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

24.04.2024

Clearstream Banking AG1 informs clients that on

3 May 2024

a dividend distribution at a price of EUR 2.443 per share will be paid to all shareholders of Ferrari shares (ISIN NL0011585146) who are holding the shares as at record date 23 April 2024.

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 Clearstream Banking.

Clients may apply for relief at source or quick refund for their underlying beneficial owners according to the procedure described in the notice published by The Depository Trust & Clearing Corporation (DTCC) on its website. For full details regarding these requirements, please refer to the original DTCC notice (CUSIP / security name can be used to retrieve the notice).

Clients are strongly encouraged to consider 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: cadatabase.cs@clearstream.com. Please state the following in the subject line (exact quote): TAX ELECTION FERRARI N3167Y103 2024

Impact on clients

Clients wishing to obtain a quick refund must instruct Clearstream Banking as follows:

  • Provide the original certification detailed in the DTCC notice to Clearstream Banking via registered post to the following address:


    Clearstream Services Prague Branch
    Tax Services Prague
    Futurama Business Park Building B 
    Sokolovska 662/136b
    18600 Prague 8
    Czech Republic

  • Submit two separate instructions: One for full quick refund on Dutch withholding tax and the other for quick refund on Italian withholding tax, as described in the following table:

Dutch quick refund

(a) Per-payment electronic instruction

Please send one per-payment breakdown per each tax rate required via Swift or Xact Web Portal. Your instruction must include:

  • Your account number,
  • ISIN code,
  • Corp ID,
  • Record date,
  • Payment date,
  • Statement confirming submission of beneficial owner disclosure.

(b) Beneficial owner disclosure

All non-Dutch holders must be disclosed to get full refund of the 15% Dutch withholding tax. The breakdown of disclosure must be sent to tax.customers@clearstream.com. The subject line shall state the following: Account number, ISIN, Corp ID, record date, your Swift/Xact instruction reference. The template is available as mentioned above.

Italian quick refund

Per-payment electronic instruction

Please send one per-payment breakdown per each tax rate required via Swift or Xact Web Portal. Your instruction must include:

  • Your account number,
  • ISIN code,
  • Corp ID,
  • Record date,
  • Payment date,
  • Statement confirming submission of beneficial owner disclosure.
  • Specify the applicable tax rate requested in the field :92a: for Swift.

  • Send additional documentation: any additional documentation may be requested from the client or the underlying beneficial owners. Upon request, such documentation must be provided to the address stated above.

Important note: Clients are reminded that it is their responsibility to ensure that final beneficial owners are eligible for the tax rates applied, including Clearstream Banking’s default rates. Neither Clearstream Banking nor its local depository has any direct or indirect liability towards the Italian or the Dutch authorities in this regard.

Deadlines

In order to benefit from a quick refund, clients must ensure that Clearstream Banking receives the above-described documents by the following dates:

Quick refund

Deadline for receipt by Clearstream Banking

Relief at source

At the latest by 26 April 2024, 10:00 CEST

First batch

At the latest by 15 May 2024, 10:00 CEST

Final batch


At the latest by 10 June 2024, 10:00 CEST

Default action

If no certification is received by Clearstream Banking before the deadlines stated above, 41% withholding tax will remain applicable by default on the dividend payment.

Clearstream Banking will take no responsibility in respect of any losses, claims, penalties, taxes and interest thereon due to no action having been taken by the client regarding the above matter or receipt of documents after the indicated deadlines.

---------------------------------------

1. 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.