General information - types of securities, deadlines, other market specifics - France (securities held in BNP Paribas S.A.)

25.10.2022

Since 10 April 2018, Clearstream Banking AG (CBF) has become withholding agent and no relief at source is available through BNP Paribas S.A. (BNP) any longer. Only standard refund on dividend payments made by BNP until 9 April 2018 are available through BNP.

Types of securities

Equities (with cash dividend, stock dividend or choice dividend distributions)

Types of beneficial owner

The following types of beneficial owner are recognised for tax purposes in France and eligible to standard refund through BNP:

  • Residents of Double Taxation Treaty (DTT) countries;
  • Foreign individuals;
  • EU parent companies;
  • Non-Profit Organisations;
  • Particular foreign entities.

Statutory deadline for reclaiming withholding tax

For customers claiming domestic law rates:

The statutory deadline for reclaiming withholding tax is two years after the end of the calendar year in which the interest payment was made.

For customers claiming DTT rates:

Unless otherwise stipulated in the tax treaty, the statutory deadline for reclaiming withholding tax is two years after the end of the calendar year in which the interest payment was made.

Exceptions to the above are reclaim applications for beneficial owners that are residents of the following countries, as indicated:

Zimbabwe

3 years after the income payment date;

India

3 years after the end of the calendar year in which the interest was paid;

Netherlands

3 years after the end of the calendar year in which the interest was  paid;

Germany

4 years after the end of the calendar year in which the interest was paid.

Clearstream deadline for standard refund applications

The deadline by which Clearstream Banking must receive the documentation for an application through BNP is at the latest three months before the statutory deadline. All reclaim applications received after this deadline will be processed by Clearstream Banking and BNP on a “best efforts” basis. However, in such cases, Clearstream Banking and BNP will apply an extra charge and accepts no responsibility for forms that have not reached the French Tax Authorities by the date considered to be the statute of limitations deadline.

When are refunds received?

The estimated time for receiving a refund is from six months to two years, 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.

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.

Notes on French Tax Forms

Form 5001

Each form is available in Dutch, English, French, German, Italian and Spanish and is to be completed in triplicate: two versions in the foreign language most appropriate to the DTT country and one version in French.

The information in all three copies is identical and they must all three be completed and sent to the local tax authorities of the beneficial owner’s country of residence for certification purposes. These forms must be printed on both sides.

The copies are processed as follows:

  • The first local language copy is kept by the tax authorities of the beneficial owner’s country of residence.
  • The second local language copy is returned and kept by the beneficial owner.
  • The third copy, in French, is returned and submitted to the French Tax Authorities.