Recital (19)

In order to safeguard the systems for the relief of excess withholding taxes, Member States that maintain a national register should also require certified financial intermediaries to verify the eligibility of investors that wish to claim relief. In particular, certified financial intermediaries should collect the tax residence certificate of the relevant investor and a declaration that that investor is entitled to relief of withholding tax under the national rules of the source Member State or a double tax treaty and, if required by the source Member State, a declaration that the investor is the beneficial owner of the dividend or interest in accordance with the national rules of the source Member State or a double tax treaty, as described in the Commentary on Article 10 or Article 11 of the OECD Model Tax Convention on Income and on Capital. Thus, source Member States should have the option to require a declaration on beneficial ownership.