Canada: Temporary suspension of withholding tax service for selected countries
Following the recent information introduced by the Canada Revenue Agency (CRA) enhancing the documentation requirements for residents of Barbados, Guyana, Ireland, Malta, Singapore and United Kingdom,
Clearstream Banking1 informs clients that, effective
immediately
the reduced tax rates are suspended for the residents of Barbados, Guyana, Ireland, Malta, Singapore and United Kingdom.
The CRA has stated that the sole form NR301 is no longer sufficient to obtain reduced tax rates and will provide further guidance.
Clearstream Banking is working closely with its local depository and agents to obtain further information about the additional requirements for these beneficiaries.
Impact on clients
Clients should refrain from sending tax relief at source or quick refund requests for the impacted beneficial owners until further notice.
Further information
For further information, clients may contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or their 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 clients using Creation accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500. Clearstream Banking S.A. is registered as an Australian CS (Overseas) Facility, under subsection 824B(2) of the Corporations Act 2001, with registration number ARBN 675 244 783.