Italy: Quick refund on dividend distribution of Ferrari shares - update
Note: The DTCC have revised their notice to include Italian Pension Funds in the eligibility matrix. Please refer to the latest version of the notice on the DTCC website.
Clearstream Banking AG1 informs customers that on
2 May 2019
a dividend distribution at a price of EUR 1.03 per share (USD 1.164 per share) will be paid to all shareholders of Ferrari shares (ISIN NL0011585146) as at record date 24 April 2019.
This dividend distribution subject to Italian tax at 26% and to Dutch tax at 15% is in total subject to a maximum of 41% withholding tax by default in CBF.
Customers may apply for a quick refund for their underlying beneficial owners according to the procedure described in the DTCC notice. For full details regarding these requirements, please refer to the original DTCC notice available from the DTCC website (CUSIP / Security name can be used to retrieve the notice).
Customers are strongly encouraged to obtain this notice to ensure they are aware and comply with the full requirements for this event.
Impact on customers
Customers wishing to obtain a quick refund must instruct CBF as follows:
- Provide the original certification detailed in the DTCC notice to CBF via registered post to the following address:
Clearstream Banking S.A.
Attention: OTL Luxembourg
42, Avenue JF Kennedy
L-1855 Luxembourg
Luxembourg - Send a per-payment breakdown for each tax rate required via SWIFT or CreationOnline message (please refer to Announcement D18075 for full instruction formatting requirements) including the following:
- Customer account number;
- ISIN code;
- Corporate action ID;
- Payment date;
- A breakdown of the position with the full BO details (including address and country), place of incorporation, entity type, Dutch tax ID, the quantity (please refer to the eligible balance on your account) and respective tax rate to apply per each beneficial owner. For individuals, please also specify the birthdate.
- Customers are required to specify in the field 92a for SWIFT or in the requested withholding tax rate for CreationOnline the applicable tax rate requested.
- Sending of Additional documentation
Any additional documentation may be requested from the customer or the final beneficial owners. Upon request such documentation must be provided to the address stated above.
Important note: Customers are reminded that it is the customer's responsibility to ensure that final beneficial owners are eligible for the tax rates applied, including CBF default rates. Neither CBF nor its local depository has any direct or indirect liability towards the Italian or the Dutch authorities in this regard.
Deadline
In order to benefit from a quick refund, customers must ensure that CBF receives the above-described documents by:
- First batch: latest 10 May 2019 at 10:00 CET
- Final batch: latest 11 June 2019 at 10:00 CET
Default action
If no certification is received by CBF before the stated deadline, 41% withholding tax will be applied by default on the dividend payment.
CBF will take no responsibility in respect of any losses, claims, penalties, taxes and interest thereon due to no action being taken by the customer regarding the above matter or receipt of documents after the indicated deadline.
If CBF is informed after the tax instruction or certification deadline indicated above that a beneficial owner has obtained relief at source to which the beneficial owner is not entitled (as example due to incorrect entitlement, data, certification etc), CBF will not assist in withholding the tax or paying it back to the respective tax authorities.
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This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.