Quick refund - eligibility, documentation, deadlines - Italian equities

03.01.2017

Who can apply for a quick refund?

A quick refund of withholding tax on dividends from Italian equities is available through Clearstream Banking for eligible beneficial owners who did not obtain relief at source, as follows:

Eligible beneficial ownersEffective rate of tax
after refund
Tax refund
available a
Residents of a Double Taxation Treaty (DTT) countryTax treaty rate or 26%, whichever is lower26% minus the
tax treaty rate b
EU/EEA corporations1.20% c24.80%
EU/EEA pension funds11%15%
Supranational organisations recognised as such by Italian law0%26%

a. Expressed as a percentage of the gross dividend amount.
b. Amount of relief will be 0% if the DTT rate exceeds 26%.
c. 1.375% until 31 December 2016, 1.20% as of 1 January 2017.

Documentation requirements

The documentation requirements are the same for all types of beneficial owner.

  • One-Time Certificate for Italian Equities;
  • One-Time Master Instruction/Dividends at Source (O.T.M.I.);
  • Certificate of Residence (except for Supranational organisations);
  • Italian Equities: List of Beneficial Owners.

Form descriptions are presented according to the procedures available for relief and/or reclaim of withholding tax on income from Italian equities.

Deadline for receipt of documents

The deadline for reclaiming withholding tax using the quick refund procedure through Clearstream Banking is 10:00 CET on the eighth calendar day (or the last business day before the eighth if the latter is not a business day) of the month following the month in which the dividend payment took place.

When are refunds received?

The estimated time for receiving a quick refund is the tenth calendar day of the month following the month in which the dividend payment took place.