Quick refund - eligibility, documentation, deadlines - Russian equities

16.12.2015

Who can apply for a quick refund?

A quick refund of withholding tax on dividends is available through Clearstream Banking for the following beneficial owners:

Eligible beneficial owners

Effective tax rate after refund

Tax refund available

Residents of Double Taxation Treaty (DTT) countries

DTT rate a

15% minus DTT rate

Tax exempt entities recognised by Russian law

0%

15%

Russian residents

13%

2%

a. The DTT rate must be lower than 15%.

Documentation requirements

Quick reclaim of withholding tax is available if relief at source has not been obtained by the eligible beneficial owner.

The eligibility criteria and certification requirements are the same as the ones included in the Relief at source section.

In addition, if a One-Time Certificate with Box 1 or 2 ticked is submitted for a quick refund application, customers are obliged to send in addition a SWIFT MT599 or CreationOnline free-format message indicating the ISIN and payment date for which the standing instruction must be applied.

Deadlines for receiving documents

In order to benefit from a quick refund from Russian equities, customers must ensure that the above-described documents are received by Clearstream Banking at the latest 23 business days after the actual payment date (when dividends are paid by the NSD) by 10:00 CET.

When are refunds received?

The estimated time for receiving a refund is at least 25 business days after the actual payment date (when dividends are paid by the NSD).