Japan: Japanese government bonds, corporate and municipal bonds, new guidelines and revised forms
Clearstream Banking1 would like to inform customers that new guidelines and revised forms have been issued by the National Tax Agency (NTA) for the following J-BIEM (Japanese Bond Income Tax Exemption Scheme) related documents:
- Application Form;
- Application Form for Amendment concerning Withholding Tax Exemption;
- Notification Form for Withholding Tax Exemption on Partnership or Trust;
- Notification Form for Amendment concerning Withholding Tax Exemption on Partnership or Trust; and
- Valid ID document.
Impact on customers
Customers holding Japanese government bonds, corporate and municipal bonds as intermediary
It is now possible for the QFI (Qualified Foreign Intermediary) to provide and submit J-BIEM tax forms in electronic format, in PDF (non-editable format) via email instead of submitting in hard copy format. Therefore, signature of the QFI is no longer required on the tax forms and the forms have been revised.
In addition, the valid ID document used by the QFI to conduct KYC (Know Your Customer) for the underlying beneficial owner when collecting the tax forms can be obtained in electronic format.
Customers holding Japanese government bonds, corporate and municipal bonds as proprietary assets
The revised J-BIEM tax forms must be submitted in electronic format as a Word document (editable/fillable format) via email. The format does not change compared to the current procedure.
The valid ID document can now be submitted in electronic format instead of submission in hard copy format.
All customers should use the revised J-BIEM tax forms and guidelines for new applications to hold Japanese government bonds, corporate and municipal bonds in Clearstream Banking.
Tax forms that have already been submitted are still valid until their expiry date.
Further information
The Market Taxation Guide – Japan will be updated in due course.
For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.
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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 customers 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.