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Form descriptions – Standard refund - Norwegian equities

28.11.2022

The following is a list of information regarding the various tax forms to be completed in order to benefit from relief at source of withholding tax on dividends from Norwegian dividends. The templates of the forms are available in our Tax forms to use section.

Application for Refund of Norwegian Withholding Tax

An Application for Refund of Norwegian Withholding Tax requesting a refund of withholding tax should be completed by the beneficial owner and its local tax authorities, when submitting standard reclaim applications via Clearstream Banking.

How many are provided?	One per beneficial owner
Who completes it?	Beneficial owner and its local tax authorities
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Original required.

Form completion

Customers should refer to the following guidelines, when completing the reclaim form:

Representative

Customers should leave the details in the part 2 “Representative” blank, as this part will be completed by Clearstream Banking’s depository.

Dividends

When completing the dividend table in part 5, customers are requested to insert one line per each dividend received. For example, if an issuer is distributing dividend twice a year, then this dividend should be inserted in two separate lines.

VPS (CSD) account number

Shares issued by all the Norwegian companies listed on Oslo Børs (the Oslo Stock Exchange) are registered with the Norwegian central securities depository (VPS), as are shares in other large Norwegian companies. In the reclaim form, customers are required to include the Clearstream VPS account number that corresponds with their shareholding, as shown below:

Dividends paid with record date on or after 30 November 2018: 153300000145 (25% tax);
Dividends paid with record date before 30 November 2018: 050050032346 (25% tax)

Articles of Association

The Articles of Association of the beneficial owner must be enclosed with the reclaim application for the Norwegian Tax Authorities to prove that the foreign entity conforms to the tax-exemption model and is entitled to a full refund of withholding tax.

How many are provided?	One per beneficial owner
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Copy is sufficient.

Certificate of Residence

The Certificate of Residence (COR) must be provided in original and must fulfill the below requirements:

be issued by the beneficial owner’s local tax authority;
include the beneficial owner’s full name, full address and country of tax residence.;
include the Tax Identification Number (TIN);
confirm that the beneficial owner is resident in accordance with the relevant DTT with Norway or within the EEA, as applicable;
confirm that the DTT eligibility requirements for tax exemption are met, if applicable, by specifying the relevant DTT article under which the beneficial owner qualifies for tax exemption (required when claiming 0% under DTT – for example eligible Dutch pension funds or UK pension schemes)
not be older than three years at the time of the dividend payment.

How many are provided?	One per beneficial owner
Who completes it?	Beneficial owner's tax authority.
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Original

Credit Advice

The credit advice, submitted under the letterhead of the financial institution paying the beneficial owner, must include the company stamp, must be signed with two authorised signatures and must reconcile with the information in the refund form.

The full chain of credit advices is required as proof of payment from Clearstream Banking to the final beneficial owner. This means that, if the beneficial owner is the customer’s client, the credit advice from the customer to the beneficial owner must be provided in addition to the Clearstream Banking credit advice.

The credit advice identifies the dividend payment details and must include the following details:

Full name and tax residence of the beneficial owner;
Name of the institution making the payment to the beneficial owner;
Security type;
Name and ISIN of shares;
The exact number of shares;
Dividend per share;
Currency;
Gross amount of payment in NOK;
Date of payment;
Ex-date and record date;
Amount of withholding tax in NOK;
Net amount.

Important note: From 1 January 2014 on, credit advices attached to reclaim applications must specify that the dividend payment has been subject to withholding tax, not just tax.

How many are provided?	One per beneficial owner
Who completes it?	Financial institution paying the beneficial owner.
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Original required.

Letter of Request to Clearstream Banking for Reclaim of Norwegian Withholding Tax

Authorises Clearstream Banking to reclaim withholding tax from the Norwegian Tax Authorities on the customer’s behalf.

How many are provided?	One per beneficial owner
Who completes it?	Customer.
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Original required.

Letter to the Norwegian Tax Authorities

To confirm that the beneficial owner is the real beneficial owner of the dividends.

The letter has been prepared by Clearstream Banking and may assist the beneficial owner in proving its entitlement. Clearstream Banking cannot guarantee that the letter will be accepted by the Norwegian Tax Authorities in all cases.

Alternatively, the beneficial owner may attach a free format letter to the reclaim application to clarify its status. The Norwegian Tax Authorities may however at all times revert and request additional supporting documentation should they deem that the provided documentation/ information is not sufficient in order for them to grant the reclaim.

How many are provided?	One per beneficial owner
Who completes it?	Beneficial owner, if it is a legal entity.
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Original required.

Norwegian Attestation

The attestation is required as supporting documentation to determine whether the beneficial owner is under the tax-exemption method and whether he is the beneficial owner of the dividend payments.

How many are provided?	One per beneficial owner
Who completes it?	Beneficial owner
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Original required.

Power of Attorney

If the customer or a third party is completing the form on behalf of the beneficial owner, a Power of Attorney must be provided.

How many are provided?	One per beneficial owner
Who completes it?	Beneficial owner
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Original required.

Power of Attorney from the Beneficial Owner to Clearstream Banking

A general power of attorney, from the beneficial owner to Clearstream Banking, authorising CBL to claim the refund on the beneficial owner’s behalf, must be attached to the reclaim application together with other required documentation.

How many are provided?	One per beneficial owner
Who completes it?	Beneficial owner
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Original required.

Proof of Tax Exemption

Confirmation from the Norwegian Tax Authorities that they recognise the beneficial owner as an exempt international organisation or foreign government.

How many are provided?	One per beneficial owner
Who completes it?	Norwegian Tax Authorities.
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Copy is sufficient

Request to the Norwegian Tax Authorities for Tax Refund

A letter to the Norwegian Tax Authorities requesting a refund of withholding tax. There is no prescribed refund form available from the Norwegian Tax Authorities.

How many are provided?	One per beneficial owner
Who completes it?	Beneficial owner.
How often is it provided?	Per reclaim application.
When is it provided?	With the reclaim application - At the latest, four months before the statutory deadline.
Copy or original?	Original required.