Form descriptions - relief at source - Icelandic debt securities

15.09.2022

The following is a list of information regarding the various tax forms to be completed in order to benefit from relief at source of withholding tax on income from Icelandic debt securities. The templates of the forms are available in our Tax forms to use section.

Tax-exempt debt securities (tax exempt for non-residents)

One-time certificate for Icelandic banks complying with Article 3.2 of Act no. 94/1996

The one-time certificate for Icelandic banks complying with Article 3.2 of Act no. 94/1996 should be provided by all customers acting as Icelandic banks, that are either holding:

  • For their own assets (and therefore being themselves the final beneficial owner), or;
  • On behalf of underlying beneficial owners that are Icelandic tax residents (and therefore acting as intermediary bank).

Note: Such entities are considered as Icelandic tax withholding agents, implying they must retain the appropriate tax amounts from their respective clients.

How many are provided?

One per Clearstream customer.

Who completes it?

Clearstream's customer.

How often is it provided?

Once.

When is it provided?

Five business days before the first interest or redemption payment date at 10:00.

Copy or original?

Original required.

Other debt securities

One-time certificate for Icelandic banks complying with Article 3.2 of Act no. 94/1996

The one-time certificate for Icelandic banks complying with Article 3.2 of Act no. 94/1996 must be provided by all customers acting as Icelandic banks, that are either holding:

  • For their own assets (and therefore being themselves the final beneficial owner), or;
  • On behalf of underlying beneficial owners that are Icelandic tax residents (and therefore acting as intermediary bank).

.

Note: Such entities are considered as Icelandic tax withholding agents, implying that they must withhold the appropriate tax amounts from their respective clients.

How many are provided?

One per Clearstream customer.

Who completes it?

Clearstream's customer.

How often is it provided?

Once before the first interest or redemption payment date.

When is it provided?

Five business days before the first interest or redemption payment date at 10:00.

Copy or original?

Original required.