Tax Services: Cancellation of tax instruction requirements

06.07.2020

Clearstream Banking1 would like to inform customers that effective

immediately

to replace a tax instruction already sent for the purpose of obtaining relief at source or quick refund through Clearstream Banking, customers are requested to submit cancellation message before submitting a new instruction.

Customers are requested to cancel formatted instructions only with a formatted cancellation message (CANC) (via SWIFT MT565, Xact Web Portal and CreationOnline).

To cancel and replace free-format instructions, customers are requested to submit a new free-format message with the reference (SEME) of the free-format instruction to be cancelled and with the new instruction in the additional text of the message.

If instructions have already been processed and forwarded to the local market, the agent or the depository, Clearstream Banking will forward the cancellation request accordingly, but cannot guarantee execution of the cancellation request. Clearstream Banking cannot be held responsible for any loss or damage caused by the failure of the local market, the agent or the depository to process the cancellation request, or by a customer's failure to comply with the cancellation and replacement procedure.

The procedure for requests submitted via the BO Upload function remains unchanged and the latest List of Beneficial Owners (LBO) submitted by the customer within the deadline of the respective event will be considered.

For the complete formatting requirements of the instructions, customers should refer to the event notification, the Customer Handbook and Announcement C18050

Fees

Customers are reminded that incorrectly formatted instructions will be subject to additional fees as detailed in the Customer Handbook and in the Clearstream Banking Fee Schedule.

Impact on customers

Customers wishing to benefit from relief at source or quick refund through Clearstream Banking, must submit tax instructions, as per above guidelines, when applicable, together with any other additional mandatory documentation, as stated in Clearstream Banking’s Market Taxation Guides, Tax announcements or Tax notifications.

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.