Opportunities to Obtain Irish Dividend Withholding Tax (DWT) Exemption
Eaton Corporation plc established tax residence in Ireland during 2012, and as such, dividends are considered Irish source income and Irish dividend withholding tax (“DWT") rules apply. Dividend payments will be subject to an Irish withholding tax of 25% of the amount of each dividend unless the shareholder that is beneficially entitled to the dividend is a resident of the United States or a resident of a country listed as a “relevant territory”, and has ensured that the required documentation is on file with their broker, bank, qualifying intermediary or transfer agent. With these rules, the vast majority of Eaton shareholders and beneficial owners are entitled to an exemption from DWT.
Please answer the following questions to find out how to obtain an exemption from the Irish Dividend Withholding Tax (DWT) on your Eaton Corporation plc shares. A W-9 or a W8-BEN is still required to avoid United States Dividend Tax withholding. You may already have these documents on file with your financial institution.
If Irish Dividend Withholding Tax (DWT) has been previously assessed to your account and you are looking for direction on claiming a tax refund or tax credit information click here.
It is up to each individual to review each alternative as it applies to their specific situation, evaluate its viability in the context of your overall investment strategy, and decide which one is right for you. As part of this process, you may wish to consult your own broker, financial advisor or tax advisor for their professional assistance. Not all alternatives may be right for you. Not all alternatives may apply to you.
Q1: Are your Eaton Corporation plc shares held directly with our transfer agent Broadridge?
Yes / No
Q2: Are your Eaton Corporation plc shares held by a broker and you are a tax resident of the United States?
Yes / No
Q3: Was your Broadridge account established on or before November 30, 2012?
Yes / No
Q4: Are you a resident of a relevant territory (as defined by Irish Law)? To determine which countries are considered a relevant territory, please visit this link.
Yes / No
Q5: If you are a resident of a relevant territory, are your shares held with Broadridge?
Yes / No
Shares Held at Broadridge > Filer is Tax Resident of the United States (US) and Account Established before 11/30/12
Options to Obtain Irish DWT Exemption
Transfer Your Shares to a Broker
Description
Required Forms
Tax Resident of US with Shares Held by Broker (US)
You should be exempt from paying the Irish DWT, assuming:
If your broker has questions on applying for the Irish DWT exemption, they can visit http://www.dtcc.com and search “Eaton” for instructions. These instructions also include details on the treatment of special situations, such as trusts or partnerships. Generally, for US Tax Residents, the DTC Participants are automatically considered a Specified Intermediary and can claim the exemption based on the investor’s US address. For Non-US Tax Residents, their U.S. banks or brokers (aka DTC Participants), who are not Qualifying Intermediaries, send the Form V2 to GlobeTax and they can claim the DWT exemption.
Shares Held at Broadridge > Filer is Tax Resident of the United States (US) and Account Established after 11/30/12
Options to Obtain Irish DWT Exemption
Transfer Your Shares to a Broker
Description
Required Forms
Options to Obtain Irish DWT Exemption
Transfer Your Shares to a Broker
Description
Required Forms
Filer is resident of a Relevant Territory Outside the US with Shares Held by Broker (OUS)
To receive an Irish DWT exemption:
If your broker has questions on applying for the exemption, they can visit http://www.dtcc.com and search “Eaton” for instructions. These instructions include country-by-country filing requirements as well as instructions of special situations, such as trusts or partnerships. For Non-US Tax Residents, their U.S. banks or brokers (aka DTC Participants), who are not Qualifying Intermediaries, send the Form V2 to GlobeTax and they can claim the DWT exemption in that manner.
This page is intended to give helpful direction to holders who have had Irish Dividend Withholding Tax (DWT) applied to their account and are looking for information on claiming a tax refund or tax credits. Investors should not view this detail as a substitute for a knowledgeable tax advisor and we advise that you seek their guidance in these often complex tax situations.
* You do not need to complete these new forms with each refund claim; these forms are valid for the year in which they are signed, plus five full calendar years following.
You will still need to submit one of these forms to Broadridge:
* You do not need to complete these new forms with each refund claim; these forms are valid for the year in which they are signed, plus five full calendar years following.
You will still need to submit one of these forms to Broadridge:
Helpful Web Resources
Web Resource |
Link |
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US Depository Trust Clearing Company (DTC) |
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DTC Tax Relief by Country FAQs |
http://www.dtcc.com/asset-services/global-tax-services/tax-relief-by-country |
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US IRS Form W-9 |
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US IRS Form W8-BEN |
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US IRS Form 8802 |
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US IRS International Tax Payers |
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US IRS International Tax Payer Identification Numbers |
https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin |
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Ireland Tax Treaties – List of Relevant Countries |
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Ireland Verified List of Authorized Qualifying Intermediaries & Withholding Agents |
http://www.revenue.ie/en/tax/dwt/authorised-qualifying-intermediaries.html |
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Ireland DWT Forms |
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Ireland Taxes & Duties |
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GlobeTax |
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GlobeTax Contact Information |
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Broadridge Corporate Issuer Solutions |
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Beneficial Ownership Form |