Norway: New documentation requirements for relief at source

22.06.2017

Clearstream Banking1 would like to inform customers that effective

1 January 2018

a new process will be applicable to customers wishing to benefit from relief at source on dividends from Norwegian equities through Clearstream Banking.

The new process follows an amendment to Norwegian legislation regarding the documentation and eligibility requirements. This will come into effect on 1 January 2018 and implies that, customers wishing to obtain relief at source on behalf of eligible beneficial owners will have to provide Clearstream Banking with the following documentation.

All beneficial owners (Individuals and legal entities resident in a Double Taxation Treaty (DTT) country)

One-Time Certificate – Request for Application of a Lower Rate of Norwegian Withholding Tax on Dividends

The one-time certificate must be completed by the Clearstream customer and remains valid until revoked.

A new version will be published shortly and will be mandatory for the new process applicable as of 1 January 2018. The current version will no longer be accepted by Clearstream Banking from this date.

List of Beneficial Owners – Norwegian Securities

If the Clearstream Banking customer is not the sole beneficial owner of the Norwegian securities in the account, a list of beneficial owners must be uploaded electronically via Clearstream Banking's Online BO Upload facility.

A new version will be published in due time to comply with the new requirements.

Certificate of Residence (COR)

The certificate of residence must be issued by the beneficial owner’s local tax authority and include the beneficial owner’s full name and address plus confirm that the beneficial owner is resident in accordance with the relevant DTT with Norway.

The certificate of residence may in addition not be older than three years at the time of the dividend payment.

It remains valid according to the following guidelines provided by the Norwegian Tax Authorities (NTA):

General rule: Three years after the last confirmed date in a COR, meaning the date of issuance plus three years. 

Exception: When the COR refers to a specific period dated back in time, then, it will be valid as from the last day of the confirmed period plus three (3) years.  

An original of the certificate of residence must be provided.

Beneficial owner certificate

The Beneficial owner certificate must be signed by the beneficial owner and is a confirmation from the dividend recipient that he is the final beneficial owner of the dividend.

An original must be provided and remains valid until revoked.

The certificate will be published in due time to comply with the new requirements.

Legal entities resident in a DTT country

Beneficial owners that are legal entities (non-individuals) resident in a DTT country, must in addition to the above documentation, obtain a pre-approval from the Norwegian Tax Authorities prior to applying for relief at source, confirming that the beneficial owner is eligible to benefit and apply for the DTT rate. Such pre-approval should be provided to Clearstream Banking in the form of either:

  • Approved withholding tax refund application (reclaim decision letter) from the NTA
    The approved withholding tax refund application should be provided in the form of a decision letter issued by the NTA for a previous refund application in which the NTA approve and confirm the submitted withholding tax refund application and the beneficial owner’s eligibility for a reduced rate of withholding tax under a DTT.
    The approval letter remains valid until revoked (as long as the actual conditions on which the approval is based remain unchanged). A copy of the approval letter is acceptable.

 OR

  • Approval Letter from the NTA

The approval letter must be issued and obtained from the NTA and must confirm that the beneficial owner is eligible for a reduced rate of withholding tax under a DTT.
The approval letter remains valid until revoked (as long as the actual conditions on which the approval is based remain unchanged). A copy of the approval letter is acceptable.
Beneficial owners that are required to obtain and request an approval letter from the NTA must apply for this letter by submitting the form Application for approval to be entitled to reduced/ 0% withholding tax to the NTA (see below).
Clearstream Banking do not assist with obtaining the approval letter, all applications should be submitted directly by the beneficial owner or its representative under power of attorney to the NTA at the below address:
Central Office – Foreign Tax Affairs
P.O. Box 8031
N-4068 Stavanger

Impact on customers

The current relief at source process remains valid until 31 December  2017. However, customers are strongly recommended to already start applying for the required approval letters for the impacted legal entities in order to ensure that the approval will be granted by the NTA on time for the new process, which will become effective 1 January 2018, as it is expected that the NTA will receive a large number of requests. Further details and the publication of the remaining requested forms will be provided to customers in due time.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking Frankfurt (CBF) customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.