Form descriptions - Standard refund - Portuguese equities

10.09.2020

Information is provided here about the forms and their use in relation to the procedure for standard refund of withholding tax on income from Portuguese equities, as follows:

  • Position Breakdown Report (PBR)
  • Portuguese Tax Identification Number (TIN) request
  • Individualised Securities Registration Report (ISRR)
  • Form Mod.22-RFI
  • Certificate of Residence (COR)
  • Power of Attorney
  • Credit advice
  • Letter of Request to Clearstream Banking for Reclaim of Portuguese Withholding Tax
  • Statement for Funds
  • Statement for Swiss Pension Funds

Position Breakdown Report

The PBR is a reporting requirement to be provided for each standard reclaim application. It includes the position held at record date by each beneficial owner applying for tax refund.

How many are provided?

One per Clearstream Banking account.

Who completes it?

Customer.

How often is it provided?

Per standard refund.

When is it provided?

At the latest, two (2) business days before the end of the third month following the applicable dividend payment date, by 10:00 CET.

Copy or original?

Original.

Portuguese Tax Identification Number (TIN) request

The TIN request is needed when the beneficial owner is not able to provide Clearstream with its Portuguese TIN.

How many are provided?

One per beneficial owner.

Who completes it?

Beneficial owner.

How often is it provided?

Per standard refund.

When is it provided?

 

Copy or original?

Original.

Individualised Securities Registration Report (ISRR)

The ISRR is completed by the customer once a year and includes all transactions that took place during the year of the dividend payment.            

How many are provided?

One per beneficial owner.

Who completes it?

Beneficial owner.

How often is it provided?

Per standard refund.

When is it provided?

 

Copy or original?

Original.

Form Mod. 22-RFI

The Mod. 22-RFI contains the beneficial owner's information and the dividend payment details. It must be accompanied by a separate Certificate of Residence (COR). Box IV of the form contains a tick box to mark the attachment of the COR. This is mandatory.

Important: Clearstream Banking only requires page 1 (Copy for DSRI) and 4 of Mod. 22-RFI. It must be printed double-sided with page 4 on the reverse side of page 1.

How many are provided?

One per beneficial owner.

Who completes it?

Beneficial owner or its legal representative under POA.

How often is it provided?

Per standard refund.

When is it provided?

At the latest two (2) months before the statutory deadline.

Copy or original?

Original.

Certificate of Residence

A COR signed and stamped by the beneficial owner’s local tax authorities is required as a certification of the Mod.22- RFI.

To be valid, the COR must fulfil two conditions:

  • confirm the residency of the beneficial owner for tax purposes and cover the period when the withholding tax took place; and
  • confirm that the beneficial owner is subject to tax in its country of residence.

No specific guidelines were issued by the Portuguese Tax Authorities concerning the wording that should be included on the COR. Based on advice received from BNP Paribas Securities Services, a COR should be acceptable if and when it includes either the express reference “liable to income tax” (rather than subject to tax) or a reference to the Article 4 of the tax treaty.

How many are provided?

One per Mod. 22-RFI

Who completes it?

Beneficial owner’s local tax authorities.

How often is it provided?

Per Mod. 22-RFI completed

When is it provided?

Together with the Mod.22-RFI.

Copy or original?

Original.

Power of Attorney

If the customer or a third party is completing the Mod. 22-RFI on behalf of the beneficial owner, a Power of Attorney must be provided to Clearstream Banking.

How many are provided?

One per Mod. 22-RFI.

Who completes it?

Beneficial owner.

How often is it provided?

Per Mod. 22-RFI completed.

When is it provided?

Together with the related standard refund documentation.

Copy or original?

Copy accepted. Customers must ensure that the original or a certified copy can be provided immediately upon request of the Portuguese tax authorities.

Credit advice

The credit advice contains information that is required when filing a reclaim with a tax credit. This may vary depending on the financial institution paying the beneficial owner. The credit advice must be sent, under the letterhead of the customer or of the customer’s agent

How many are provided?

One per standard refund application.

Who completes it?

The customer or the customer’s agent.

How often is it provided?

Per standard refund.

When is it provided?

Together with the related standard refund documentation.

Copy or original?

Original.

Letter of Request to Clearstream Banking for Reclaim of Portuguese Withholding Tax

The Letter of Request contains the details of the dividend payment for which the customer is requesting the refund as well as the details of the BO.

How many are provided?

One per refund application.

Who completes it?

The customer.

How often is it provided?

Per standard refund.

When is it provided?

Together with the related standard refund documentation.

Copy or original?

Original.

Statement for Funds

This statement is a declaration certifying that the respective trust/fund is liable to tax in its country of residence and is not transparent. It has to be certified by the BO’s local tax authorities.

How many are provided?

One per beneficial owner.

Who completes it?

The beneficial owner and its local tax authorities.

How often is it provided?

Per standard refund.

When is it provided?

At the latest two (2) months before the statutory deadline.

Copy or original?

Original.

Statement for Swiss Pension Funds

This statement is a declaration certifying that the respective fund is a pension fund in which individuals participate to secure old-age, disability and survivors' insurance and is established, recognised for tax purposes and controlled under the laws of Switzerland.liable to tax in its country of residence and is not transparent for tax purposes.

How many are provided?

One per beneficial owner.

Who completes it?

The beneficial owner and its local tax authorities.

How often is it provided?

Per standard refund.

When is it provided?

At the latest two (2) months before the statutory deadline.

Copy or original?

Original.