Russia: Updated One-Time Certificate for Russian DRs for relief at source and quick refund
Note: This Announcement, originally published on 4 January 2019, has been updated to clarify that the pension funds eligible for full exemption are those who are who are eligible for tax exemption according to a DTT (preferential treaty rate). The change has been highlighted.
Clearstream Banking1 informs customers that effective
the One-Time Certificate for Depository Receipts with Russian underlying Securities (OTC), used when requesting relief at source or quick refund on dividends from Russian Depository Receipts, has been updated.
The new updated version now also covers the following beneficial owner types:
- Pension funds eligible for full tax exemption according to the Double Taxation Treaty (preferential treaty rate); and
- Beneficial owners qualifying for a conditional rate (including conditional double taxation rates), such as for example French and Spanish residents claiming Double Taxation Treaty.
Impact on customers
Customers are requested, with immediate effect, to use the new OTC, when requesting relief at source or quick refund on dividends from Russian Depository Receipts.
The current OTC will however remain valid for those customers, who have already submitted it in the past, under the condition that it is not used to apply for relief or quick refund for the above beneficial owner types.
For further information, customers may contact the Clearstream Banking Tax Help Desk, 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.