Sweden: Amended per-payment instruction requirements for tax-exempt entities requesting relief at source or quick refund


Clearstream Banking1 informs that effective

20 November 2023 

clients must include the “Clearstream Banking certificate reference ID” in their per-payment instruction when requesting relief at source or quick refund on dividends from Swedish equities for specific beneficial owner types. The new requirement applies to the following tax-exempt entities (0% withholding tax) as beneficial owners:

  • Supranational organisations and foreign governments;
  • Undertakings for collective investment in transferable securities (UCITS) funds; and
  • Non-UCITS funds.

The beneficial owner’s legal status will no longer be required to be included in the per-payment instruction for the above, it will be replaced by the “Clearstream Banking certificate reference ID”.

This reference ID can be found:

  • In the MT568 confirmation sent by Clearstream Banking to clients confirming the receipt of the certificate; or
  • In Xact Web Portal (Tax Certificate Query).  

Formatting requirements

The per-payment instruction must be submitted via an MT565 Corporate action instruction message in Xact via Swift or a CA Instruction in Xact Web Portal.

Furthermore, the per-payment instruction must be provided for each tax rate and country of tax residence requested, if applicable, and include:

  • Impacted Clearstream Banking account number;
  • ISIN;
  • Corporate ID;
  • Total holding;
  • Number of shares for which the reduced or exempt tax rate applies.

Additionally, the following formatting information is required in the per-payment instruction in the following sections:

Beneficial owner details

Xact via Swift

(Sequence C: BENODET)

Xact Web Portal

(Section: Beneficial owner details)

Clearstream Banking certificate reference ID



Full name



Address for tax purpose



Country of tax residence


Country of domicile

The “Clearstream Banking certificate reference ID” is the unique reference number assigned by Clearstream Banking to tax certification submitted by clients to Clearstream Banking for the below certificates: 

Beneficial owner type

Certificate name

UCITS fund

UCITS certificate stating that the fund is qualified under the UCITS IV Directive (2009/65/EC)

Non-UCITS fund

Non-UCITS certificate stating that the fund is authorised to market and sell units of the fund in Sweden

Supranational organisation or foreign government

Certificate of exemption

For full formatting requirements of these instructions, clients should refer to the MT564 Corporate Action Notification, to the Xact via Swift User Guide, and Announcements C18050 and C21034

Impact on clients

Clients must submit their per-payment instructions according to the new requirements described above.

Further information

For further information, clients may contact Clearstream Banking Client Services, their Relationship Officer or the Tax Help Desk.


1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG clients using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.