Form descriptions – Standard refund – Portuguese debt securities – CBF
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 debt securities under Law 83/2013, as follows:
- Portuguese Tax Identification Number (TIN) request
- Individualised Securities Registration Report (ISRR)
- Form Mod. 25-RFI;
- Form Mod. 26-RFI;
- Power of Attorney if Mod. 25-RFI or Form Mod. 26-RFI is not executed by the final beneficial owner;
- Power of Attorney for Tax Reclaim Processes Follow Up;
- Letter of Request to Clearstream Banking for Reclaim of Portuguese withholding tax.
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 dividend payment took place, by 10:00 CET. |
Copy or original? | Original. |
Form Mod. 25-RFI
The Mod. 25-RFI is used to reclaim the tax withheld at coupon payment date/redemption date. It contains the beneficial owner's information and the interest payment details. It must be stamped (legal entities or legal representative) and signed by the beneficial owner. If not stamped, a list of authorised signatures must be provided.
Important Note: Clearstream Banking only requires page 2 (Copy for the direct registrar of the securities or the representative) and 4 of Mod. 25-RFI. It must be printed double-sided with page 4 on the reverse side of page 2.
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 application. |
When is it provided? | At the latest two (2) months before the statutory deadline. |
Copy or original? | Original. |
Form Mod. 26-RFI
The Mod. 26-RFI is used to reclaim the Portuguese tax withheld on accrued interest at the date of the transfer of debt securities covered by the special tax regime from an account not liable to withholding tax to an account liable to withholding tax (article 13 of the special tax regime enacted by decree-law no. 193/2005 of 7 November). It includes the beneficial owner's information and the interest payment details. It must be stamped (legal entities or legal representative) and signed by the beneficial owner. If not stamped, a list of authorised signatures must be provided.
Important Note: Clearstream Banking only requires page 2 (Copy for the direct registrar of the securities or the representative) and 4 of Mod. 26-RFI. It must be printed double-sided with page 4 on the reverse side of page 2.
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 application. |
When is it provided? | At the latest two months before the statutory deadline. |
Copy or original? | Original. |
Power of Attorney
If the client or a third party is completing the Mod. 25-RFI or Mod. 26-RFI on behalf of the beneficial owner, a Power of Attorney must be provided to Clearstream Banking.
How many are provided? | One per Mod. 25-RFI or Mod. 26-RFI. |
Who completes it? | Beneficial owner. |
How often is it provided? | Per Mod. 25-RFI or Mod. 26-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. |