Legal and tax information

• Resident certificate issued by the Latvian State Revenue Service (VID).

  The certificate must include a reference to the treaty between Norway and Latvia on the avoidance of double taxation.

  As the resident certificate is valid only for the current year, the resident certificate must be submitted each year for which the tax rate under the treaty is applied.

• Confirmation by the dividend recipient that they are the beneficial owner of the dividend.

  A sample document is available here. The document submitted is valid until the facts stated in it change and the customer submits a new certificate.

• Guidance on how to fill out the document is available here.

Legal entities are advised to submit the application to the Norwegian Tax Administration for a reduced income tax rate in good time. The confirmation and the additional documents listed above can be applied for and submitted to the bank from 01.01.2019 prior to the ex-dividend date. Once Swedbank receives the confirmation, the customer will be entitled to the tax rate under the tax treaty.

Suggested process for legal entities:

1. Clarify with the Norwegian Tax Administration your eligibility for the reduced tax rate or tax exemption.
2. Obtain the resident certificate for the current calendar year from the State Revenue Service.
3. Fill out the beneficial owner confirmation.
4. Gather all the documents obtained and submit them to the bank before the ex-dividend date.
5. Submit a new resident certificate issued by the State Revenue Service for each subsequent calendar year.

• Documents can be submitted to the bank throughout the year, but to receive the tax treaty rate, documents must be submitted within 3 business days before the ex-dividend rate. If the required documentation is not submitted to the bank by the ex-dividend date, the dividends will be paid with withholding tax at the statutory rate (25%).
• The resident certificate issued by the State Revenue Service must be renewed every year, as it is valid only for the current calendar year. But if the ex-dividend date falls in the 3rd quarter, you can obtain the resident certificate in the summer, for example.
• General information about the documentation requirements for the reduced withholding tax rate.

• According to the Finnish regulations, tax at the rate of 25.5% will be withheld for customers whose data (given name(s), surname/company name, national identification number, address, Finnish taxpayer identification number) is known.
• Swedbank does not have all the necessary data at its disposal, tax at the rate of 50% will be withheld.
• If you are a Finnish tax resident, make sure to provide your Finnish taxpayer identification number to Swedbank.

• Resident certificate

  Issued by the Latvian State Revenue Service (VID).

  The certificate must include a reference to the treaty between Finland and Latvia on the avoidance of double taxation.

  The certificate must be in English.

  The certificate issued by the State Revenue Service has to be signed by hand and scanned.

  As the resident certificate is valid only for the current calendar year, the resident certificate must be submitted each year for which the tax rate under the treaty is applied (without an end date).

• Investor Self-Declaration (dividends)

  As of January 2024, Finnish dividend recipients have to submit a new form – Investor Self-Declaration (dividends). The declaration is valid for the year of submission and the following 5 years or until the facts stated in change. The previously submitted Beneficial Owner Confirmation is no longer valid from 01.04.2024.

  Please fill out the new form of the Investor Self-Declaration (dividends) for

  • Private customers
  • Legal entities

  Upload it together with your resident certificate.

  Important! Please mark all your securities accounts at Swedbank where Finnish securities are or will be held.

• In order to receive the reduced tax rate, it is necessary to submit both the resident certificate and the Investor Self-Declaration (dividends).
• Documents can be submitted to the bank throughout the year, but to receive the tax treaty rate, documents must be submitted within 3 business days before the ex-dividend rate. A 35% tax rate will be applied in Finland if, at the time of payment, information identifying the beneficial owner of the dividends has not been provided.
• The resident certificate (issued by the State Revenue Service) must be renewed every year, as it is valid only for the current calendar year. For example, if the ex-dividend date falls in the 3rd quarter, you can obtain the resident certificate in the summer.