Dividend statement - foreign tax paid

@George Does T212 have any further information on the distributions from MLPs? Like others, I received payment from EPD is May classed as Return of Capital with no withholding tax. This month, it was classed as Ordinary dividend with 15% withholding tax. I have contacted support who said that the withholding tax should also have been paid in May!

Like others, I have other MLPs, such as MPLX HEP MMP and PSXP who all paid this month as Return of Capital with no withholding tax. Can someone please explain what is going on?

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@David Any further information from T212 to clarify this? Seems to be quite a lot of confusion about distributions from US MLPs and withholding tax (or lack of it). Any explantion why EPD was a Return of Capital in May with no withholding tax, but in August was Ordinary dividend with withholding tax taken? And also why other MLPs seemed to all be Return of Capital in August with no withholding tax?

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I’ve been trying to get an answer from support about the change in the EPD distribution from Return of Capital (no withholding tax) in May to and Ordinary dividend (withholding tax applied) in August. They have said that the distribution in May was in error and should have had withholding tax! Still no idea why this changed and why it doesn’t fit other MLPs.

This makes no sense as other MLPs, such as ET MPLX MMP HEP PSXP, have all paid as Return of Capital in both May and August with no withholding tax.

As I understand it (please someone correct me if I am wrong) a Return of Capital is not classified as a dividend (according to the IRS) and is therefore not subject to withholding tax.

@Baggyb We’ll look into this.

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Thanks a lot! Much appreciated.

You were right, Enterprise Products Partners dividend which was distributed in August should’ve been non-taxable. We’ve just made a correction & amendment was made to all of the affected clients. Could you confirm that?

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Yes, I have just received the difference in amount of 0.07USD per share for EPD.

I have a question about taxation dividends or return of capital from USA based MLP companies like Enterprise Products Partners. Do we have to report and pay any tax on dividends or return of capital from MLP to USA authorities or we have to report and pay taxes only in our country of residence like with dividends from other companies?

Also, I have noticed that company International Consolidated Airlines Group, S.A. (IAG.L) paid dividend on the 2nd July but I did not got any. Did they pay dividend on that date?

@Gep75 In regards to the IAG dividend - it was canceled.

Thank you.

Do you have the answer about taxation of dividends or return of capital from USA based MLP companies?

Awesome, thanks a lot for sorting it quickly.

Hi all,

is thera a tax report or dividend statement function/history already available? Before I use T212, I need to be sure that a reliable tax or dividend reporting is in place, as I need to make a proper tax clarification in my country.

Thanks

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Yes, we are in September and I am also worried about this since T212 has not said anything about it for quite some time.

@David, care to give us a status update?

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Company DHT Holdings, Inc. (DHT) paid dividend on the 2nd September, but for now I did not get it on my account. When will be the dividend transferred?

I have just got the mentioned dividend from Company DHT Holdings, Inc. (DHT) on my account in amount of 0.41USD, the gross amount is 0.48USD per share. That means, that 15% withholding tax was taken, but as far as I know the company is registered on Bermuda and they do not have withholding tax on dividends or maybe I am wrong?

And, yes reports where is exactly defined amount of gross dividend per share and already payed withholding tax in original currency is what we need for taxation authorities in our countries.

Hi Team,

Can someone check about withholding tax on dividends for Bermuda based companies?

Thanks

I will have to file my 2020 taxes util January 15th '21, so hopefully there will be some update in the coming months.

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Any news on this document? There is no escaping taxes so this means there is no escape for T212 official tax document! :slight_smile:

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bump up Still important Topic. I would be happy with any news on this. (like OK, working on it, or no - we will not implement anything, or yes, it will be here on XX.XX.XXX)
Thanks :slight_smile:

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I would think it is not that difficult to add those details. The stockbroker must have them.

I know Revolut Trading (through Drivewealth) gives monthly statements with dividends paid that include withholding tax.

The attached example is from a low fee spanish broker (Ninety Nine) and includes who paid and how much. Currencies, exchange rates, witholding tax (15%) as well as in this case spanish tax (19%) are also detailed. They produce one of this for every dividend paid.

T212 must prepare something similar.

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I agree - we need this for our tax returns. It sounds a bit petty, but unfortunately it’s stopping me from using T212 as my main broker.

While Degiro’s overview doesn’t show specific shares, it does show the information per country, which is pretty much all one needs for their tax return.

Still love the platform though.

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