Applications for registration as an Authorised Intermediary can now be submitted

News, 7/1/2020

Companies that conduct custodian activities can apply for registration into the new Register of Authorised Intermediaries starting 1 July 2020. The registration will enter into force in January 2021.

The Register of Authorised Intermediaries is a part of an amendment of the Act on the Taxation of Nonresidents' Income, that changes the taxation procedure of dividends paid on nominee-registered shares from 1 January 2021. Registration into the Register of Authorised Intermediaries is not mandatory, but comes with certain benefits, for example, granting tax treaty benefits to Authorised Intermediary's customers at the time of payment.

The Register of Authorised Intermediaries is in accordance with the OECD’s Treaty Relief and Compliance Enhancement (TRACE) system and will replace the current Foreign Custodian Register. The Foreign Custodian Register will end at the end of 2020 and registered custodians can apply for registration into the new Register of Authorised Intermediaries if they wish.

Guidance on Authorised Intermediary's responsibilities and liabilities is now available

The Tax Administration has published detailed guidance Authorised Intermediary's responsibilities and liabilities. The guidance is for Finnish and foreign intermediaries. The guidance describes the requirements for registration, the registration procedure and the responsibilities, tax liabilities and other legal effects resulting from the registration.

Further information on registration and application forms: