally published 14 April 2023 and updated on 17 April 2023, has been further updated to include information regarding the applicability of this procedure. Changes have been highlighted.
Clearstream Banking1 informs clients that effective
immediately
clients wishing to obtain a tax voucher from Clearstream Banking, for income payments as of 14 December 2020, must send their request to the relevant dedicated email address: adhoc_refunds_portugal@clearstream.com.
Background
The issuance of a tax voucher and amendment of Modelo 30 can be requested by clients who wish to obtain a standard refund of withholding tax directly with the Portuguese tax authorities. The tax voucher is delivered if the beneficial owner was fully taxed at source (35%) or already obtained a reduced rate.
The tax voucher is issued by the Portuguese withholding agent, Clearstream Banking AG. It provides evidence that tax was withheld at source for a previous taxable income payment.
Important note: The attestation does not replace the full chain of credit advices and can only be considered as proof of tax withheld at the level of the tax agent only. It cannot be considered as a credit advice of payment from Clearstream Banking to the client. If required, a Clearstream Banking credit advice must be requested separately.
The amendment of the initially submitted Modelo 30 is a mandatory requirement of the Portuguese Tax Authorities (PTA) to identify the final beneficial owner to be refunded. It will be performed by Clearstream Banking AG upon receipt of the tax voucher request.
Impact on clients
The full applicable procedure is available under “Market Specifics” in the Market Taxation Guide - Portugal, under the General information - types of securities, deadlines, other market specifics - Portugal - securities held in CBF page.
The attached Portuguese Tax Voucher Request has been amended to include a column “Tax rate”.
Note: The delivery of an attestation may take more than 25 calendar days from the date the valid request is received by Clearstream Banking AG.
It is the client’s responsibility to provide a valid and complete request in order to enable Clearstream Banking to process such requests and deliver the attestation accordingly.
It is not guaranteed that the relevant competent authorities will grant entitlement to a client’s tax reclaim.
Clearstream Banking acknowledges the importance of this matter and is responding to client requests as quickly as possible.
Further information
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, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.