Form descriptions - Relief at source - Portuguese debt securities

16.03.2020

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

One-Time Certificate for Portuguese Debt Securities - DL 193/2005 amended by Law 83/2013

This certificate provides information regarding the customer of Clearstream Banking, stating that he holds Portuguese bonds on behalf of one or more beneficial owners that are entitled to apply for relief.

If box 1 or box 2 is ticked-off the OTC is considered as a standing instruction.

The One-Time Certificate, duly completed and signed, is valid until revoked. Changes to any of its details must be communicated to Clearstream Banking without delay in a new certificate.

How many are provided?

One per Clearstream Banking account

Who completes it?

Customer.

How often is it provided?

Once. Valid until revoked.

When is it provided?

At the latest, one business day before the first interest payment date to which it applies, by 10:00 CET.

Copy or original?

Original required.

Per-payment instruction

Customers having no standing instruction in place must provide the per payment instruction 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 CreationOnline and Xact Web Portal users;
  • Wording, as applicable: “non-Portuguese residents” or “Portuguese residents”;
  • Customer’s full contact details.

How many are provided?

One per Clearstream Banking account, tax rate and BO residency

Who completes it?

Customer.

How often is it provided?

Per interest payment

When is it provided?

At the latest, one business day before the first interest payment date to which it applies, by 10:00 CET.

Copy or original?

Original required.

All declared positions must be accurate on the relevant record date at 19:00 CET. Any discrepancy between the declared positions and the total holding visible in CBL’s books will have as result the application of the maximum standard tax rate. Furthermore, if no per-payment instruction is received by CBL by the prescribed deadline, the total holding held in the customer’s account will be considered as uncertified and, as a consequence, the maximum standard tax rate will be applied at source.

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 interest payment.

When is it provided?

At the latest, one business day before the first interest payment date to which it applies, by 10:00 CET.

Copy or original?

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