Japan: JASDEC publishes new tax forms for J-BIEM

Further to our Announcement A11176, dated 21 November 2011, and effective

immediately

we hereby inform customers that the Japan Securities Depository Centre, Inc. (JASDEC) has published revised tax forms to be used on applications for tax exemption on income from Japanese fixed-income securities (J-BIEM).

Impact on customers

JASDEC has published on their website the revised forms to be used for the withholding tax exemption scheme for Japanese fixed-income instruments (J-BIEM). Changes in the forms are made mainly due to the introduction of tax exemption for dividend income paid on J-Sukuk (Shari’ah-compliant) securities expected to be issued in the Japanese market.

These forms should replace the existing ones. Please be advised that the new forms are introduced, with immediate effect and with regard to all types of eligible tax-exempt investor, for use in applications for exemption from withholding tax on Japanese Government Bonds (JGBs) and “temporary dirty” and “clean” Japanese Convertible Bonds (JCBs).

Although a reasonable lead-time for change-over from the old to the revised form should be allowed by the tax office, Qualified Intermediaries (QFIs) are recommended to use the revised form from now on to avoid potential refusal by the tax office.

The new forms (provided as a zip file attachment to this Announcement) are as follows:

• Application Form for Withholding Tax Exemption;
• Application Form for Amendment concerning Withholding Tax Exemption;
• Notification Form for Withholding Tax Exemption;
• Notification Form for Amendment concerning Withholding Tax Exemption.

The new forms are similarly available at http://www.clearstream.com/ under Information Centre / Tax Information / Japan / Tax Forms to use.

Further information

For further information, customers may contact the Clearstream Banking Tax Help Desk on:

or Clearstream Banking Customer Service or their Relationship Officer.

1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).