In Germany, private investors are liable to a flat tax on investment income. Statutory provisions require that in the event of a securities account transfer, the domestic custodian banks provide the institution receiving the accounts with the tax-related acquisition details and, where applicable, the originator’s allocation pots. The custodian banks are therefore also responsible for keeping, maintaining, and processing data relevant to the German flat tax on investment income.
Taxbox is the solution we developed for the automatic transfer of tax-related data in the event of a securities transfer.
Any institution conducting custody business with Clearstream which has private clients on the German market, who are liable to the German flat tax on investment income, can participate in the Taxbox service, either directly or indirectly via a service provider.
Customers wishing to open a Taxbox account can find the onboarding forms and required AML documentation below. For existing Clearstream Banking Frankfurt (CBF) customers, please contact your Relationship Management Team for further information. For non-CBF customers, please use the contact details on the forms. Upon completion, customers are requested to return the Taxbox Onboarding Forms and AML documents to the below address:
Clearstream Banking AG
Client Onboarding & Lifecycle Management (COLM)
Required AML documentation for non-CBF customers:
- Bank licence or equivalent;
- Trade Register;
- Articles of Association;
- Signature list;
- Ownership structure / Shareholder structure (including of IDs of Ultimate Beneficial Owners or Notional Beneficial Owners);
- Organisational chart;
- Current, audited annual report;
- Wolfsberg FCCQ.
Note: All documents must not be older than six months.