$EQNR (+0,66%)

Here is the promised article on the refund of withholding tax on Norwegian shares. The first part deals with the preparations and the registration with the Norwegian tax authorities, the second part contains the completion of the online form.

As a placeholder times $EQNR (+0,66%) , $HAUTO (-1,37%) , $VAR (+3,28%) , $MPCC (-5,26%) , $TEL (+1,2%) , $AKRBP (-0,83%) , $TOM (+0,76%) exemplary.

Edit: This only applies to tax residents in Germany. Please enquire in Switzerland, Austria or elsewhere in Europe about the regulations that apply there. Many thanks to @GeldGenie who has created a corresponding article for Switzerland, which I am linking here: Quellentsteuer Schweiz

Norway has strong companies with some extremely attractive dividend payouts. However, some people are not aware that these dividends are subject to Norwegian withholding tax without any offsetting. This means that in addition to the 25% Norwegian withholding tax, the custodian bank also pays the capital gains tax plus solidarity surcharge and, if applicable, church tax, which means that less than half of the dividend is credited.

Don't worry, the money is not gone, it just belongs to someone else for the time being. Norway refunds 10% withholding tax on application. This can be done easily and online and can also be done retroactively for several years, for a maximum of 5 years. You can get the remaining 15% from the German tax authorities via your income tax return. A few more tips at the end.

First collect all dividend vouchers showing the withholding tax deduction. Most companies pay out quarterly, so there should be 4 receipts per calendar year. You will need these in pdf format. If you are applying for a refund for several years and have more than one share in your portfolio, here is an important note: You can submit a maximum of 10 PDFs of 50 MB each attached. I will then combine the individual receipts per share into one PDF.

Apply for the tax residence certificate at your local tax office. You can find the form at: https://www.formulare-bfinv.de/ffw

Enter form 034450 in the search. You can fill out the form in your browser and then save it as a PDF and print it out. Important! Send it signed in duplicate to the office. A short cover letter with the subject "Application for a tax residence certificate for the purpose of reimbursement of overpaid withholding tax in Norway" and a short two-liner are helpful. I usually receive a confirmation copy back after 1 to max. 2 weeks. Scan and save as PDF.

Then you can already register in Norway. Under the following link Bei Altinn anmelden you can create a new user. The site is only available in the national language or in English. I use English and have activated the automatic website translation via Google, then it even works in German ;-) For the first registration, logically create a new user. Username, email, password and the security question and continue.

When you receive confirmation that a new account has been created for you, click on done and that's it with the preparations.

You will receive a 10% withholding tax refund via this process. More is not possible, even if it is described differently in various forums. You can tick the maximum refund in the form, but an error message always appears before you submit the form. So simply get 10% tax back quickly and easily and then the rest via the German tax office. If you have submitted the application in Norway quite early in the year, the refund amount should be certified by the submission deadline in Germany. Otherwise, simply take the difference (25% - 10% potential refund = 15% withholding tax on your total dividends) and enter this amount, or add it to any other amounts applied for. In the first step, tax declarations are made paperless anyway, so you can relax and have the receipt from Norway until any queries arise. However, I see difficulties with the German FA recognizing this retroactively. I therefore handle it a little more elaborately and actually have the withholding tax refunded annually and the rest via the income tax return at the same time.

If you have never done the refund in Norway before, then at least get the 10% back for the last few years and the 15% for 2024 via the KAP annex. Depending on the amount, you decide which way you want to go.

If you have any questions, please leave them in the comments and I will try to answer them as soon as possible.

Part 2 will follow in a few days with details on the form and further tips.

40 shares and so the position is full for the time being.

You can also make small purchases if you don't have that much money available but if the price is still good for it

Will then continue to build steadily

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- GOLDMAN raises the price target for DELL from USD 155 to USD 165. Buy. $DELL (-0,85%)

- GOLDMAN raises the price target for ANALOG DEVICES from USD 247 to USD 261. Buy. $ADI (-1,01%)

- GOLDMAN raises the price target for HP INC from USD 35 to USD 38. Neutral. $HPQ (-0,19%)

- WARBURG RESEARCH raises the price target for VONOVIA from EUR 40.20 to EUR 42.30. Buy. $VNA (+0,89%)

- WARBURG RESEARCH upgrades STRATEC from Hold to Buy. Target price 40 EUR. $SBS4

- DEUTSCHE BANK RESEARCH raises the price target for DEUTSCHE BÖRSE from EUR 235 to EUR 237. Buy. $DB1 (-0,54%)

- MORGAN STANLEY raises the target price for DEUTSCHE TELEKOM from EUR 33 to EUR 38. Overweight. $DTE (+0,56%)

- GOLDMAN raises the price target for TRATON from EUR 31.80 to EUR 35.50. Neutral. $8TRA (-1,4%)

- GOLDMAN raises the price target for BRENNTAG from EUR 94 to EUR 95. Buy. $BNR (-0,5%)

- BERENBERG upgrades EQUINOR from Hold to Buy and raises target price from NOK 290 to NOK 325. $EQNR (+0,66%)

- JPMORGAN raises the target price for BEIERSDORF from EUR 150 to EUR 160. Overweight. $BEI (-0,96%)

- JPMORGAN upgrades HENKEL from Neutral to Overweight and raises target price from EUR 82 to EUR 100. $HEN (-1,06%)

- JPMORGAN upgrades BRITISH AMERICAN TOBACCO to Neutral. $BATS (-0,12%)

- JPMORGAN raises the price target for EON from EUR 15.50 to EUR 16. Overweight. $EOAN (-0,33%)

- JPMORGAN raises the target price for AUTO1 from EUR 12.10 to EUR 17.10. Overweight. $AG1 (-2,89%)

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- STIFEL lowers the price target for SIEMENS from EUR 207 to EUR 202. Buy. $SIE (-0,89%)

- JPMORGAN lowers the price target for HP INC from USD 41 to USD 40. Overweight. $HPQ (-0,19%)

- WARBURG RESEARCH lowers the price target for LANXESS from EUR 40 to EUR 37. Buy. $LXS (-4,07%)

- CITIGROUP lowers the price target for BASF from EUR 49 to EUR 46. Neutral. $BAS (-0,8%)

- RBC lowers the target price for COMMERZBANK from EUR 18 to EUR 17.25. Sector Perform. $CBK (-1,01%)

- RBC lowers the target price for ING from EUR 17.50 to EUR 16.75. Sector-Perform. $ING (-4,11%)

- RBC lowers the price target for BNP PARIBAS from EUR 79 to EUR 78. Outperform. $BNP (-0,91%)

- JPMORGAN lowers the price target for ELRINGKLINGER from EUR 6.70 to EUR 6. Neutral. $ELLRY (+0%)

- JPMORGAN lowers the price target for SYMRISE from EUR 130 to EUR 120. Overweight. $SY1 (-1,15%)

Western Europe's largest oil field shut down - oil prices soar

A production outage at Western Europe's largest oil field is driving up oil prices. North Sea Brent crude and US WTI crude each increased in price by around three percent to 72.95 and 68.82 dollars per barrel (159 liters). They thus extended their gains following the escalation of the Ukraine war at the weekend and reached their highest level in around a week. The Norwegian oil company Equinor $EQNR (+0,66%) announced that production at its "Johan Sverdrup" oil field had been halted due to a power outage. The company did not give a timetable for the resumption of production.

Source of information: Handelsblatt Newsblog

first position

08.10.2024

Nordex Group receives orders for 500 MW from Canada + Oil and gas producer Equinor acquires stake in wind power company Orsted + Order intake in Germany calls for caution + China's economy remains weak

The Nordex Group
$NDX1 (-0,98%) received orders for 74 N163 turbines totaling 500 MW from Canada at the end of September. The orders also include the Premium Service for maintaining the turbines for between 15 and 30 years.

The Norwegian oil and gas producer Equinor $EQNR (+0,66%) has acquired a minority stake in the Danish wind power company Orsted $ORSTED (+1,45%) making it the second largest shareholder. Equinor bought almost 41.2 million shares, the company announced in Stavanger on Monday. This corresponds to a stake of 9.8 percent. This has a market value of 2.5 billion US dollars (just under 2.3 billion euros), based on the closing price on Friday. The largest shareholder is the Danish state. According to Orsted, the country held a good half of the shares at the end of the year. Following the announcement of the news, Orsted shares rose by a good four percent to 434 Danish kroner. Equinor emphasized that it supports Orsted's strategy and board of directors. In addition, the Norwegians did not intend to take a seat on the management board. Without specifying a time horizon, the Norwegians announced their intention to increase their stake to ten percent. There are currently no plans to increase the stake beyond this. The company described its commitment as "long-term".

As was to be feared following the recent weak sentiment indicators, the German incoming orders in August fell significantly. Even if the 5.8 percent drop compared to the previous month is partly due to a lower number of large orders, today's data confirms to Commerzbank economists that demand for industrial goods from Germany has weakened further. This suggests that the German economy will stagnate at best in the second half of the year. An upturn is not expected until next year, and even this is likely to be very modest.

Tuesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

BBVA EUR 0.29

Quarterly figures / company dates USA / Asia

02:00 Samsung Electronics quarterly figures

12:00 Pepsico quarterly figures

17:00 Boeing deliveries 9/24

Untimed: General Motors Capital Markets Day | Procter & Gamble AGM

Quarterly figures / Company dates Europe

07:30 OMV Trading Update 3Q

Untimed: Deutz Capital Markets Day | BNP Paribas Extraordinary General Meeting

Economic data

• 08:00 DE: Production in the manufacturing sector August seasonally adjusted FORECAST: +0.8% yoy previous: -2.4% yoy
• 14:30 US: Trade Balance August FORECAST: -70.80 bn USD previous: -78.79 bn USD
• 18:45 US: Atlanta Fed President Bostic, speech at Atlanta Consular Corps luncheon
• 19:00 DE: ECB Governing Council member Nagel, speech at the German Bundesbank's Capital City Reception