The back-end refund process is meant for the refund of tax which had been previously withheld at the prevailing corporate tax rate from the distributions to the following beneficial Stapled Securityholders:
- Individuals holding OUE H-Trust stapled securities (“Stapled Securities”) through a Depository Agent and have received distributions after tax deduction at prevailing corporate tax rate instead of at gross;
- Foreign non-individuals whose Stapled Securities are held through a Depository Agent or in their own name and have received distributions after tax deduction at prevailing corporate tax rate instead of 10%. The 10% tax rate is applicable only in respect of distributions made during the period from 25 July 2013 to 31 March 2020; or
- Charities registered under the Charities Act (Cap. 37) or established by any written law, town councils, statutory boards, co-operative societies registered under the Co-operative Societies Act (Cap. 62) or trade unions registered under the Trade Unions Act (Cap. 333) (collectively referred to as “Exempt Non-Corporate Stapled Securityholders”) holding Stapled Securities in their own name or through Depository Agents.
For other categories of beneficial Stapled Securityholders, they will need to claim a refund of the tax over-deducted, if any, when filing their tax return.