Portugal: Portuguese Collective Investment Vehicles considered as exempt
Effective
immediately
based on Decree-Law N° 7/2015, further clarified by Circular N° 6/2015, income distributed by Portuguese bonds and Portuguese equities to Portuguese Collective Investment Vehicles (CIVs) are no longer subject to Corporate Income Tax at the level of the Portuguese CIVs.
Impact on customers
Eligible Portuguese CIVs wishing to obtain exemption at source, or through the quick refund procedure, have to comply with the same certification requirements as any other Portuguese exempt entities.
A new category: code: 6, description: Art. 22, N°10 of EBF (Tax Incentives Statute) – Tax regime applicable to Portuguese Collective Investments Vehicles) has been added, where relevant, in the applicable tax documentation.
Documentation requirements
For bonds under DL 193/2005 as amended by Law 83/2013
For relief at source, the following certification has to be provided to Clearstream Banking1 at the latest one business day before the respective payment date, by 10:00 CET:
- A One-time Certificate for Portuguese Debt Securities – DL 193/2005 as amended by Law 83/2013;
- A breakdown of holdings, if no standing instruction is in place; and
- A List of Portuguese Beneficial Owners (if applicable).
For quick refunds, the following certification has to be provided to Clearstream Banking at the latest on the 10th of the month following the month in which the interest was made, by 10:00 CET.
- A Mod. 25-RFI duly completed and signed; and
- A List of Portuguese Beneficial Owners (if applicable).
No standard refund is available for Portuguese exempt entities.
For equities
For relief at source, the following certification has to be provided to Clearstream Banking at the latest one business day before the respective payment date, by 10: 00 CET:
- A Statement of Beneficial Ownership for Exempt Beneficiaries of Equities Resident in Portugal.
For quick refunds, the following certification has to be provided to Clearstream Banking at the latest on the 10th of the month following the month in which the dividend was paid, by 10:00 CET:
- A Statement of Beneficial Ownership for Exempt Beneficiaries of Equities Resident in Portugal.
No standard refund is available to Portuguese exempt entities.
Important note:
Customers warrant the completeness and accuracy of the information they supply to Clearstream Banking.
With respect to tax reclaims in general, Clearstream Banking accepts no responsibility for their acceptance or non-acceptance by the tax authorities of the respective country. It is the customer’s responsibility to determine any entitlement to a refund of tax withheld, to complete the forms required correctly and to calculate the amount due.
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to 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, and 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.