Relief at source - eligibility, documentation, deadlines - New Zealand equities
Who can obtain relief at source?
Exemption and relief at source from withholding tax on dividends from New Zealand equities are available through Clearstream Banking for eligible beneficial owners as follows:
| Eligible beneficial owners | Rate applicable at source |
| Residents of Double Taxation Treaty (DTT) countries | Tax treaty or 30%, whichever is lower |
| Tax-exempt beneficial owners | 0% |
Documentation requirements
For relief at source from withholding tax on income from New Zealand equities, the documentation requirements vary according to the type of eligible beneficial owner, as follows:
For Residents of DTT countries:
- Request for Application of a Reduced Rate of New Zealand Withholding Tax on Equities;
- Breakdown of Holdings (when applicable).
- Tax Certificate for New Zealand equities (upon request);
- Certificate of Residence (upon request);
- Any other tax documentation required from time to time (upon request).
For Tax-exempt beneficial owners:
- Request for Application of a Reduced Rate of New Zealand Withholding Tax on Equities;
- Breakdown of Holdings;
- Certificate of Exemption;
- Tax Certificate for New Zealand equities (upon request);
- Certificate of Residence (upon request);
- Any other tax documentation required from time to time (upon request).
Positions for which customers have not submitted the requested documentation before the prescribed deadline will be taxed, through Clearstream Banking, at the maximum applicable tax rates.
Form descriptions are presented according to the procedures available for relief and/or reclaim of withholding tax on income from New Zealand equities.
Deadlines for receipt of documents
Documentation for relief at source from withholding tax on dividends from New Zealand equities must be received by Clearstream Banking by the following dates:
| Document | Deadline for receipt by Clearstream Banking |
| Request for Application of a Reduced Rate of New Zealand Withholding Tax on Equities | Three business days before the payment date of the first dividend by 10:00 CET. |
| Breakdown of Holdings | Three business days before the payment date of each relevant dividend by 10:00 CET. |
| Certificate of Exemption | Three business days before the payment date of the first dividend by 10:00 CET. |
| Tax Certificate for New Zealand Equities | Upon request |
| Certificate of Residence | Upon request |
Note: The New Zealand Central Securities Depository (NZCSD) may charge a fee for any tax adjustments received by Clearstream Banking after the above-mentioned deadlines. This fee will be passed on to customers who send late instructions.