Italy: Relief at source and quick refund on dividend distribution of Ferrari shares


Clearstream Banking AG1 informs customers that on

6 May 2022

a dividend distribution at a price of EUR 1.362 per share  will be paid to all shareholders of Ferrari shares (ISIN NL0011585146) as at record date 20 April 2022.

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 relief at source or 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.

All templates and forms can also be requested by sending an email to:, quoting exactly in the subject line: TAX ELECTION FERRARI N3167Y103 2022

Impact on customers

Customers wishing to obtain relief at source or 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 Operations Prague s.r.o.
    Attn: PTS - Tax Services
    Futurama Business Park Building B
    Sokolovska 662/136b
    CZ-18600 Prague 8
    Czech Republic

  • Submit two separate instructions: One for full relief at source or quick on 15% Dutch withholding tax and the other for 26% Italian relief at source or quick refund, as follows:

    • Send a beneficial owner disclosure: All non-Dutch holders must be disclosed to get full refund on the 15% Dutch withholding tax. The breakdown of disclosure must be sent to by filling in subject line: Account number, ISIN, Corp ID, record date, your SWIFT/CreationOnline instruction reference. The template is available as mentioned above.

  • Statement confirming submission of beneficial owner disclosure;

  • 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.


In order to benefit from relief at source or a quick refund, customers must ensure that CBF receives the above-described documents by:

  • Relief at source: latest 26 April 2022 at 10:00 CET
  • Quick refund - first batch: latest 23 May 2022 at 10:00 CET
  • Quick refund - final batch: latest 16 June 2022 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.


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.