Form descriptions - Quick refund - Portuguese debt securities

16.03.2020

Information is provided here about the forms and their use in relation to the procedure for quick refund of withholding tax on income from Portuguese bonds under Law 83/2013, as follows:

  • Form Mod. 25- RFI;  
  • Per-payment instruction;
  • List of Portuguese beneficial owners;
  • Power of Attorney when relevant;

Form Mod. 25- RFI

The  Mod. 25- RFI  contains the beneficial owner's information and the interest payment details. It must be stamped (legal entities or legal representative) and signed by the beneficial owner. If not stamped, a list of authorised signatures must be provided. For further completion guideline, refer to Completing Mod. 25-RFI.

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 quick refund application.

When is it provided?a

  • For non-residents of Portugal entitled to full QR: At the latest, five business days before the sixth month after the applicable payment date, by 10:00 CET.
  • For residents of Portugal entitled to full QR or to 25/28% : At the latest, on the 10th of the month (or the last business day prior to the 10th, if the latter is not a business day) following the month in which the interest payment was made, by 10:00 CET.

Copy or original?

Original

Per-payment instruction

The per-payment instruction must be provided per tax rate and residency type (Portuguese/non-Portuguese) either via Xact Web Portal, CreationOnline (CBL and CBF 6-series account customers only) or by a formatted SWIFT MT565, 568 or 599 message. It must include: 

  • Customer account number;
  • ISIN code;
  • CBL Corp ID;
  • Instructed quantity (according to the eligible balance in the account);
  • Tax rate to apply: to be included in field :92A::TAXB// for SWIFT users or tax rate field for Xact Web Portal and CreationOnline users;
  • Customer’s full contact details;
  • Wording as applicable, to be specified in “INST” field (for SWIFT users) or in “Corporate actions narrative” field (for Xact Web Portal or CreationOnline users):
    • “Quick refund for non-Portuguese residents”; or
    • “Quick refund for Portuguese residents” 

If no wording is provided the instruction will be rejected. 

How many are provided?One per account, tax rate and BO residency
Who completes it?Customer
How often is it provided?Per quick refund application.
When is it provided?a•    For non-residents of Portugal entitled to full QR: At the latest, five business days before the sixth month after the applicable payment date, by 10:00 CET.
•    For residents of Portugal entitled to full QR or to 25/28%: At the latest, on the 10th of the month (or the last business day prior to the 10th, if the latter is not a business day) following the month in which the interest payment was made, by 10:00 CET.
Copy or original?Original

a. For full details, refer to Quick refund - eligibility, documentation, deadlines - Portuguese debt securities.

List of Portuguese beneficial owners

This list includes breakdown of total holding per category of BO and the details related to the Portuguese beneficial owners.

How many are provided?

One per Clearstream Banking account.

Who completes it?

Customer.

How often is it provided?

Per quick refund.

When is it provided?a

  • For non-residents of Portugal entitled to full QR: At the latest, five business days before the sixth month after the applicable payment date, by 10:00 CET.
  • For residents of Portugal entitled to full QR: At the latest, on the 10th of the month (or the last business day prior to the 10th, if the latter is not a business day) following the month in which the interest payment was made, by 10:00 CET.
  • For residents of Portugal entitled to reduced rate of withholding tax (25% / 28%): at the latest on the 10th of the month (or the last business day prior to the 10th, if the latter is not a business day) following the month in which the interest payment was made, by 10:00 CET.

Copy or original?

Clearstream Banking's online Upload BO List facility, using the provided template.

a. For full details, refer to Quick refund - eligibility, documentation, deadlines - Portuguese debt securities.

Power of Attorney

If the customer or a third party is completing the Mod. 25-RFI on behalf of the beneficial owner, a Power of Attorney must be provided to Clearstream Banking.

How many are provided?

One per Mod. 25-RFI.

Who completes it?

Beneficial owner.

How often is it provided?

Per Mod. 25-RFI completed.

When is it provided?

Together with the related quick 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.