Spain: Suspension of standard refund service for issuer Cie Automotive
Clearstream Banking1 informs clients that effective
immediately
the standard refund service is suspended on any income distributed by the Spanish issuer Cie Automotive.
Background
Based on the provisions established in article 22 of Law 12/2022 and article 13.4 of Provincial Law 12/2013 (Bizkaia Non-Resident Income Tax Law), the Regional Bilbao Tax Authority is not competent to refund the whole tax amount but only the portion of tax collected by the issuer and paid to the Regional Bilbao Tax Authority.
The issuer Cie Automotive is legally obliged to pay the tax withheld to three different regional tax authorities (Bilbao, Alava and Guipuzkoa), and the tax percentage to be returned by each regional office varies for each payment (information on the respective tax percentages is not public).
This would imply three separate standard refund requests, one for each regional office.
Consequently, Clearstream Banking’s local partner is suspending the standard refund service for this issuer.
Impact on clients
Any standard reclaim application for these securities will be rejected accordingly.
Further information
For further information, please contact the Clearstream Banking Tax Help Desk, 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 Mergenthalerallee 61, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.