General information – types of securities, deadlines, other market specifics – Norway
Reference
Types of securities eligible in Clearstream
- Government bonds;
- Treasury bills;
- Short-term certificates;
- Mortgage bonds;
- Corporate bonds;
- Equities (including primary capital certificates, that is, Gunnfondsbevis).
Withholding tax services
Debt securities | |||
Beneficial owner | Relief at | Quick | Standard |
No withholding tax is deducted on interest from Norwegian debt securities held in Clearstream. | NA | NA | NA |
Equities | |||
Beneficial owner | Relief at | Quick | Standard |
Non-resident of a DTT country | Yes | No | Yes |
Non-resident EEA entities qualifying for the tax-exemption method | Yes | No | Yes |
Yes | No | Yes |
Applicable default withholding tax rates
The default rates of withholding tax applicable in Clearstream on income paid on Norwegian securities are as follows:
- 0% on interest from debt securities;
- 25 % on dividend from equities:
Holding restrictions
Please refer to the “Holding restriction and Investment regulation” section.
Capital gains tax
There is no capital gains tax withheld through Clearstream on securities held in Clearstream. Capital gains tax may however be payable on specific gains. Clearstream does not assist in this regard. Please consult your tax advisor for further information.
Stamp duty
There is no stamp duty withheld through Clearstream on securities held in Clearstream. Stamp duty may however be payable on specific transactions. Clearstream does not provide assistance in this regard. Please consult your tax advisor for further information.
Deadlines for relief at source and standard refund
The deadlines for the submission of the documentation to obtain relief at source of withholding tax on dividends on Norwegian equities are as follows:
Relief at source
Document | Deadline for receipt by Clearstream |
Approval letter from the Norwegian Tax Authorities | Four business days prior to the record date of the first dividend payment by 10:00 CET |
Attestation | Four business days prior to the record date of the first dividend payment by 10:00 CET |
Beneficial owner certificate | Four business days prior to the record date of the first dividend payment by 10:00 CET |
Four business days prior to the record date of the first dividend payment by 10:00 CET. | |
Declaration of unchanged tax status for entities claiming tax exemption | Four business days prior to the record date of the first dividend payment by 10:00 CET. |
Declaration of unchanged tax status for Luxembourg SICAV organised as UCITs claiming tax exemption | Four business days prior to the record date of the first dividend payment by 10:00 CET. |
Per-payment instruction | One business day after the record date of each dividend payment by 10:00 CET |
One-Time Certificate for Norwegian Equities | Four business days prior to the record date of the first dividend payment by 10:00 CET. |
Power of Attorney | Four business days prior to the record date of the first dividend payment by 10:00 CET. |
Standard refund
Statutory deadline for reclaiming withholding tax
The statutory deadline for reclaiming withholding tax is five years after the end of the calendar year in which the dividend was paid.
Clearstream deadline for standard refund applications
The deadline by which Clearstream must receive the documentation for a standard refund application (whether ordinary or under the tax-exemption model) is, at the latest, four months before the statutory deadline.
All standard refund applications received after this deadline will be processed by Clearstream on a "best efforts" basis. However, in such cases, Clearstream will apply an extra charge and accepts no responsibility for forms that have not reached the Norwegian Tax Authorities by the date considered as being the statute of limitations deadline.
When are refunds received?
The estimated time for receiving a refund is twelve months from the date of receipt of the refund application by the Norwegian Tax Authorities, although this can vary depending on when the application is filed and on the complexity of the information supplied in the reclaim form.
According to confirmation received from the Norwegian Tax Authorities, if a refund of withholding tax is paid after publication of the following year’s tax assessment (normally, in early October but the actual date varies from year to year), interest is calculated and added to the refund amount.
Calculated amount
Interest on refunded withholding tax is calculated according to Norwegian regulation no. 272 of 26 February 1999 concerning credit interest and interest surcharge on taxes.
The calculation method is rather complex and the data used may not be communicated to Clearstream. Clearstream therefore accepts no responsibility for the correctness of the calculated interest but credits the client account with the amount as refunded by the Norwegian Tax Authorities.
Notes on tax reclaims
Clients warrant the completeness and accuracy of the information they supply to Clearstream.
It is the client'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 is under no obligation to carry out any investigation in respect of such information.
Clearstream accepts no responsibility for the acceptance or non-acceptance by the tax authorities of the refund applications nor for the reimbursement of taxes paid.
