Exceptional and temporary measures for tax certificates - update IV
Note: This Announcement, originally published on 24 March 2020 and updated on 31 March 2020, 7 April 2020 and 22 April 2020, has been further updated to amend the SWIFT template to use when applying this procedure. The changes have been highlighted.
Clearstream Banking1 informs customers that we have decided to exceptionally and temporarily adapt our service of treatment of tax documents.
Clearstream Banking will accept scanned copies of tax certificates via secure email providing that a dedicated SWIFT message is sent first. This procedure is applicable during this period of contingency only and related original documents will have to be provided once usual and operational working conditions return.
Please be informed that this procedure does not replace the usual process of providing original documents, therefore whenever possible it is recommended to continue sending original documents as Clearstream Banking’s mailing and tax certification registration services remain operational.
This procedure is currently applicable for the below markets and for relief at source and quick refund procedures only, and does not apply to the standard refund procedure:
- Australia: Debt securities and equities - relief at source only
- Belgium: Belgian bonds deposited with NBB
- Canada: Equities
- France: Equities
- Germany: Debt securities and equities, only for beneficiaries that are fund companies
- Italy: Debt securities and equities
- Japan: Eurobonds and US debt securities subject to Japanese tax
- New Zealand: Debt securities and equities - relief at source only
- Norway: Equities
- Portugal: Domestic debt securities - relief at source only.
Equities - please refer to Announcement A20055 for the relief at source and quick refund procedure.
- South Africa: Equities
- Spain: Debt securities and equities
- Sweden: Equities
- UK: Eurobonds subject to ICMSA procedure
- U.S.A.: Debt securities and equities
For the other markets, we may ask you to follow the usual procedure and continue to provide original forms until further notice.
The secure email including the scanned documents must be sent using the appropriate email address according to the market impacted:
U.S.A. documents : email@example.com
Australia, New Zealand documents : firstname.lastname@example.org
Other documents: email@example.com
Please be informed that scanned copies sent to our Tax Helpdesk team at firstname.lastname@example.org will not be accepted.
Important note: The executed originals must be provided to Clearstream Banking on the date customers will return to usual and operational working conditions, this date must be immediately communicated by customers to Clearstream Banking (via SWIFT message) and no later than one week after that date. In the absence of executed originals received by Clearstream Banking by the prescribed deadlines, the scanned copies previously validated will be rejected , the income events for which customers obtained reduced tax rates based on respective scanned copies will be considered as fully taxable and the applicable tax amounts will be debited from their account(s).
Impact on customers
Customers must use the following templates for their SWIFT message and secure email.
Note: Only one SWIFT message and secure email will be accepted per market.
Attn: Tax Department
Subject: Scanned Certification
INSTITUTION NAME + COUNTRY: XXX + XXX
We confirm that Mr X and Ms Y are duly authorised to sign on behalf of the above mentioned institution name and country for the below mentioned certificate(s) dated dd/mm/yyyy and their specimens of signature as they appear on the document are true and genuine signatures
Due to the current exceptional situation related to Covid-19, we are not able to deliver to you original tax certificates as per Clearstream Banking ’s requirements.
Hence, as a temporary contingency measure, we kindly ask you to accept the scanned copies of the following certificates:
- CB Account – name of certificate – BO name (if applicable)
- CB Account – name of certificate – BO name (if applicable)
We confirm that the executed originals will be provided to you at the date we will return to usual and operational working conditions, this date we undertake to communicate to you promptly (SWIFT) and no later than one week after that date. In the absence of executed originals provided to Clearstream Banking as per the previous sentence, we agree that the scanned copies will be rejected subsequently as they do not fulfil Clearstream Banking’s formal requirements. The income events for which we obtained reduced tax rates based on above listed scanned copies will be considered as fully taxable and the applicable tax amounts will be debited from our account(s). Furthermore, we acknowledge and accept that Clearstream Banking cannot be held liable in that respect. We hereby accept full responsibility in the case of any loss, claim, damage, liability or whatsoever imposed or incurred by or asserted against Clearstream Banking by any relevant tax authority or any other authority in connection with any action taken by Clearstream Banking in reliance upon this SWIFT communication and the content of the related scanned certificate provided to Clearstream Banking and/or for any payments made subject to this scanned certificate and therefore we undertake to fully indemnify Clearstream Banking in respect of any such loss, claim, damage, liability or whatsoever.
Subject: TAX CERTIFICATES – Market – Account number – Unique reference number of the SWIFT message (field :20C:: for MT568 or field :20:: for MT599 messages)
Attachment: Scanned copies of tax certificates
Dear Tax Team,
As per the announcement C20011 please find in attachment the scanned copies of the tax certificates with the following details, for which we sent the acceptance request via the SWIFT message with the unique reference number _________:
Name of the document(s):
Contact details of Clearstream Banking customer:
IMPORTANT: Upon receipt of the customer’s email and SWIFT message, Clearstream Banking will inform customers of the validity of their request via MT568. The criteria of validation remain the same as for original forms, therefore the scanned copies must be fully completed, signed, dated and stamped.
When the original certificates will be provided to Clearstream Banking, customers must attach the message MT568 confirming the validation of the scanned copies, in order to allocate the correct reference numbers to the originals.
Please be informed that if the exact content of the SWIFT message and the email is not respected as in the templates provided above, your request will be rejected and the certification will not be treated. A new SWIFT message and email with the scanned documents will have to be submitted in order to benefit of this procedure.
Clearstream Banking internal tax documents
In addition to the applicable tax relief at source/quick refund process for the above list of markets, Clearstream Banking also offers you the possibility to send the scanned copies of Clearstream Banking internal tax documents. Please be informed that these internal documents do not allow you to benefit of a relief at source or quick refund procedure without providing the full set of documents required on the relevant markets. The list of internal documents is attached below. The procedure to provide scanned copies followed by originals remains the same as described above.
For further information, please contact the Clearstream Banking Tax Help Desk or Clearstream Banking Client Services or your 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.