Additional fee for tax breakdowns that are sent after 31 October of a calendar year and related to U.S. taxable income paid during the first three quarters of the same calendar year


Clearstream Banking1 

would like to inform customers that effective

1 May 2019

an additional fee will be charged by Clearstream Banking to Non-Qualified Intermediaries that provide Clearstream Banking with their tax breakdowns after the new deadline set on 31 October of a calendar year N, as further described.


Non-Qualified Intermediaries that have certified their account for an omnibus structure are requested to provide Clearstream Banking with a tax breakdown at the latest two business days prior any U.S. taxable income payment date by 10:00 CET.

The tax breakdown enables Clearstream Banking to obtain necessary and presumed reliable information from its customers in order to:

  • apply the relevant tax rates on the U.S. taxable income payment date;
  • issue the yearly 1042-s forms to the relevant disclosed final beneficial owner(s)

If the customer fails to provide Clearstream Banking with such tax breakdown prior the taxable income payment date, they may still send it before the end of the relevant calendar year in order to obtain a tax refund and / or to make sure that the 1042-s forms will be sent to the relevant final beneficial owner(s).

Reminder: As described in our Announcement A18178, tax refunds payments are performed directly by Clearstream Banking in the order received and provided that the funds are sufficient in the Clearstream Banking tax account(1). Should a tax refund payment not be performed before the end of the calendar year due to insufficient funds in the Clearstream Banking tax account, customers will need to apply for a refund of tax directly from the IRS.

New fee

Non-Qualified Intermediaries that have received U.S. taxable income on their account between
1 January and 30 September of a calendar year N are kindly requested to send their tax breakdown latest by 31 October N.

Any tax breakdown (whether or not a tax refund is requested) received after this deadline will be charged with an additional fee as described in the Clearstream Banking Fee Schedule valid from 1 May 2019.

Further information

For further information, customers may contact the Clearstream Banking Tax Help Desk, Clearstream Banking Customer Service 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.

The QI Agreement with the IRS allows Clearstream Banking to adjust over-withheld tax either by setting it off against subsequent withholding (“set off”) or by reimbursement. As Clearstream Banking makes weekly deposits via the Electronic Federal Tax Payment System (EFTPS), there may not be sufficient funds in Clearstream Banking’s tax account to make a reimbursement at the precise time that the customer submits a valid reclaim request.