Form descriptions – Quick refund – Portuguese equities – CBL
Information is provided here about the forms and their use in relation to the procedure for quick refund of withholding tax on income from Portuguese equities, as follows:
Position Breakdown Report
The PBR is a reporting requirement to be provided before each dividend payment. It includes the position held at record date by each beneficial owner applying for tax relief
How many are provided? | One per Clearstream Banking account. |
Who completes it? | Customer. |
How often is it provided? | Per dividend payment. |
When is it provided? | At the latest, 10:00 CET on the 13th of the month (or the last business day prior to the 13th, if the latter is not a business day) following the month in which the dividend payment was made. |
Copy or original? | Original. |
Form Mod. 21-RFI
The Mod. 21-RFI contains the beneficial owner's information and the dividend payment details. It must be stamped (legal entities or legal representative) and signed by the beneficial owner. It must be accompanied by a separate COR. Box III of the form contains a tick box to mark the attachment of the COR. This is mandatory.
A Spanish version is available to Spanish residents. For further completion guidelines, refer to Completing Mod. 21-RFI.
The Mod. 21-RFI is valid for one (1) year date-to-date, unless otherwise specified on the accompanying COR.
Exception: Valid until revoked for Central banks and government agencies domiciled in a country that has a DTT in force with Portugal.
Important: Clearstream Banking only requires page 1 (Copy for the entity obliged to withhold tax) and 4 of Mod. 21-RFI. It must be printed double-sided with page 4 on the reverse side of page 1.
How many are provided? | One per beneficial owner. |
Who completes it? | Beneficial owner or its legal representative under POA. |
How often is it provided? | Annually except for central banks and government agencies (once until revoked). |
When is it provided? | At the latest, 10:00 CET on the 13th of the month (or the last business day prior to the 13th, if the latter is not a business day) following the month in which the dividend payment was made. |
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. 21-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 the Article 4 of the tax treaty.
How many are provided? | One per Mod. 21-RFI |
Who completes it? | Beneficial owner’s local tax authorities. |
How often is it provided? | Per Mod. 21-RFI completed |
When is it provided? | Together with the Mod. 21-RFI. |
Copy or original? | Original. |
Per-payment instruction
The per-payment instruction must be provided per tax rate either via Xact Web Portal or Xact via Swift. It must include:
- Customer account number;
- ISIN code;
- Corporate ID;
- Instructed quantity (according to the eligible balance in the account);
- Tax rate to apply: to be included in field :92A::TAXB// for Xact via Swift users or tax rate field for Xact Web Portal users;
- Beneficial owner details, to be included in the BENODET sequence (for Xact via Swift users): Name, Tax Identification Number (TIN), address, country of residence, holding;
- Customer's full contact details;
- Wording "quick refund".
If no wording is provided, the instruction will be rejected.
For full formatting requirements of these instructions, customers should refer to:
- The MT564 Corporate action event notification;
- Tax instruction formats in the Customer Handbook; and
- The Xact via Swift User Guide.
Additionally, the following formatting information for equities is required:
Xact via Swift | Xact Web Portal |
Sequence C: Beneficial Owner’s details – BENODET | Beneficial owner details |
:95V: OWND Beneficial Owner | The beneficial owner’s details under the “Party”. |
:94C: DOMI Country of Domicile | Country of domicile (for beneficial owner details) |
:36B: OWND Quantity per BO | Quantity per BO under the “Quantity of securities owned” |
:70E: CETI Certification/Breakdown | Exemption code (if exemption claimed)-from 1 to 8 and name of the legal basis if code 8 selected under the “Narrative” |
:70E: CETI Certification/Breakdown | Type of investor under the “Narrative” |
:95S: ALTE Alternate identification for a party Respecting the following format: :95S: ALTE//TXID/PT/TIN_VALUE where PT is the ISO country code | Portuguese Tax identification number under the “TIN” |
How many are provided? | One per account and tax rate |
Who completes it? | Customer |
How often is it provided? | Per quick refund |
When is it provided? | At the latest, 10:00 CET on the 13th of the month (or the last business day prior to the 13th, if the latter is not a business day) following the month in which the dividend payment was made. |
Copy or original? | Original |
Power of Attorney
If the customer or a third party is completing the Mod. 21-RFI on behalf of the beneficial owner, a Power of Attorney must be provided to Clearstream Banking.
How many are provided? | One per Mod. 21-RFI. |
Who completes it? | Beneficial owner. |
How often is it provided? | Per Mod. 21-RFI completed. |
When is it provided? | Together with the Mod. 21-RFI. |
Copy or original? | Copy accepted. Customers must ensure that the original or a certified copy can be provided immediately upon request of the Portuguese tax authorities. |
Statement for Funds
This statement is a declaration certifying that the respective trust/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.
The statement for funds is valid for one (1) year date-to-date if no specific year is mentioned on the statement.
How many are provided? | One per beneficial owner. |
Who completes it? | The beneficial owner and its local tax authorities. |
How often is it provided? | Annually. |
When is it provided? | At the latest, 10:00 CET on the 13th of the month (or the last business day prior to the 13th, if the latter is not a business day) following the month in which the dividend payment was made. |
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 is not transparent for tax purposes.
How many are provided? | One per beneficial owner. |
Who completes it? | The beneficial owner's local tax authorities. |
How often is it provided? | Annually. |
When is it provided? | At the latest, one (1) business day before the record date of the first dividend payment date to which it applies, by 10:00 CET. |
Copy or original? | Original. |
Statement for U.S. pension funds and RICs
This statement is a declaration issued by the IRS certifying that the respective pension fund/RIC complies with conditions foreseen in Article 17, number 1 c) and e) of the DTT between Portugal and the U.S.A.
It can be replaced by a self-declaration from the beneficial owner.
The statement is valid for one (1) year date-to-date if no specific year is mentioned on the statement. If a tax year is mentioned the validity end date will be on the 31/12 of the year specified.
How many are provided? | One per beneficial owner. |
Who completes it? | The IRS or the beneficial owner (self-declaration). |
How often is it provided? | Annually. |
When is it provided? | At the latest, 10:00 CET on the 13th of the month (or the last business day prior to the 13th, if the latter is not a business day) following the month in which the dividend payment was made. |
Copy or original? | Original. |
Self Declaration of holding period
Declaration duly completed and signed by the pension fund being the final beneficial owner, confirming since when the pension fund has been holding the Portuguese equities uninterruptedly.
No official template exists.
How many are provided? | One per beneficial owner. |
Who completes it? | The beneficial owner. |
How often is it provided? | Per dividend payment. |
When is it provided? | At the latest, 10:00 CET on the 13th of the month (or the last business day prior to the 13th, if the latter is not a business day) following the month in which the dividend payment was made. |
Copy or original? | Original. |
Self-Declaration for Tax Exemption/reduced Rates on Portuguese Bonds and Equities Beneficial Owner not Resident in Portugal
This statement is a self-certification certifying that the non-resident exempt entity is the effective beneficial owner of the dividend.
How many are provided? | One per exempt entity. |
Who completes it? | Beneficial owner. |
How often is it provided? | Per dividend payment. |
When is it provided? | At the latest, 10:00 CET on the 13th of the month (or the last business day prior to the 10th, if the latter is not a business day) following the month in which the dividend payment was made. |
Copy or original? | Original. |
Self-Declaration for Tax Exemption/reduced Rates on Portuguese Bonds and Equities Beneficial Owner resident in Portugal
This statement is a self-certification certifying that the resident exempt entity is the effective beneficial owner of the dividend.
How many are provided? | One per exempt entity. |
Who completes it? | Beneficial owner. |
How often is it provided? | Per dividend payment. |
When is it provided? | At the latest, 10:00 CET on the 13th of the month (or the last business day prior to the 13th, if the latter is not a business day) following the month in which the dividend payment was made. |
Copy or original? | Original. |
Certificate of Residence (Luxembourg based SICAV and SICAF)
The COR issued by the Luxembourg administration and stating that the entity is considered as a SICAV for the year of the income.
The COR is valid for one (1) year date-to-date, unless otherwise specified on the document.
| How many are provided? | One per beneficiary. |
| Who completes it? | The Luxembourg tax authorities |
How often is it provided? | annually. |
When is it provided? | At the latest, 10:00 CET on the 13th of the month (or the last business day prior to the 13th, if the latter is not a business day) following the month in which the dividend payment was made. |
| Copy or original? | Original. |