Reminder: Deadlines for the submission of tax reclaim applications
Note: This Announcement, originally published on 30 September 2019, has been updated to clarify the fees charged if tax reclaim forms are received after the Clearstream Banking deadline. The changes have been highlighted.
The customer deadlines for submitting tax reclaims to Clearstream Banking1, before the statutory market deadline, are as set out in the following table:
|Market||Clearstream Banking deadline a|
|Australia, Austria, Belgium, Bulgaria, Czech Republic, Denmark, France, Germany, Hungary, Iceland, Ireland, Lithuania, Luxembourg, Netherlands, New Zealand, Norway, Portugalb, Slovenia, South Africa, Sweden, Switzerland||Two months before the statutory deadline|
|Canada, Finland, Italy, Japan, Spain||Three months before the statutory deadline|
|Poland||Four months before the statutory deadline|
a. The actual deadline falls on the last business day before the stated Clearstream Banking deadline.
b. Specific deadlines may apply to documentation requested for reporting purposes. Please refer to our Market taxation guide - Portugal.
Tax reclaims received after the Clearstream Banking deadline
Provided that the required tax reclaim certification is complete and valid, we will process all standard refund applications received after the Clearstream Banking deadline on a "best efforts" basis. However, in such cases, we can accept no responsibility for documentation that has not reached the local tax authorities before the market deadline.
Furthermore, an additional fee of EUR 1500 will be charged for tax reclaim forms received after the Clearstream deadline, as defined in the relevant Market Taxation Guides and Tax Announcements (charged per dividend or coupon payment).
In some markets, additional fees may be charged, by our local custodians, for applications received after the Clearstream Banking deadline. For example, for reclaims of withholding tax on French dividends, the French withholding agent charges EUR 1000 per dividend payment per ISIN.
Note: With respect to tax reclaims in general, we remind customers that Clearstream Banking will process all reclaim requests received from customers, regardless if the fees involved are higher than the reclaim amount applied for. Customers are solely responsible for monitoring if the reclaim requests are profitable or not.
Customers are furthermore reminded that, Clearstream Banking accepts no responsibility for the acceptance or non-acceptance of refund applications by the tax authorities of the respective country. It is the customer’s responsibility to determine any entitlement to a refund of tax withheld, to complete the required forms correctly and to calculate the amount due.
Where to send the tax reclaims
Customers are kindly requested to send all tax reclaim request for the above markets to the address as indicated in the Clearstream Banking Creation Quick Tax Reference Matrix.
Furthermore, in order to avoid any delays or loss of documentation, Clearstream Banking customers are strongly encouraged to submit all tax certification by special courier or registered mail.
One tax reclaim form is required for each account for which the reclaim is requested and the respective account number should be clearly mentioned on the relevant Letter of Request to Clearstream Banking for Reclaim of Withholding Tax. A template is available in each of our Market Taxation Guides.
Reclaims that are incomplete, that relate to more than one account or for which the stated account has insufficient entitlement will be rejected by Clearstream Banking.
Customers are also reminded that Clearstream Banking S.A. Creation accounts must be distinguished from Clearstream Banking AG CASCADE accounts.
For further information, customers may 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, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.