General information - types of securities, deadlines, other market specifics - Finland

30.07.2021

Types of securities eligible in Clearstream Banking

The eligible securities issued in Finland are as follows:

  • Government bonds;
  • Corporate bonds;
  • Money market instruments (Certificates of deposit, Commercial Paper, Treasury bills);
  • Equities (listed on Stock Exchange only);
  • Warrants.

Holding restrictions

Securities held on CBL accounts in EFI that are beneficially owned by either Finnish nationals or Finnish tax residents cannot be held in CBL.

Note: It is the responsibility of the CBL customer to ensure compliance with local holding restrictions. If a requirement is not met, it is the customer who is liable to any related penalty. Customers may seek independent legal advice on the interpretation of Finnish disclosure requirements.

For further information, please refer to Investment regulation - Finland.

Capital Gains Tax

There is no capital gains tax withheld through Clearstream Banking on securities held in Clearstream Banking. Capital gains tax may however be payable on specific gains. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.

Stamp Duty

There is no stamp duty withheld through Clearstream Banking on securities held in Clearstream Banking. Stamp duty may however be payable on specific transactions. Clearstream Banking does not provide assistance in this regard. Please consult your tax advisor for further information.

Relief at source deadline

The deadlines for the submission of the documentation to obtain relief or exemption at source of withholding tax on dividends on publicly listed Finnish equities are as follows:

Document

Deadline for receipt by Clearstream Banking

One-Time Certificate publicly listed Finnish Equities (various versions)

Four business days prior to the record date of the first dividend payment by 10:00 CET.

Per-payment pooled tax breakdown

One business day after the record date of each relevant dividend payment by 10:00 CET.

ISD-E form

Four business days prior to the record date of the first dividend payment by 10:00 CET.

Certificate of Residence

Four business days prior to the record date of the first dividend payment by 10:00 CET.

Tax-at-source card

Four business days prior to the record date of the first dividend payment by 10:00 CET.

Per-payment beneficial owner declaration

One business day after the record date of each relevant dividend payment by 10:00 CET.

Direct Investment confirmation

Four business days prior to the record date of the first dividend payment by 10:00 CET.

Parent-Subsidiary confirmation

Four business days prior to the record date of the first dividend payment by 10:00 CET.

Quick refund deadline

The quick refund can be applied for between 1 June and 1 November of the year of the dividend payment.

Statutory deadline for reclaiming withholding tax

The general statutory deadline for reclaiming withholding tax, applicable to reclaims submitted via standard refund procedures, is as follows:

Dividends paid

Statutory deadline

Up to and including 31 December 2016

Five years after the end of the year in which the income payment was made

On or after 1 January 2017

Three years after the end of the year in which the income payment was made

Exception: The statutory deadline for Dutch beneficial owners reclaiming Finnish dividend withholding tax, is five years after the end of the year in which the dividend payment was made, instead of the general three years deadline, which is applicable for other beneficiaries.

The five-year deadline applies in respect to withholding tax levied since 1 January 2017.

Clearstream deadline for standard refund applications

The deadline by which Clearstream Banking must receive the documentation is at least three months before the statutory deadline. All standard refund applications received after this deadline will be processed by Clearstream Banking on a "best efforts" basis. However, in such cases, Clearstream Banking will apply an extra charge and accepts no responsibility for forms that have not reached the Finnish Authorities by the date considered as being the statute of limitations deadline.

When are refunds received?

The estimated time for receiving a refund can vary depending on the time that the application is filed and the complexity of the information supplied in the reclaim form. Clearstream Banking has collected information from sources considered reliable but does not guarantee the accuracy of the timings presented.

Quick refund

The estimated time for receiving a refund is six weeks from the date that Clearstream Banking receives the certified documents.

Standard refund

The estimated time for receiving a refund is six months from the date of receipt by the Finnish Tax Authorities, although this can vary depending on when the application is filed and the complexity of the information supplied in the reclaim form.

Note: The Finnish Tax Authorities will only process applications for a standard refund in the beginning of the year following the dividend payment.

Notes on tax reclaims

Customers warrant the completeness and accuracy of the information they supply to Clearstream Banking.

It is the customer's responsibility to determine any entitlement to a refund of tax withheld, to complete the forms required correctly and to calculate the amount due. Clearstream Banking is under no obligation to carry out any investigation in respect of such information.

With respect to tax reclaims in general, customers are reminded that Clearstream Banking accepts no responsibility for their acceptance or non-acceptance by the tax authorities of the respective country.