Norway: New documentation requirements for relief at source - update
Further to our announcement A17092, dated 22 June 2017, about the new documentation requirements for relief at source, that will become applicable on 1 January 2018, Clearstream Banking1 would like to provide customers with the following new templates:
- 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.
- 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.
- Beneficial owner Certificate
The Beneficial owner Certificate must be signed by the beneficial owner or their representative, as applicable and is a confirmation from the dividend recipient that they are the final beneficial owner of the dividend.
An original must be provided and remains valid until revoked.
Each type of certification is available as follows:
- One for customers of Clearstream Banking AG (CBF). This includes CBF customers with 6-series accounts via the Creation platform; and
- One for customers of Clearstream Banking S.A (CBL)
Customers are requested to complete the certification (either CBL or CBF version), as applicable for their account.
Impact on customers
Relief at source requests submitted following the current process, with the current templates will be accepted until 31 December 2017. Customer are, however, already strongly encouraged to start providing the new One-Time Certificate and Beneficial owner Certificate, using the new templates.
The new process and new templates will become mandatory as of 1 January 2018 and current versions will no longer be accepted by Clearstream Banking from this date. If customers do not certify with the new templates and relief at source procedure, the standard rate of withholding tax on dividends from Norwegian equities will apply.
For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.
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.