Spain: Simplified reclaim procedures – important update
Before the implementation of the simplified reclaim procedure on 28 February 2013, customers had to provide, among other certification specific to each type of beneficial owner, a Letter of Request to Clearstream Banking for Reclaim of Spanish Withholding Tax, a Tax Reclaim Form and a Power of Attorney if Clearstream Banking was completing the Tax Reclaim Form on behalf of the customer.
With the simplified procedure, the Tax Reclaim Form was replaced by a Breakdown spreadsheet that could be sent either via CreationOnline or SWIFT free format message or by password-protected email, with the password sent separately by CreationOnline or SWIFT free format message.
In our constant efforts to simplify our tax reclaim process, we have enhanced our Breakdown spreadsheet to include the details of the Letter of Request and have decided to only accept Breakdowns sent by password-protected email.
Impact on customers
Customers applying for a quick or standard refund of withholding tax on income from Spanish securities processed via our Spanish depository must send the following documentation:
- An original Certificate of Residence or Petición de Devolución or Convenio Constitutivo; and
- Any other documentation as specified in our Market Taxation Guide – Spain; and
- A Breakdown: duly completed and sent exclusively by password-protected email to:
The new template, in use immediately, is available below; and
The password and customer’s instructions: sent only by CreationOnline or SWIFT Free-format message, including the following wording:
Attention: PTS Tax Services
Type of refund: Quick or Standard
Please find hereafter the password to open our breakdown spreadsheet sent to your attention by email on (date and time) from the email address (email address of the sender)
Note: Customers wishing to add comments to the Breakdown or the free-format message must ensure that it is written in English. Any other language will not be taken into consideration.
Deadline for receipt of documentation
The certification and any supporting documentation must be provided before the password-protected Breakdown, otherwise the Breakdown will be rejected.
Clearstream Banking must receive the documentation by the deadlines prescribed for each procedure in the Market Taxation Guide – Spain.
Effective date of the procedure
This procedure and the new Breakdown template are effective immediately with a transition period until 8 December 2017.
Customers who have saved the Breakdown spreadsheet in their systems are encouraged to replace it by the one attached before 8 December 2017.
From 11 December 2017, any Breakdown sent in its old version or in a different way than a password protected email (paper form, non-protected email, free-format SWIFT) will automatically be rejected.
For further information, please refer to our Market Taxation Guide - Spain. Customers may also contact the Clearstream Banking Tax Help Desk or Clearstream Banking Client Services or their 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 AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.