OASIS Mailing List ArchivesView the OASIS mailing list archive below
or browse/search using MarkMail.

 


Help: OASIS Mailing Lists Help | MarkMail Help

tax message

[Date Prev] | [Thread Prev] | [Thread Next] | [Date Next] -- [Date Index] | [Thread Index] | [List Home]


Subject: CoR Action Items


Action Item 1 of Conference Call June 30:

The EU Savings Directive contains these parts relevant to identification and CoR:

Article 3
Identity and residence of beneficial owners
1. Each Member State shall, within its territory, adopt and
ensure the application of the procedures necessary to allow the
paying agent to identify the beneficial owners and their residence
for the purposes of Articles 8 to 12.
Such procedures shall comply with the minimum standards
established in paragraphs 2 and 3.
2. The paying agent shall establish the identity of the beneficial
owner on the basis of minimum standards which vary
according to when relations between the paying agent and the
recipient of the interest are entered into, as follows:
(a) for contractual relations entered into before 1 January
2004, the paying agent shall establish the identity of the
beneficial owner, consisting of his name and address, by
using the information at its disposal, in particular pursuant
to the regulations in force in its State of establishment and
to Council Directive 91/308/EEC of 10 June 1991 on
prevention of the use of the financial system for the
purpose of money laundering (1);
(b) for contractual relations entered into, or transactions
carried out in the absence of contractual relations, on or
after 1 January 2004, the paying agent shall establish the
identity of the beneficial owner, consisting of the name,
address and, if there is one, the tax identification number
allocated by the Member State of residence for tax
purposes. These details shall be established on the basis of
the passport or of the official identity card presented by the
beneficial owner. If it does not appear on that passport or
on that official identity card, the address shall be established
on the basis of any other documentary proof of identity
presented by the beneficial owner. If the tax identification
number is not mentioned on the passport, on the official
identity card or any other documentary proof of identity,
including, possibly, the certificate of residence for tax
purposes, presented by the beneficial owner, the identity
shall be supplemented by a reference to the latter's date and
place of birth established on the basis of his passport or
official identification card.
3. The paying agent shall establish the residence of the beneficial
owner on the basis of minimum standards which vary
according to when relations between the paying agent and the
recipient of the interest are entered into. Subject to the conditions
set out below, residence shall be considered to be situated
in the country where the beneficial owner has his permanent
address:
(a) for contractual relations entered into before 1 January
2004, the paying agent shall establish the residence of the
beneficial owner by using the information at its disposal, in
particular pursuant to the regulations in force in its State of
establishment and to Directive 91/308/EEC;
(b) for contractual relations entered into, or transactions
carried out in the absence of contractual relations, on or
after 1 January 2004, the paying agent shall establish the
residence of the beneficial owner on the basis of the address
mentioned on the passport, on the official identity card or,
if necessary, on the basis of any documentary proof of
identity presented by the beneficial owner and according to
the following procedure: for individuals presenting a passport
or official identity card issued by a Member State who
declare themselves to be resident in a third country, residence
shall be established by means of a tax residence certificate
issued by the competent authority of the third
country in which the individual claims to be resident.
Failing the presentation of such a certificate, the Member
State which issued the passport or other official identity
document shall be considered to be the country of residence.

Article 13
Exceptions to the withholding tax procedure
..
2. At the request of the beneficial owner, the competent
authority of his Member State of residence for tax purposes
shall issue a certificate indicating:
(a) the name, address and tax or other identification number
or, failing such, the date and place of birth of the beneficial
owner;
(b) the name and address of the paying agent;
(c) the account number of the beneficial owner or, where there
is none, the identification of the security.
Such certificate shall be valid for a period not exceeding three
years. It shall be issued to any beneficial owner who requests it,
within two months following such request.


Action Item 3 of Conference Call June 30:

The URL to the lookup of tax terms definitions in the IBFD site is:

http://join.ibfd.org/Taxglossary/

Regards
Arndt


[Date Prev] | [Thread Prev] | [Thread Next] | [Date Next] -- [Date Index] | [Thread Index] | [List Home]