Norway: Xact via Swift and Xact Web Portal messages to replace BO Upload for relief at source

23.10.2023

Clearstream Banking1 informs that effective

20 November 2023 

clients must submit their per-payment beneficial owner (BO) disclosure, when applicable, via an MT565 Corporate action instruction message in Xact via Swift or a CA Instruction in Xact Web Portal, when requesting relief at source on dividends from Norwegian equities; and no longer via the Clearstream BO Upload function.

The per-payment instruction must be provided for each tax rate and country of tax residence requested 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)

Legal status:

  • Individual – DTT
  • Legal entity – reduced rate under DTT
  • Legal entity – full exemption under DTT (0%)
  • Legal entity – Tax Exemption Model (0%)
  • Luxembourg SICAVs organised as UCITS – Tax Exemption Model (0%)
  • International organisation or foreign government (0%)

:70E::CETI

Narrative

Full name

:95V::OWND 

Party

Address for tax purpose

:95V::OWND 

Party

Country of tax residence

:94C::DOMI 

Country of domicile

Tax ID number

:95S::ALTE//TXID

BO TIN

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 will no longer be able to submit their per-payment instructions via the BO Upload function.

If there are any connectivity issues with the per-payment beneficial disclosure via Xact Web Portal, clients are kindly requested to contact the Tax Help Desk.

Further information

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

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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 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.