Is it necessary to return EU bank withholding tax documents back to Raisin.

S

S class

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Does the EU savings directive mean that all EU banks withholding taxes are refunded up to a maximum of 33%. ?

Is it correct up fill in the EU bank withholding tax in the box marked
(b) Savings Directive withholding tax credit. on form 11 ?
 
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Refunds from foreign banks are only allowed on foreign withholding tax on amounts over 15%.

Therefore if the foreign bank is withholding 25%, it is only possible to claim back 10% from the foreign country.

Irish revenue allow a maximum foreign tax refund of 15%.

After this refund they apply the full 33% Irish withholding tax.

If the foreign bank withholds 25% and the Irish depositer does not reclaim the excess 10%, they will be liable to total withholding tax of 43%.

When foreign accounts are held in multiple foreign countries and some deduct no withholding tax while others deduct in excess of 15% a tax problem could be created.

By submitting the total deposit and interest paid on form 11, the calculated result will not necessarily be correct as a refund of in excess of 15% could be applied to some of the foreign banks interest.

This error could be discovered by Irish revenue when they receive details for each foreign account held by the Irish depositer.
 
S class, in the case of bluor who have 10÷ withholding tax when docs are submitted does that mean we essentially pay a total of 43÷ tax on interest for bluor deposit accounts?
 
If you submitt the bluor tax documents the Latvian tax is 15%.
You will get an Irish revenue refund for all of this, so you will then just be liable for 33% Irish tax.

When you are sending your bluor documents to Irish revenue, only send the page that is to be stamped by Irish revenue. I sent the complete document and Irish revenue stamped the section for Latvian revenue.

Also include a note to Irish revenue to ask them to return the original signed form back to you.

Previously Irish revenue returned a photocopy of this form back to me and this was rejected by Latvian revenue.

Latvian revenue require an original signed and stamped tax form.
 
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Thx.

All the bluor documentation I can find say bluor has 20÷ withholding but 10÷ if you submit the residency documentation.
 
Once the foreign withholding tax is at or below 15% you will only pay the 33% Irish dirt tax.

If BluOr deduct 10%, Irish revenue refund 10%.

If BluOr deduct 20%, Irish revenue refund 15%.
 
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