Poland: Extension of the tax relief at source service for additional beneficial owners - Update
Note: This Announcement, originally published on 16 March 2023, has been amended to reflect clarifications provided by Clearstream Banking’s1 local depository in Poland.
Following Announcements A22001, A22169 and A23009, Clearstream Banking informs clients that effective
immediately
its tax relief at source service is being extended to the following categories of beneficial owners:
- Investment funds;
- Pension funds;
- Insurance companies.
Impact on clients
Relief at source is now available to investment funds, pension funds and insurance companies.
Depending on the type of assets held, the following withholding tax rates shall apply to income received by these beneficial owners:
Based on domestic law | ||||
Treasury bills and municipal bonds |
| BGKs, BFGs and corporate bonds issued before 01.01.2019 | Equities | |
Investment funds | 20% | 0% | 20% | 19% |
Pension funds | 20% | 0% | 20% | 19% |
Insurance companies | 20% | 0% | 20% | 19% |
In order to obtain relief at source, eligible beneficial owners must ensure that Clearstream Banking receives the following documents by the prescribed deadlines:
Pension funds and investment funds
- Up-to-date Certificate of Tax Residence (original or copy);
- Notarised and apostilled beneficial owner statement (Statement A - RAS BO Declaration);
- Notarised copy of company establishment documents;
- Notarised copy of licence.
or
- Notarised and apostilled statement confirming the status of the pension/investment fund with reference to publicly available official registrar (must be available in English language), that confirms such scope of the pension/investment fund licence, also including a link to the pension/investment fund’s own website (Statement C - RAS Declaration);
- Custodian statement (Statement E - Custodian Statement) – that may be provided by Swift message (if not provided via Swift: original signed by authorised signatory);
- For pension/investment funds from EU and EEA applying for full exemption: additional notarised and apostilled statement from beneficial owner (Statements F - Investment Fund Statement/D - Pension Fund Statement).
Insurance companies
- Up-to-date Certificate of Tax Residence (original or copy);
- Notarised and apostilled beneficial owner statement (Statement A - RAS BO Declaration);
- Notarised copy of company establishment documents;
- Notarised copy of licence.
or
- Notarised and apostilled statement confirming the status of the insurance company with reference to publicly available official registrar (must be available in English language), that confirms such scope of the insurance company licence, including also link to insurance company's own website (Statement C - RAS Declaration);
- Custodian statement (Statement E - Custodian Statement) – which may be provided by Swift message (if not provided via Swift: original signed by authorised signatory).
Documentation validity
The Certificate of Tax Residence must be provided annually before the first income payment to which it applies. All other documents are expected to be submitted once, before the first income payment to which it applies and shall remain valid until revoked. In the event of any change of address, name, status, etc. the beneficial owners must ensure that Clearstream Banking is immediately notified and receives new documentation reflecting the updated information.
Due diligence
The due diligence described in Announcement A22001 also applies to these additional types of beneficial owners.
Deadlines for receipt of documents by Clearstream Banking
In order to benefit from relief at source, the newly eligible beneficial owners should provide the required documents by the deadlines below:
Relief at source | Deadline for receipt by Clearstream Banking |
Original certificates | At the latest, ten business days before the payment date by 10:00 CET |
Per-payment instruction | At the latest, ten business days before the payment date by 10:00 CET |
Further information
For further information, please contact the Clearstream Banking Tax Help Desk or 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.