Slovenia: Withholding tax procedures for Slovenian domestic securities

Transcription

1 Announcement Tax A October 2007 Slovenia: Withholding tax procedures for Slovenian domestic securities Further to Announcement A175 dated 22 October 2007, Clearstream Banking 1 is pleased to inform customers about the withholding tax procedure applicable on Slovenian domestic bonds accepted for settlement and custody in CBL. Withholding tax rates to be applied According to the Slovenian law, interest paid on Slovenian government bonds will be exempt from withholding tax for final beneficial owners that are legal entities resident or non-resident of Slovenia. Holding restriction Only beneficial owners that are legal entities (resident or non-resident of Slovenia) will be allowed to hold Slovenian government bonds through CBL. Customers are responsible for ensuring that no Slovenian government bonds are beneficially owned by individuals being resident or non-resident of Slovenia. Withholding tax procedure applicable In order to be entitled to hold any Slovenian government bonds in CBL, customers will be required to provide CBL with an Annual Statement for Exemption of Slovenian Withholding Tax on Income from Government Securities (see Appendix 1 on page 3) that confirms that customers will only hold such securities on behalf of legal entities. A completed and duly signed Annual Statement must be received by CBL for each account at the beginning of the year (that is, at the latest by 15 January) in which payment(s) will take place. If the first investment in Slovenian government bonds is made after this date, the annual Statement must be provided at the latest two business days prior to the execution of the first trade to be settled in CBL. Unless revoked by the customer, the original remains valid for all interest payments from 1 January to 31 December of that year. Furthermore, customers are obliged to provide CBL, upon request from the Slovenian Authorities (tax authorities or withholding tax agent), with a List of Beneficial Owners containing the name, address, country of tax residency, official Identification Number if any, legal status, nominal amount of the securities for each beneficial owner, including themselves if relevant, on behalf of which customers hold Slovenian government bonds in their Clearstream Banking account. The template to be used for the List of Beneficial Owners is still to be confirmed by the Slovenian Ministry of Finance and will be published as soon as an agreement will be obtained. There is neither capital gains tax nor stamp duty withheld through CBL on Slovenian government bonds held in CBL. 1. Clearstream Banking in this Announcement refers collectively to Clearstream Banking Frankfurt (CBF) and Clearstream Banking (CBL). CBF and CBL are Deutsche Börse Group companies. 22 October 2007 A176 (1)

2 Further information For further information, please contact the Clearstream Banking Tax Help Desk on: Frankfurt Telephone: (0) Fax: (0) or Clearstream Banking Customer Service or your Relationship Officer. For more general information regarding Clearstream Banking products and services, please visit the Clearstream Banking web site at 22 October 2007 A176 (2)

3 Appendix 1. Annual statement for exemption of Slovenian withholding tax on income from government securities Clearstream Banking Attention OTL -Tax Services 42, avenue J.F. Kennedy L-2967 Date: Clearstream Banking account: Dear Sir/Madam, We, the undersigned customer of Clearstream Banking, hereby declare that we hold or will hold Slovenian government securities (the "Securities") in the following securities account number (the "Account") with Clearstream Banking S.A. ("Clearstream"), 42 avenue J.F. Kennedy, L-2967,. We hereby certify that we hold or will hold these Securities in our capacity of beneficial owner or as intermediary, holding Securities on behalf of one or more beneficial owners that are exclusively legal entities and eligible for exemption at source from Slovenian withholding tax on interest payments from the Securities, according to Slovenian tax legislation. We hereby acknowledge that in any case the Securities may not be held on behalf of individuals beneficial owners. We hereby undertake to provide Clearstream, upon request from the Slovenian Authorities (tax authorities or withholding tax agent), with a List of Beneficial Owners containing the name, address, country of tax residency, official Identification Number if any, legal status, nominal amount of the Securities for each beneficial owner, including ourselves if relevant, on behalf of which we hold or will hold the Securities in the Account. We hereby authorise Clearstream and its local agent, that is Nova Ljubljanska Banka ("NLB") to rely on the information contained in this certificate. We acknowledge that the Statement for Exemption is required on an annual basis in connection with Slovenian domestic law and we irrevocably appoint Clearstream and NLB as our attorneys-in-fact with the authority to collect, store and forward upon request this statement or a copy hereof, any attachments and any information relating to it, to the Slovenian authorities, including the withholding tax agent (issuer of the securities) and the Slovenian Tax Authorities. We accept full responsibility in the case of any claims for additional taxes, interest thereon, or penalties levied by tax authorities or the withholding tax agent based on the provisions of the Slovenian Tax Procedure Law and in connection with any payments made in reliance upon this or any other certification or any additional information provided in connection to the Securities. We hereby warrant on a continuing basis that each of the signatories hereto and with respect to all documents submitted from time to time in relation to the Securities has full power and authority to sign on behalf of the undersigned customer of Clearstream. We hereby certify, under penalty of perjury, that the above information is true, correct and complete and that I am (we are) authorised representative(s) of the customer named below. 22 October 2007 A176 (3)

4 For and behalf of: Name of Clearstream customer Address of Clearstream customer Tax Identification Number of Clearstream customer Authorised Signature Authorised Signature Name Name Title Title Place Date 22 October 2007 A176 (4)

5 Announcement Tax A November 2008 Slovenia: Important reminder: Renewal of the Annual Statement for Exemption Please be reminded that, for those of you who hold Slovenian government bonds, the validity of the Annual Statement for Exemption of Slovenian Withholding Tax on Income from Government Securities dated 2008 will expire on 31 December In order to be entitled to hold any Slovenian government bonds in Clearstream Banking during the period between 1 January 2009 and 31 December 2009, you must provide, for each account, a new annual statement (see Appendix 1 on page 3), dated 2009, no later than 15 January Among other things, the statement certifies that you hold such securities on behalf of legal entities only. You will find more details about the certification requirements in our Announcement A176, dated 22 October The original of each completed and duly signed Statement for Exemption must be sent to: Clearstream Banking Attn: OTL - Tax Services 42, avenue J.F. Kennedy L-1855 Further information For further information, please contact our Tax Help Desk on: Frankfurt tax@clearstream.com tax@clearstream.com Telephone: (0) Fax: (0) or Clearstream Banking Customer Service or your Relationship Officer. For more general information regarding our products and services, please visit 21 November 2008 A08206 (1)

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7 Appendix 1. Annual Statement for Exemption of Slovenian Withholding Tax on Income from Government Securities Clearstream Banking Attn: OTL - Tax Services 42, avenue J.F. Kennedy L-1855 Date: Clearstream Banking account: Dear Sir/Madam, We, the undersigned customer of Clearstream Banking, hereby declare that we hold or will hold Slovenian government securities (the Securities ) in the following securities account number (the Account ) with Clearstream Banking S.A. ( Clearstream ), 42 avenue J.F. Kennedy, L-1855,. We hereby certify that we hold or will hold these Securities in our capacity of beneficial owner or as intermediary, holding Securities on behalf of one or more beneficial owners that are exclusively legal entities and eligible for exemption at source from Slovenian withholding tax on interest payments from the Securities, according to Slovenian tax legislation. We hereby acknowledge that in any case the Securities may not be held on behalf of individuals beneficial owners. We hereby undertake to provide Clearstream, upon request from the Slovenian Authorities (tax authorities or withholding tax agent), with a List of Beneficial Owners containing the name, address, country of tax residency, official Identification Number if any, legal status, nominal amount of the Securities for each beneficial owner, including ourselves if relevant, on behalf of which we hold or will hold the Securities in the Account. We hereby authorise Clearstream and its local agent, that is Nova Ljubljanska Banka ( NLB ) to rely on the information contained in this certificate. We acknowledge that the Statement for Exemption is required on an annual basis in connection with Slovenian domestic law and we irrevocably appoint Clearstream and NLB as our attorneys-in-fact with the authority to collect, store and forward upon request this statement or a copy hereof, any attachments and any information relating to it, to the Slovenian authorities, including the withholding tax agent (issuer of the securities) and the Slovenian Tax Authorities. We accept full responsibility in the case of any claims for additional taxes, interest thereon, or penalties levied by tax authorities or the withholding tax agent based on the provisions of the Slovenian Tax Procedure Law and in connection with any payments made in reliance upon this or any other certification or any additional information provided in connection to the Securities. We hereby warrant on a continuing basis that each of the signatories hereto and with respect to all documents submitted from time to time in relation to the Securities has full power and authority to sign on behalf of the undersigned customer of Clearstream. We hereby certify, under penalty of perjury, that the above information is true, correct and complete and that I am (we are) authorised representative(s) of the customer named below. 21 November 2008 A08206 (3)

8 For and on behalf of: Name of Clearstream customer Address of Clearstream customer Tax Identification Number of Clearstream customer Authorised Signature Authorised Signature Name Name Title Title Place Date 21 November 2008 A08206 (4)

9 Announcement Tax A November 2009 Slovenia: Important reminder: Renewal of the Annual Statement for Exemption Please be reminded that, for those of you who hold Slovenian government bonds, the validity of the Annual Statement for Exemption of Slovenian Withholding Tax on Income from Government Securities dated 2009 will expire on 31 December In order to be entitled to hold any Slovenian government bonds in Clearstream Banking during the period between 1 January 2010 and 31 December 2010, you must provide, for each account, a new annual statement (see Appendix 1 on page 3), dated 2010, no later than 15 January Among other items, the statement certifies that you hold such securities on behalf of legal entities only. You will find more details about the certification requirements in our Announcement A176, dated 22 October The original of each completed and duly signed Statement for Exemption must be sent to: Clearstream Banking Attn: OTL - Tax Services 42, avenue J.F. Kennedy L-1855 Further information For further information, please contact our Tax Help Desk on: Frankfurt tax@clearstream.com tax@clearstream.com Telephone: (0) Fax: (0) or Clearstream Banking Customer Service or your Relationship Officer. For more general information regarding our products and services, please visit 30 November 2009 A09181 (1)

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11 Appendix 1. Annual Statement for Exemption of Slovenian Withholding Tax on Income from Government Securities Clearstream Banking Attn: OTL - Tax Services 42, avenue J.F. Kennedy L-1855 Date: Clearstream Banking account: Dear Sir/Madam, We, the undersigned customer of Clearstream Banking, hereby declare that we hold or will hold Slovenian government securities (the Securities ) in the following securities account number (the Account ) with Clearstream Banking S.A. ( Clearstream ), 42 avenue J.F. Kennedy, L-1855,. We hereby certify that we hold or will hold these Securities in our capacity of beneficial owner or as intermediary, holding Securities on behalf of one or more beneficial owners that are exclusively legal entities and eligible for exemption at source from Slovenian withholding tax on interest payments from the Securities, according to Slovenian tax legislation. We hereby acknowledge that in any case the Securities may not be held on behalf of individuals beneficial owners. We hereby undertake to provide Clearstream, upon request from the Slovenian Authorities (tax authorities or withholding tax agent), with a List of Beneficial Owners containing the name, address, country of tax residency, official Identification Number if any, legal status, nominal amount of the Securities for each beneficial owner, including ourselves if relevant, on behalf of which we hold or will hold the Securities in the Account. We hereby authorise Clearstream and its local agent, that is Nova Ljubljanska Banka ( NLB ) to rely on the information contained in this certificate. We acknowledge that the Statement for Exemption is required on an annual basis in connection with Slovenian domestic law and we irrevocably appoint Clearstream and NLB as our attorneys-in-fact with the authority to collect, store and forward upon request this statement or a copy hereof, any attachments and any information relating to it, to the Slovenian authorities, including the withholding tax agent (issuer of the securities) and the Slovenian Tax Authorities. We accept full responsibility in the case of any claims for additional taxes, interest thereon, or penalties levied by tax authorities or the withholding tax agent based on the provisions of the Slovenian Tax Procedure Law and in connection with any payments made in reliance upon this or any other certification or any additional information provided in connection to the Securities. We hereby warrant on a continuing basis that each of the signatories hereto and with respect to all documents submitted from time to time in relation to the Securities has full power and authority to sign on behalf of the undersigned customer of Clearstream. We hereby certify, under penalty of perjury, that the above information is true, correct and complete and that I am (we are) authorised representative(s) of the customer named below. 30 November 2009 A09181 (3)

12 For and on behalf of: Name of Clearstream customer Address of Clearstream customer Tax Identification Number of Clearstream customer Authorised Signature Authorised Signature Name Name Title Title Place Date 30 November 2009 A09181 (4)

13 Announcement Tax A March 2010 Slovenia: Holding restriction lifted for Slovenian government bonds Effective immediately Background all beneficial owners are eligible to hold Slovenian government bonds through Clearstream Banking and all interest payments for such securities are made without deduction of withholding tax. Article 4 of the Law amending the Personal Income Tax Act, published in Official Gazette No. 10/2010 of the Republic of Slovenia on 12 February 2010, stipulates that non-resident investors are not liable to pay tax on interest deriving from securities issued by the Ministry of Finance in accordance with the Public Finance Act. Article 20 of the said Law states that Article 4 becomes effective from the day following the release in the Official Gazette. Furthermore, Clearstream Banking s local depository has obtained confirmation from the Slovenian Ministry of Finance that interest from Slovenian government bonds can be paid gross without any certification requirements. Impact on customers All beneficial owners, whether residents or non-residents of Slovenia, legal entities or individuals, can hold Slovenian government bonds through Clearstream Banking. As a consequence and due to the fact that there is no Slovenian tax withheld at source on interest payments made on government bonds through Clearstream Banking, no action is required by the customer to ensure that no Slovenian tax is applied. We take this opportunity to remind you that there is neither capital gains tax nor stamp duty withheld through Clearstream Banking on Slovenian government bonds. Note: It is the responsibility of beneficial owners who are Slovenian residents to comply, through their annual fiscal declaration, with all legal and regulatory requirements imposed by Slovenian law in respect of withholding tax. Neither Clearstream Banking nor its local depository has any direct or indirect liability towards the Slovenian Tax Authorities in this regard. Further information If you have any questions concerning the certification requirements or any other tax related questions, please contact the Clearstream Banking Tax Help Desk on: Frankfurt tax@clearstream.com tax@clearstream.com Telephone: (0) Fax: (0) For more general information regarding our products and services, please visit As a registered customer, subscribe to our free alerts service to receive immediate, daily and/or weekly notification of the latest customer publications on our web site. Unsubscribe at any time; we respect your privacy. 8 March 2010 A10039 (1)