Finland: Request for withholding tax rates below 15% no longer available for non-AI clients holding own assets via the relief at source and quick refund procedure
Clearstream Banking1 informs clients that effective
immediately
relief at source and quick refund service is no longer available via Clearstream Banking if:
- the client is holding own assets; and
- the client does not have “Authorised Intermediary” status; and
- the tax rate requested to be withheld at source or via quick refund on the dividend is less than 15% (this applies for both domestic and Double Taxation Treaty (DTT) rates).
The client (beneficial owner) may still apply for a standard refund via Clearstream Banking.
Impact on clients
Impacted clients will – with immediate effect – have their existing tax certification, related to relief at source and quick refund, revoked and the default rate of 35% withholding will be applied on future dividends received from publicly listed Finnish equities.
Clients may continue to submit standard reclaim request.
Further information
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, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.