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Global Withholding Tax
Investor Profile
Italian Collective Investment
Fund
FEBRUARY 2020
Disclaimer
© Copyright Royal Bank of Canada 2019. RBC Investor & Treasury Services™ (RBC I&TS) is a global brand
name and is part of Royal Bank of Canada. RBC I&TS operates primarily through the following companies: Royal
Bank of Canada, RBC Investor Services Trust and RBC Investor Services Bank S.A., and their branches and
affiliates. In Luxembourg, RBC Investor Services Bank S.A. is authorized, supervised and regu lated by the
Commission de Surveillance du Secteur Financier (CSSF), and jointly supervised by the European Central Bank
(ECB). In the United Kingdom (UK), RBC I&TS operates through RBC Investor Services Trust, London Branch and
Royal Bank of Canada, London Branch, authorized and regulated by the Office of the Superintendent of Financial
Institutions of Canada. Authorized by the Prudential Regulation Authority. Subject to regulation by the Financial
Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our
regulation by the Prudential Regulation Authority are available on request. RBC I&TS UK also operates through
RBC Europe Limited, authorized by the Prudential Regulation Authority, and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. Additionally, RBC I&TS’ trustee and depositary services are
provided through RBC Investor Services Bank S.A., London Branch, authorized by the CSSF and ECB, and
subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about
the extent of our regulation by the Financial Conduct Authority and the Prudential Regulation Authority are
available on request. RBC Investor Services Bank S.A. maintains a representative office supervised by the
Federal Reserve Bank of New York. RBC Investor Services Trust (Australian Branch) is licensed and regulated by
the Australian Securities and Investment Commission, Australian Financial Services licence numbe r 295018.
Details about the extent of our regulation by the Australian Securities and Investment Commission are available on
request. RBC Investor Services Trust Singapore Limited is licensed by the Monetary Authority of Singapore (MAS)
as a Licensed Trust Company under the Trust Companies Act and approved by MAS to act as a trustee of
collective investment schemes authorized under S286 of the Securities and Futures Act. RBC Investor Services
Trust Singapore Limited is also a Capital Markets Services Licence Holder issued by MAS under the Securities
and Futures Act in connection with its activities of acting as a custodian. RBC Offshore Fund Managers Limited is
regulated by the Guernsey Financial Services Commission in the conduct of investment business. Reg istered
company number 8494. RBC Fund Administration (CI) Limited is regulated by the Jersey Financial Services
Commission in the conduct of fund services and trust company business in Jersey. Registered company number
52624. RBC Investor Services Bank S.A. is a restricted license bank authorized by the Hong Kong Monetary
Authority to carry on certain banking business in Hong Kong. RBC Investor Services Trust Hong Kong Limited is
regulated by the Mandatory Provident Fund Schemes Authority as an approved trustee. Royal Bank of Canada,
Hong Kong Branch, is regulated by the Hong Kong Monetary Authority and the Securities and Futures
Commission.
® / ™ Trademarks of Royal Bank of Canada. Used under licence.
INVESTOR PROFILE 2
Contents
Overview of RBC Investor & Treasury Services’ withholding tax policies 4
Markets 9
Additional comments: 22
INVESTOR PROFILE 3
This document provides an outline of the relevant withholding taxes applicable to an Italian Collective Investment Fund, in respect of securities income
from portfolio investments.
INVESTOR PROFILE 4
Overview of RBC Investor & Treasury Services’ withholding tax policies
1. ACCOUNT OPENING / NEW PORTFOLIO INVESTMENT
Information / documentation required from the client
When a client opens a Global Custody account for the first time, the appropriate and relevant documents must be completed providing full details of the
beneficial owner of any income received for the account. When a client initially opens a global custody account a detailed list of investment markets is
requested. This list provides the necessary information for the Bank to complete tax documentation or request additional client documentation to ensure
the appropriate tax rate is obtained in each market.
If, at a later date, the client’s investment strategy requires the opening of a global custody account in a new marke t, the Bank will complete or request any
necessary tax documentation.
If no such advice or requested documentation is received the Bank will not accept any liability for any tax losses incurred. Furthermore, it is the
responsibility of the client to advise the Bank of any changes that may lead to a reclassification of client type for the beneficial owner of the account or
other details relating to their tax status, such as a change in Local Tax Office or Tax Identification Number. Any changes must be advised to the Bank
within 10 business days
General Requirements
Power of Attorney
As a part of the account opening process the Bank requires the completion of a Power of Attorney (POA) from the beneficial owner (or where
appropriates a legal representative). This POA enables the Bank to complete many of the required documents in-house without further recourse to the
client. Market specific requirements are detailed below and markets where the Bank can complete documentation on behalf of the beneficial owner where
a POA is held are clearly marked.
INVESTOR PROFILE 5
Certain markets or scenarios exist where it is not possible for the Bank to complete the required documentation on behalf of the beneficial owner, even
under POA, and in these cases it will be the client’s responsibil ity to provide the necessary documents on request. The most important of these markets is
the US where completion of a W-8BEN form is a necessity.
Certification of Residency
In order to obtain Double Taxation Treaty benefits in a number of foreign markets, the Italian Tax Authorities are required to issue certificates of residence
or certify tax reclaim forms. Upon request from the Bank the client undertakes to liaise with his tax authorities to obtain appropriate certificates of
residency or necessary certifications of tax reclaim forms and to return them back to the Bank as soon as received. Please note that without these
documents the Bank will not be able to provide the client with a tax service.
Country Specific Requirements
US Form W8-BEN
This document alleviates the charge to US backup tax on US source income payments and gross sale proceeds received by RBC Investor & Treasury
Services across all countries of investment. For corporates invested in US bonds, it also enables "portfolio interest" to be paid without deduction of US
Non Resident Withholding Tax.
Collective Investment Vehicle Shareholder Percentage Questionnaire
This requirement applies to beneficial owners that are collective investment vehicles organized as corporations. Please refer to the guidelines /
explanatory notes provided below for further information.
Austria
A new rule was implemented at the end of December 2008 whereby each tax reclaim filed in Austria by a Non-Austrian resident Investment Vehicle must
include an Attestation of Holding providing shareholder percentage information. Additional disclosure of investors holding 10 % or more in the Invest ment
Vehicle is required in the form of an original Certificate of Residence. This rule is effective retroactively to January 1, 2008.
INVESTOR PROFILE 6
Germany
A requirement in the form of a ‘statement of beneficial ownership’ was introduced in 2000, which provides the German Tax Authority with the percentage
of shareholders or unit holders that are resident in the country where the fund is resident. If, for example, a fund provides a statement of beneficial
ownership or an attestation stating that 98% of its shareholders are residents of the country where the fund is resident, onl y 98% of the tax reclaim will be
paid. If the percentage of ownership is 98.01%, the percentage refund would be rounded up to the next highest whole number (i.e., 99%).
NB: If the mutual fund is itself a corporation or is treated as a corporation for tax purposes, the mutual fund should genera lly be able to claim treaty
benefits without providing this additional information.
For custody clients, the German Investment Tax Act Reform introduces an additional withholding tax relief opportunity via rel ief at source for qualifying
investment funds as of January 1, 2018 for income payments with a pay date after December 31, 2017. Qualifying investment funds include UCITS and
AIF entities which will be able to benefit from a reduced withholding tax rate of 15% on German sourced dividends.
Norway
As from 1 January 2019, a new process will be applicable to beneficial owners, residents of a double taxation treaty country (entitled to DTT rate) or
foreign EEA entities qualifying for the tax exemption model (0%), receiving dividends from Norwegian equities through RBC IS Luxembourg. For the
purpose of obtaining this relief or exemption at source, a beneficial owner certificate (self certification) must be submitted as well as a Certificate of
Residence.
In addition, beneficial owners must apply for an approval letter (through form A2) for their impacted legal entities.
Poland
New requirements for relief at source are delayed till June 30th 2019. If the total amount of qualifying payments exceeds PLN 2M (ca. EUR 456K) in a tax year,
as a rule the Polish payer will be obliged to collect and pay WHT at domestic rates – at 19% for dividends and 20% for interest. WHT domestic exemptions
(EU directives) and DTT reliefs would be disregarded at this stage. This would apply to the amount in excess of PLN 2M. The application of this threshold is
postponed till June 30th 2019 provided that DTT between Poland and investors’ country of residence includes an exchange of information between tax
authorities clause.
Taking into consideration that the ordinances do not clarify due diligence requirements to apply relief at source, the Polish sub-custodian will not be offering
RAS from the beginning of 2019.
The Polish local agent is currently defining the tax reclaims process in electronic form
INVESTOR PROFILE 7
Switzerland
The percentage shareholding for the underlying holders comprising a mutual or investment fund is required on an annual basis and should be taken at
the end of the fund’s accounting year. Claims for refund are generally based on the proportion of shares beneficially owned by shareholders resident in
the country of domicile of the fund.
2. CROSS BORDER CUSTODY AND SETTLEMENT – TAX RECLAIMS
Restrictions are placed on providing a withholding tax reclaim or relief at source service on cross border holdings. A cross border security is any security
settled and held by an agent in a country not being the home country of location of that security. Due to inherent risks such as an inabili ty to process
cross border reclaims by the sub agent holding the security and substantial agent fees where cross border reclaims are available.
This policy is extended to equity investments held through Clearstream or Euroclear.
3. GLOBAL MINIMUM TAX RECLAIM THRESHOLDS
A minimum reclaim value is set for all withholding tax reclaim territories. All reclaims with a value falling under the minimum threshold of eur350.00 will not
be processed by RBC Investor & Treasury Services. Such claims will be deleted from any accruals reported to clients. This is due to the fact that it is
uneconomic, based on agent charges and internal processing costs for RBC Investor & Treasury Services to process reclaims under a certain value.
4. SECURITIES LENDING
This document provides an outline of the relevant withholding taxes applicable in respect of securities income from portfolio investments only and does
not intend to cover withholding taxes applicable in respect of manufactured incomes from lent securities.
No tax reclaim service can be offered on manufactured incomes.
INVESTOR PROFILE 8
INVESTOR PROFILE 9
Markets
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
Argentina 10 15 0/15.05/35 0 20 Dividend: If the dividend distribution exceeds the after tax accumulated taxable income of the payer a withholding of 35% may be imposed on the
income
Interest: Interest derived by non-residents from Argentinean government
and corporate bonds is exempt from withholding tax. A 15.05% rate
applies to interest (other than bond interest) derived by non-resident
financial institutions which conform to the Basle standards for banks.
Otherwise, the domestic rate of withholding tax on interest derived by
non-resident companies is 35%.
Australia
(Relief at
Source
Territory)
0/30*
*30% rate for unfranked dividends,
0% rate for fully franked dividends
15 0/10 0/10 10 Documentation required from client:
1. Power of attorney
2. Beneficial owner details (one off requirement per Tax Questionnaire, information update required
should details change)
Forms that RBC Investor & Treasury Services may complete on behalf of client and
process/action to be:
1. client’s tax office for certification of residency
Austria
(Reclaim
Territory)
27.5 15 0 0 10 Documentation required from client:
1. Power of attorney
2. Full beneficiary details provided in completed Tax
Questionnaire
Forms that RBC Investor & Treasury Services may complete on behalf of client and
process/action to be:
Tax reclaim application is
1. Declaration of widely – held foreign
INVESTOR PROFILE 10
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
investment funds
2. Ersuchen um Erg]anzung Form in case the bank is client’s transfert
agent
3. Sent to client’s tax office for certification
of residency
4. Submitted to agent bank in Austria
Bangladesh 20 15 37.5 37.5 10 Interest: Foreign investors are permitted to invest in corporate debentures
and 5 and 10 years Treasury Bonds. However, transactions of these
bonds in the secondary market are rare.
Belgium
(Reclaim
Territory)
30/15*
*15% rate applies to
shares of investment companies
(SICAV's, SICAF's and OPCC's)
15
30*
* most corporate bonds
are exempt
0
15/0 Documentation required from client:
3. Power of attorney
4. Beneficial owner details (one off requirement per Tax Questionnaire, information update required
should details change)
Forms that RBC Investor & Treasury Services may complete on behalf of client and
process/action to be:
Tax reclaim application is
1. Sent to client’s tax office for certification of
residency
2. A Form C is prepared and submitted to the
agent
INVESTOR PROFILE 11
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
Brazil
0/15*
*15% if dividend is qualif ied as
“interest on net equity” or “Interest over
capital”
15 15 0 15 Dividend: if the income derives from a profit that has been submitted to
corporate tax, the revenue will be announced as dividend (0% withholding
tax) whereas if the issuer does not pay the corporate tax, the income will
be announced as “Interest on net equity” or ” Interest over capital” and
15% withholding tax applies
Interest: Interest arising in a Contracting State and paid to the
Government of the other Contracting State, a political subdivision thereof
or any agency (including a financial institution) wholly owned by that
Government or political subdivision shall be exempt from tax.
Canada
(Relief at
Source
Territory)
25 15 0 0 10 Documentation required from client:
1. Form NR-301
Forms that RBC Investor & Treasury Services may complete on behalf of client and
process/action to be:
1. Form - A
Chile 35 n/a 4/35 4/35 n/a Dividend: The statutory withholding tax rate on dividends is 35%, less a
tax credit which varies according to the rate of corporate tax paid by the
issuing company.
China 0/10 10 10 10 10 Dividend: Chinese ‘H’ and ‘B’ shares are subject to WHT at 10%
Colombia
0/25 n/a 14 14 n/a Dividend: 0% withholding tax rate applies to dividends paid out of taxed
profits. If profits are untaxed, dividends are subject to a rate of 25%.
Czech Republic
(Relief at
Source
Territory)
35 15 35 35 0 Documentation required from client:
1. BO Declaration
2. Power of Attorney
3. Beneficial owner details (one off requirement per Tax Questionnaire, information update
Forms that RBC Investor & Treasury Services may complete on behalf of client and
process/action to be:
1. Client’s tax office for certification of residency
2. Disclosure of client per income payment to the
INVESTOR PROFILE 12
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
required should details
change)
agent
Denmark
(Reclaim
Territory)
22*
* decrease from 27% to 22% for corporate non resident investors effective date July 1, 2016 but not yet clear guidelines- 27% remain
applicable
15 0 0 10 Documentation required from
client:
1. Power of attorney
2. Full beneficiary details provided in completed Tax
Questionnaire
Forms that RBC Investor & Treasury Services may complete on behalf of client and process/action
to be:
Tax reclaim application is
3. Client’s tax office for certification of residency
4. Electronic filing of beneficial owner and holding details submitted
to agent bank in Denmark
Estonia 0 15 0 0 10
Egypt 10 n/a 0/20 0/20 n/a Interest: Withholding tax on Government bonds issued after July 1,2008
increase from 0% to 20%. 20% also applies on T-Bill which are issued
after May 5, 2008
Finland
(Relief at
Source
Territory)
30 15 0 0 15 Documentation required from client:
1. Power of attorney
2. Full beneficiary details provided in completed Tax
Questionnaire
Forms that RBC Investor &
Treasury Services may complete on
behalf of client and process/action
to be:
1. Client’s tax office for certification of residency
France
(Relief at
28
Dividends
0*
0% if the fund
0 0 0 Documentation required from
client: Forms that RBC Investor & Treasury Services may complete on
INVESTOR PROFILE 13
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
Source
Territory)
from SIIC are subject to
15%
qualif ies for the UCITS or
AIF status
1. Power of attorney
2. UCITS attestation (one off requirement per Tax Questionnaire, renewable should details change)
3. Certified RPPM form duly completed and yearly renewed for AIF fund
behalf of client and process/action
to be:
1. Certified RPPM form to be lodged with agent bank in France for UCITS/AIF
funds
Germany
(Relief at
Source
Territory)
26.375 15 0
26.375% applies
on German convertible bonds
0 0 Documentation required from client:
1. German declaration for the electronic filing procedure
2. Full beneficiary details provided in completed Tax Questionnaire
3. Status Certificate (Statusbescheinigung) per sub-fund
Greece
(Relief at
Source
Territory)
5
0*
0% if the fund qualif ies for the
UCITS or AIF status
0 0 n/a Dividends: Notarized and apostilled UCITS Attestation to be lodged with agent bank in Greece for UCITS funds
Hong Kong 0 n/a 0 0 n/a
Hungary 0 10 0*/30 0 0 Interest: effective 1 January 2010 interest derived from certain corporate bonds is subject to 30% tax although DTT country residents will continue
to be exempt
INVESTOR PROFILE 14
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
India 0 n/a 20/42 20 n/a Interest: 20% rate applies to interest from foreign currency loans,
corporate and government bonds. 42% rate applies to all other interest.
Indonesia
(Relief at
Source
Territory)
20 15 20 10 10 Documentation required from client:
1. DGT form
2. Full beneficiary details provided in completed Tax Questionnaire
Forms that RBC Investor & Treasury Services may complete on behalf of
client and process/ action to be:
1. Certified DGT form to be lodged with agent bank in
Indonesia
Ireland
(Reclaim
Territory)
25 0
Under the DWT scheme residents of
treaty countries are entitled to full exemption
on dividend w ithholding tax
20
0 0 Documentation required from client:
1. Power of Attorney
2. Certified V2 Composite Form duly completed
Forms that RBC Investor & Treasury Services may complete on behalf of
client and process/ action to be:
Tax Reclaim application is
1. Sent to client’s tax office for certification of residency
2. Submitted to agent bank in Ireland
Israel
(Relief at
Source
Territory)
25 15
24 0 / 24
*24% applies on short term
government bonds
10 Documentation required from client
1. Power of attorney
2. Full beneficiary details provided in completed
Tax Questionnaire
Forms that RBC Investor & Treasury Services may complete on behalf of
client and process/ action to be:
1. client’s tax office for certification of residency
2. Yearly 2042 Form
3. Yearly A114 form
Italy
(Relief at
26 0 26/0* 12.5/0* 0 Documentation required from client:
Forms that RBC Investor & Treasury Services may complete on behalf of
INVESTOR PROFILE 15
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
Source
Territory) *0% rate if client
provides a Self Certif ication
*0% rate
applies if client provides a Self Certif ication
1. Client’s Italian fiscal code
2. “Visura di evasione”
document
client and process/ action to be:
1. One-time reporting of the client’s TIN to withholding
agent
2. Letter for CGT purpose
Japan
(Relief at
Source
Territory)
15.315
15 15.315/0*
*0% rate applies to
corporate & municipal bonds if
held on the Bank of Japan's book entry system
15.315/0*
*0% rate
applies to government
bonds if held on the Bank of Japan's book entry system
10 Documentation required from client:
1. Power of attorney
2. Full beneficiary details provided in completed
Tax Questionnaire
Forms that RBC Investor & Treasury Services may complete on behalf of
client and process/ action to be:
1. Application Form for Tax Exemption on interest
payment
2. Client’s tax office for certification of residency
3. Investor list breakdown
Lithuania 15 15 10/0*
10/0*
10 Interest: interest paid to legal entities resident in EEA and DTA countries
is exempt
Luxembourg 15 15 0 0 10
Malaysia 25 n/a 15 15 15 Dividend: There is no dividend withholding tax. However, there is a 25%
tax charge on the gross dividends which is a deduction of Malaysian tax
credits.
Mexico 10 15 30/10/4.9 0 15 Interest: 10% paid on negotiable instruments, 4.9% on interest paid to banks, 30% rate applies to residents of the black list countries
INVESTOR PROFILE 16
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
Morocco 15 15 10 0 10
Netherlands
15 15 0 0 10
New Zealand
(Relief at
Source
Territory)
15*/30
*15% applies to dividends fully imputed
15 15/2*
*2% rate applies w here Approved Issuer Levy has
been applied for
15/2/0 0/10 Documentation required from client:
1. Power of attorney
2. Full beneficiary details provided in completed Tax
Questionnaire
Forms that RBC Investor &
Treasury Services may complete
on behalf of client and
process/action to be:
1. Client’s tax office for certification of residency
Norway
(Relief at
Source
Territory)
25/01
1 The Tax
Exemption Model provides a WHT exemption for
“corporate shareholders” resident in the EU/EEA
effective
01 0 0 0
1
1 For the Exemption Model or DTT country resident:
Dividend: The Tax Exemption Model provides a WHT exemption for “corporate shareholders” resident in the EU/EEA effective retroactively from 01.01.04
Documentation required from client:
As of 01.01.2019, the foreign shareholder must be documented with a COR (< 3 years), a self certification (beneficial owner certificate) and
either:
(i) an approved withholding tax refund application or;
(ii) an approval from the Norwegian tax authorities confirming the dividend recipient's entitlement to a reduced withholding tax rate
INVESTOR PROFILE 17
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
Pakistan 7.5/12.5/20 25 10 10 30 Dividend: 7.5% = dividends paid by companies engaged in power
generation or by purchasers of privatized power companies and by
companies engaged exclusively in mining operations other than
petroleum
Effective July 1, 2015: the withholding tax has been increased from 15%
to 17.5% and from 10% to 12.5% for filers.
Effective July 1, 2016: the withholding tax has been increased from 17.5%
to 20% for non-filers and remains at 7.5% for filers.
Peru
6.8 n/a 30 0 n/a Dividend: 4.1% applies to dividends generated before 2015 fiscal year
Philippines 30 n/a 30 20 n/a
Poland
19
0
20
20 0
INVESTOR PROFILE 18
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
Portugal
(Reclaim
Territory)
25 15 25/0*
*0% rate applies to most corporate bonds
0
15 Documentation required from client:
1. Power of Attorney
2. Full beneficiary details provided in completed Tax
Questionnaire
Forms that RBC Investor & Treasury Services may complete on behalf of client and
process/action to be:
Tax reclaim application is
1. Sent to client’s tax office for certification of residency
2. Statement for Funds Form
3. Submitted to agent bank in Portugal
4. Income/transaction breakdowns (monthly
and yearly reports)
Romania
5 n/a 16 0 n/a
Russia
15 10 15/20 0 10 Interest: 15% rate applies to certain types of state and municipal
securities
Singapore
0 10 15 15 12.5 Dividend: REIT distributions are subject to 17% tax or 10% for non-
residents without a permanent establishment in Singapore
Interest: in practice most interest payments are tax exempt
Slovak Republic
0 15 19 0 0
Slovenia 27.5 n/a n/a n/a n/a
INVESTOR PROFILE 19
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
South Africa 20 15 0 0 10
South Korea
(Relief at
Source
Territory)
22 15 15.4 15.4 10 Documentation required
from client:
1. 29-13 Form
2. Annex to 29-13 Form
Forms that RBC Investor & Treasury Services may complete on behalf of client and process/action
to be:
1. Submission of client’s forms to agent bank in South Korea (quarterly
renewal)
Spain
(Reclaim
Territory)
19% n/a*/1**
* SICAV/F part II and SICAV/F-
FIS are excluded from tax treaty benefits
**1% tax rate
applies if the SICAV qualif ies for the UCITS status
19%/0*
* Interest paid to an EU resident w ithout a permanent
establishment in Spain is exempt on provision of a certif icate of
residence
19%/0*
* Interest paid to an EU resident w ithout a permanent
establishment in Spain is exempt on provision of a
certif icate of residence
0
Documentation required from client
1. Power of attorney
2. Full beneficiary details provided in completed Tax
Questionnaire
Forms that RBC Investor & Treasury Services may complete on behalf of client and process/action
to be:
Tax Reclaim application is:
1. Sent to client’s tax office for certification of
residency
2. Submitted to agent bank in Spain
3. Reclaim summary report
Sri Lanka 10 15 10 0 10
INVESTOR PROFILE 20
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
Sweden
(Relief at source
Territory)
30 0*
*0% tax rate applies if the SICAV qualifies for the UCITS
status
0 0 0 Documentation required from
client:
1. Power of attorney
2. Full beneficiary details provided in completed Tax Questionnaire
3. UCITS attestation
Forms that RBC Investor & Treasury Services may complete on behalf of client and process/action
to be:
Relief process:
1. UCITS Attestation Submitted to agent bank in Sweden
Switzerland 35
15 35 35 12.5 Documentation required from client
1. Power of attorney
2. Full beneficiary details provided in completed Tax Questionnaire
3. Shareholder percentage questionnaire
Taiwan
21 n/a 15 15 n/a Dividend: 30% = payment to non resident individuals, 25% = payments to
non resident corporations, 20% = payments on investments approved by
the ROC government pursuant to the Statute for Investment by Foreign
Nationals or the Statute for Investment by Overseas Chinese
Interest: 15% = short term bills, Government/Corporate bonds/ Financial Debentures, Securitization Products e.g. ABS, REITs and RAETs, and repos on all of these. 20% applies to other forms of interest.
Thailand
10 10 15 15/0 10 As the nominee concept does not apply in the Thai market then only the holder of the safekeeping account at the agent is recognized as beneficial owner.
INVESTOR PROFILE 21
Country Di v i dends
standard
Di v i dends
treaty
Corporate bonds
standard
Gov ernment
bonds
standard
Interest
treaty
Notes
Turkey
15
15 0 0 15 Dividend: REIT distributions are tax exempt. Most foreign institutional
investors have been granted non resident investment fund status (NRIF)
and are eligible for gross payments
Interest: 0% rate applies to Government securities. However the
Earthquake Tax Scheme effective 1 January 2000 applies a surcharge of
between 4% and 19% depending on maturity.
UK 0 n/a 0/20 0 n/a Dividend: REIT distributions part constituted of Property Income
Distribution are subject to 20% tax.
Interest: interest from UK Eurobonds, Gilts and eligible Bulldog Bonds are free of tax. Non-publicly traded corporate bonds are withheld at 20%
US
(Relief at
Source
Territory)
30 n/a 30/0*
*0% rate applies to
portfolio debt securities and government
interest
30/0*
*0% rate
applies to portfolio debt securities and
government interest
n/a Documentation required from client
1. W8-BEN Form (renewable should details change, per Tax
Questionnaire)
Forms that RBC Investor & Treasury Services may complete on behalf of client and process/action to be:
1. 1042-s reporting to US IRS
Venezuela 34 10? 34 34 10 Interest: Withholding tax is imposed on 90% of the gross payment for
individuals (the effective rate is 30.6%). Interest paid to financial
institutions is set at a flat rate of 4.95%.
INVESTOR PROFILE 22
Additional comments:
Relief at Source Territories (Or unspecified territories) - Please note that where standard withholding tax rates are lower than the specified treaty rate then
the standard rate will apply.
Tax rates for other markets in which investment is possible through RBC Investor & Treasury Services are available on request .
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