Relief at source - eligibility, documentation, deadlines – Romanian equities


Who can obtain relief at source?

Relief at source from withholding tax on interest from Romanian equities is available through Clearstream Banking for beneficial owners as follows:

Eligible beneficial owners

Rate applicable at source

Residents of Double Taxation Treaty (DTT) countries

Tax treaty rate 

Documentation requirements

Treaty rates are obtained by DTT residents with the following documentation:

  • One-time certificate for Romanian securities: original, duly completed and signed.
  • Annual certificate of residence: original, duly certified by the beneficial owner’s local tax authorities and valid one calendar year.
  • A list of beneficial owners: provided to Clearstream via SWIFT (formatted MT565 message), CreationOnline or Xact Web Portal message (please refer to the CBL Customer Handbook for full formatting requirements). It includes details of the final beneficial owner, such as its name, status, residence and holding. 

Additional documentation may be required by the issuer, depending on the status of the beneficial owner. This will be communicated on an ad hoc basis through Clearstream Banking tax notifications.

Form descriptions are presented in accordance with the procedures available for relief of withholding tax on income from Romanian equities.

Deadlines for receipt of documents

Documentation for relief at source from withholding tax on dividends from Romanian equities through the relief at source procedure must be received by Clearstream Banking at the latest on the record date -1 business day of the first income payment to which it applies, at 09:00 CET.

The agent may impose different deadlines. This will be communicated through Clearstream Banking tax notifications to customers.

To ensure a smooth certification process, Clearstream Banking recommends that customers provide the certificates of residence at the beginning of each year.