The
European Savings
Tax Directive (ESTD)
Article 2
Directive 2003/48/EC on the taxation of savings income in
the form of interest payments (the '2003 Directive') was adopted
on 3 June 2003.
Article 2
Definition
of beneficial owner
1. For the purposes of this Directive,
‘beneficial owner’
means any
individual who receives an interest payment or any individual for
whom an interest payment is secured, unless he
provides evidence that it was not received or secured for his own
benefit, that is to say that:
(a) he acts as a paying agent within the meaning of Article 4(1);
or
(b) he acts on behalf of a legal person, an entity which is taxed
on its profits under the general arrangements for business
taxation, an UCITS authorised in accordance with Directive
85/611/EEC or an entity referred to in Article 4(2) of this
Directive and, in the last mentioned case, discloses the name and
address of that entity to the economic operator making the
interest payment and the latter communicates such information to
the competent authority of its Member State of establishment, or
(c) he acts on behalf of another individual who is the beneficial
owner and discloses to the paying agent the identity of that
beneficial owner in accordance with Article 3(2).
2. Where a paying agent has information suggesting that the
individual who receives an interest payment or for whom an
interest payment is secured may not be the beneficial owner,
and where neither paragraph 1(a) nor 1(b) applies to that
individual, it shall take reasonable steps to establish the
identity of the beneficial owner in accordance with Article 3(2).
If the
paying agent is unable to identify the beneficial owner, it shall
treat the individual in question as the beneficial owner.
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