Form descriptions - Quick refund - New Zealand debt securities

10.10.2016

Information is provided here about the forms and their use in relation to the procedure for a quick refund of withholding tax on income from New Zealand debt securities.

Documentation requirements vary according to the regime applicable to the debt securities and to the type of beneficial owner, as follows:

Debt securities governed by the Approved Issuer Levy regime:

  • Non-resident beneficial owners requesting the Approved Issuer Levy regime:
    • Breakdown of Holding with request for Quick Refund;
    • One-Time Certification for New Zealand Government Debt Securities and other New Zealand Domestic Debt Securities governed by the Approved Issuer Levy Regime.
  • Tax-exempt beneficial owners:
    • Breakdown of Holding with request for Quick Refund;
    • One-Time Certification for New Zealand Government Debt Securities and other New Zealand Domestic Debt Securities governed by the Approved Issuer Levy regime;
    • Certificate of Exemption.
  • Non-residents of Double Taxation Treaty (DTT) countries requesting NRWT:
    • Breakdown of Holding with request for Quick Refund;
    • One-Time Certification for Non-Resident Withholding Tax (NRWT) Regime on New Zealand Domestic Debt Securities;
    • Certificate of Residence (upon request);
    • Any other tax documentation required from time to time (upon request).

Standard debt securities governed by the Non-Resident Withholding Tax (NRWT) regime:

  • Residents of Double Taxation Treaty (DTT) countries:
    • Breakdown of Holding with request for Quick Refund;
    • One-Time Certification for Non-Resident Withholding Tax (NRWT) Regime on New Zealand Domestic Debt Securities;
    • Certificate of Residence (upon request).
  • Tax-exempt beneficial owners:
    • Breakdown of Holding with request for Quick Refund;
    • One-Time Certification for Non-Resident Withholding Tax (NRWT) Regime on New Zealand Domestic Debt Securities;
    • Certificate of Exemption.

Breakdown of Holding with request for Quick Refund

This is to request a quick refund from the New Zealand Tax Authorities on behalf of the customer or the beneficial owner.

The request should contain the following details:

  • “Ref: Request for Quick Refunds”;
  • Account number of the customer;
  • Security name and ISIN;
  • Quantity of securities;
  • Payment date;
  • Payment amount;
  • The total holding with the respective tax rate reclaimed;
  • Reason for tax reclaim;
  • The customer should agree with the Quick Refund fee (for Government bonds under the Approved Issuer Levy Regime only);
  • The full name and address of the beneficial owners (for tax exempt beneficial owners only).
How many are provided?One per quick refund application.
Who completes it?Customer.
How often is it provided?Per quick refund application.
When is it provided?When applying for the quick refund.
Copy or original?Original. Via SWIFT message MT599 (“Attention: to SIT Tax Services Singapore”).

One-Time Certification for New Zealand Government Debt Securities and other New Zealand Domestic Debt Securities governed by the Approved Issuer Levy Regime

Customers who want to have the Approved Issuer Levy regime applied for their account or for the account of the beneficial owner must provide Clearstream Banking with a One-Time Certification.

How many are provided?One per Clearstream Banking account.
Who completes it?Customer.
How often is it provided?Once. Valid until revoked.
When is it provided?When applying for the quick refund.
Copy or original?Original required.

One-Time Certification for Non-Resident Withholding Tax (NRWT) Regime on New Zealand Domestic Debt Securities

Customers who want to apply for the NRWT regime, either on their own behalf or on behalf of non-resident beneficial owners, should complete the One-Time Certification for Non-Resident Withholding Tax (NRWT) Regime on New Zealand Domestic Debt Securities.

How many are provided?One per Clearstream Banking account.
Who completes it?Customer.
How often is it provided?Once. Valid until revoked.
When is it provided?When applying for the quick refund.
Copy or original?Original required.

Certificate of Exemption

Customers who want to apply for a quick refund of withholding tax on dividends from New Zealand debt securities, either on their own behalf or on behalf of non-resident beneficial owners, should provide a certificate that indicates the tax-exempt status of the beneficial owner of the securities as granted by the New Zealand Tax Authorities.

Eligible beneficial owners must contact the New Zealand Tax Authorities and submit an application to request recognition. Once a favourable Certificate of Exemption is issued, a copy should be sent to Clearstream Banking.

How many are provided?One per beneficial owner.
Who completes it?The New Zealand Tax Authorities.
How often is it provided?Once. Valid until revoked.
When is it provided?When applying for the quick refund.
Copy or original?Original or authenticated copy required.

Certificate of Residence

A Certificate of Residence, with the beneficial owner's full name and address, issued by the beneficial owner's tax authorities.

How many are provided?One per beneficial owner.
Who completes it?Beneficial owner’s tax authorities.
How often is it provided?Upon request.
When is it provided?Upon request.
Copy or original?Original required.

Form descriptions are presented according to the procedures available for relief and/or reclaim of withholding tax on income from New Zealand debt securities.