Form descriptions – Standard refund – Portuguese equities – CBL
Information is provided here about the forms and their use in relation to the procedure for standard refund of withholding tax on income from Portuguese equities, as follows:
- Portuguese Tax Identification Number (TIN) Request
- Individualised Securities Registration Report (ISRR)
- Form Mod. 22-RFI
- Certificate of Residence
- Power of Attorney
- Power of Attorney for Tax Reclaim Processes Follow-up
- Letter of Request to Clearstream Banking for Reclaim of Portuguese Withholding Tax
- Statement for Funds
- Statement for Swiss Pension Funds
Duplication of tax forms
Clearstream Banking offers its clients the possibility to duplicate per market (where applicable) original and valid tax certification via unsolicited instruction (Swift, Xact Web Portal or Xact File Transfer). Please refer to the relevant client handbook (CBL, CBF, LuxCSD) for further details.
Portuguese Tax Identification Number (TIN) Request
Before clients can apply for a standard refund, Clearstream Banking must verify that a valid Portuguese TIN exists for the beneficial owner (BO). If no valid TIN exists, Clearstream Banking will request it from the Portuguese Tax Authorities (PTA) on behalf of the BO. The confirmation of an existing TIN or request of a new TIN is done through the TIN Request.
How many are provided? | One per beneficial owner and client’s securities account. |
Who completes it? | Client. |
How often is it provided? | Once (valid until revoked). |
When is it provided? | At least one (1) month before application for standard refund. |
Copy or original? | Original by electronic request. |
Can it be duplicated? | Yes. |
Individualised Securities Registration Report (ISRR)
The ISRR is completed by the client once a year and includes all transactions that took place during the year of the dividend payment.
How many are provided? | One per beneficial owner. |
Who completes it? | Client. |
How often is it provided? | Annually. |
When is it provided? | At the latest ten (10) business days before the end of the third month following the year in which the Portuguese securities were purchased and/or in which the interest payment took place, by 10:00 CET. |
Copy or original? | Original. |
Form Mod. 22-RFI
The Mod. 22-RFI contains the beneficial owner's information and the dividend payment details. It must be accompanied by a separate Certificate of Residence (COR).
Note: The forms certified in box IV by the local tax authorities are no longer accepted. However, if the form is certified and accompanied by a valid COR, it will not be rejected by Clearstream Banking.
How many are provided? | One per beneficial owner. |
Who completes it? | Beneficial owner or its legal representative under POA. |
How often is it provided? | Per standard refund. |
When is it provided? | At the latest two (2) months before the statutory deadline. |
Copy or original? | Original. |
Certificate of Residence
A COR signed and stamped by the beneficial owner’s local tax authorities is required as a certification of the Mod. 22-RFI.
To be valid, the COR must fulfil two conditions:
- Confirm the residency of the beneficial owner for tax purposes and cover the period when the withholding tax took place; and
- Confirm that the beneficial owner is subject to tax in its country of residence.
No specific guidelines were issued by the Portuguese Tax Authorities concerning the wording that should be included on the COR. Based on advice received from BNP Paribas Securities Services, a COR should be acceptable if and when it includes either the express reference “liable to income tax” (rather than subject to tax) or a reference to Article 4 of the tax treaty.
How many are provided? | One per Mod. 22-RFI. |
Who completes it? | Beneficial owner’s local tax authorities. |
How often is it provided? | Per Mod. 22-RFI completed. |
When is it provided? | Together with the Mod. 22-RFI. |
Copy or original? | Original. |
Power of Attorney
If the client or a third party is completing the Mod. 22-RFI on behalf of the beneficial owner, a Power of Attorney must be provided to Clearstream Banking.
How many are provided? | One per Mod. 22-RFI. |
Who completes it? | Beneficial owner. |
How often is it provided? | Per Mod. 22-RFI completed. |
When is it provided? | Together with the related standard refund documentation. |
Copy or original? | Copy accepted. Clients must ensure that the original or a certified copy can be provided immediately upon request of the Portuguese Tax Authorities. |
Power of Attorney for Tax Reclaim Processes Follow-up
Each beneficial owner must provide a Power of Attorney to Clearstream Banking in order to enable the payment of refunds on Clearstream Banking’s account.
- If the beneficial owner is a company, the Power of Attorney should be printed under the company’s letterhead.
- The template cannot be amended, must be provided in the original with the first refund application and copies must be attached to all future applications.
- Any standard refund claim that does not include the Power of Attorney from Final Beneficial Owner to Clearstream Banking will be rejected.
Who completes it? | Beneficial owner. |
How often is it provided? | One per beneficial owner and client’s securities account. |
When is it provided? | At the latest two (2) months before the statutory deadline. |
Copy or original? | Original once. |
Can it be duplicated? | Yes. |
Letter of Request to Clearstream Banking for Reclaim of Portuguese Withholding Tax
The Letter of Request contains the details of the dividend payment for which the client is requesting the refund as well as the details of the BO.
How many are provided? | One per refund application. |
Who completes it? | The client. |
How often is it provided? | Per standard refund. |
When is it provided? | Together with the related standard refund documentation. |
Copy or original? | Original. |
Statement for Funds
This statement is a declaration certifying that the respective fund is liable to tax in its country of residence and is not transparent. It has to be certified by the BO’s local tax authorities.
How many are provided? | One per beneficial owner. |
Who completes it? | The beneficial owner and its local tax authorities. |
How often is it provided? | Per standard refund. |
When is it provided? | At the latest two months before the statutory deadline. |
Copy or original? | Original. |
Statement for Swiss Pension Funds
This statement is a declaration certifying that the respective fund is a pension fund in which individuals participate to secure old-age, disability and survivors' insurance and is established, recognised for tax purposes and controlled under the laws of Switzerland, liable to tax in its country of residence and not transparent for tax purposes.
How many are provided? | One per beneficial owner. |
Who completes it? | The beneficial owner and its local tax authorities. |
How often is it provided? | Per standard refund. |
When is it provided? | At the latest two months before the statutory deadline. |
Copy or original? | Original. |