ClearstreamXact: Enhanced Tax functionality in Xact Web Portal - Update
Note: This announcement, originally published on 24 October 2022 and updated on 17 April 2023 and 26 May 2023, has been further updated to introduce additional information. Changes have been highlighted.
Clearstream Banking1 informs clients about tax handling enhancements via a new functionality in Xact Web Portal, effective
3 July 2023
Background
Xact Web Portal has been enhanced to provide clients with an extended tax functionality to improve tax and corporate actions users experience.
Enhanced functionality
The following list of changes will be available:
a) Improved Tax Dashboard in Xact Web Portal:
- “My Indicators” will be enhanced with a new “Tax” menu and the “Asset Servicing” menu will be further enhanced with “Taxable Events close to Payment” for better monitoring.
- Increased search range in “My Indicators” for Certificates close to Expiry and Rejected Certificates from 7 to 28 days;
- Rejected Tax Refunds by account and market for the preceding 28 days.
b) New Pro-active push of information to clients.
c) The status of "Tax Certificates" will be updated every 15 minutes instead of once per day.
d) Tax Attestation Requests (German Tax Vouchers) and Status management available via Xact Web portal and Xact File Transfer.
e) Upgrades to domains and sub-domains under Tax Service:
- New domain “Tax Attestation”:
- New sub-domain “Tax Attestation Query”;
- New sub-domain “Tax Attestation Request Upload”;
- The existing domain “Beneficial Owner” is renamed to “Instruction”:
- New sub-domain “BO Allocation Upload";
- Existing sub-domain “Upload” is renamed to “BO List Web Upload”.
f) Improved display of Tax Certification narratives in CA Event;
g) Message Exchange QUICK FILTER query for MT568 U.S. Tax Events notifications.
Xact Web Portal
Dashboard/My Indicators
A new Tax item under “My Indicators” is now available from the drop-down menu.
This widget provides clients with information about which action has to be taken for Tax Certificates:
- Certificates close to Expiry;
- Rejected Tax Certificates;
- Tax Attestations to Download;
- Rejected Tax Attestations;
- Cancelled Tax Attestations.
The “Asset Servicing” menu has been enhanced with “Taxable Events close to Payment” displaying events with a payment under 2 business days.
Tax/Tax Attestation2
1. Tax Attestation Query
The tax attestation query is used to query German Tax Vouchers (will be extended to further markets in the future).
To query Tax Attestation
1. In the main menu, select Tax, Tax Attestation, Tax Attestation Query.
2. In the Query view, the following details can be selected:
- File upload ID;
- Attestation ID;
- Status;
- Attestation Type;
- Corporate Action Ref.;
- BO Identification ID;
- Safekeeping Account;
- Financial Instrument;
- Quantity;
- Date;
- Source;
- Last Update Timestamp.
2. Tax Attestation Request Upload
Tax Attestation Request Upload is used to request German Tax Vouchers (will be extended to further markets in the future).
To create a Tax Attestation Request
- In the main menu, select Tax, Tax Attestation, Tax Attestation Request Upload;
- The Create tab opens. Under File Content, select "German Tax Voucher Request (CSV)" from the drop-down list.
The button “Download…” in the bottom right corner of the screen allows you to download the template (.xls) for the German Tax Voucher Request which you can fill out with the necessary details; - Once the template has been completed, click on the “Create CSV request file” button to generate a corresponding CSV file which will be stored in the same folder as where the template was downloaded (procedure explained in the template itself);
- From the Tax Attestation Request Upload/Create screen in Xact Web Portal, click on “Upload File” and browse for the CSV file to be uploaded;
- Click on “Submit” to upload and send the file.
To query Tax Attestation Request Upload
1. In the main menu, select Tax, Tax Attestation, Tax Attestation Request Upload. Click on the Query/List tab.
2. In the Query view, the following details can be selected:
- File content (German Tax Voucher Request (CSV);
- File upload ID;
- User ID;
- File name;
- File status;
- Date uploaded;
- Source;
- STP mode.
Tax/Instruction
1. BO Allocation Upload
BO Allocation Upload is used to provide Clearstream Banking with Beneficial Ownership information.
- How to create a BO Allocation Upload
- In the main menu, select Tax, Instruction, BO Allocation Upload;
- The Create tab opens. Under File Content, select "Corporate action instructions (CSV)" from the drop-down list.
- The button “Download…” in the bottom right corner of the screen allows you to download the template (.xls) for Corporate action instructions containing a dedicated “Tax Instructions Data” tab which you can fill out with the necessary details;
- Once the template has been completed, click on the “Create Instruction file” button to generate a corresponding CSV file which will be stored in the same folder as where the template was downloaded (procedure explained in the template itself);
- From the BO Allocation Upload/Create screen in Xact Web Portal, click on “Upload File” and browse for the CSV file to be uploaded;
- Click on “Submit” to upload and send the file.
2. BO List Web Upload
Clicking on "BO List Web Upload" will lead users to the existing upload functionality on Clearstream Banking's website.
Asset Servicing/Event/CA Event
The “Taxation Conditions” (:70E::TAXE – Tax narrative) will be displayed in the new tab “Tax Certification Request”.
Message exchange/Tax – WTRC request
A new quick filter "Tax - WTRC Request" will be added to the query view in Message Exchange.
The filter will allow clients to easily and directly access their WTRC (Withholding Tax Relief Certification) for the U.S. market.
Xact File Transfer
Clients who have access to Xact File Transfer (CDIRECT/CreationDirect) will be able to upload their Tax Attestation Requests, using the "German Tax Voucher Request template" that can be downloaded from Xact Web Portal as explained above under point 2. Tax Attestation Request Upload.
Alternatively, for clients who do not have access to Xact Web Portal, the template can be downloaded from the website under Tax forms to use - Germany.
Once filled in, the template can be used to generate a CSV file to be uploaded to the Xact File Transfer filestore to be processed by Clearstream Banking.
After sending a valid or validated German Tax Voucher Request via Xact File Transfer, clients will be able to retrieve their tax vouchers from the “Reports” folder in the filestore (After two weeks the tax vouchers will be archived. Access will only be possible upon submitting the corresponding Request ID via the same template under tab ”Download&Cancellation Requests”).
Further information on the File Upload functionality can be found in the Xact Web Portal User Manual.
Further information on Xact File Transfer can be found in the Xact File Transfer via Internet - User Guide or the Xact Web Portal User Manual.
Further information
Please see the Clearstream website for more information about Xact Web Portal.
For further information, please contact the Clearstream Connectivity Helpdesk or your Relationship Manager.
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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, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.
2. Access to the Tax Attestation Query and Tax Attestation Request Upload will be granted at OU level for existing Tax users, in which case admin users will need to grant access to end users.
Clients currently not having access to the Tax service will need to send an access request to the PRGconnect team via Swift MT599 or Xact Web Portal Message Exchange.