AEG 21604 G Manual de usuario descargar pdf (Pagina 231)

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Under the Luxembourg Laws, a Luxembourg based paying agent (within the meaning of the EU Savings

Directive) is required, since 1 July 2005, to withhold tax on interest and other similar income (including

reimbursement premium received at maturity) paid by it to (or under certain circumstances, to the benefit

of) an individual or a residual entity (a “Residual Entity”) in the sense of article 4.2. of the EU Savings

Directive (i.e. an entity without legal personality except for (i) a Finnish avoin yhtiö and kommandiittiy-

htiö / öppet bolag and kommanditbolag and (ii) a Swedish handelsbolag and kommanditbolag, and whose

profits are not taxed under the general arrangements for the business taxation and that is not, or has not

opted to be considered as, a UCITS recognised in accordance with Council Directive 85/611/EEC), resi-

dent or established in another Member State of the European Union, unless the beneficiary of the interest

payment elects for an exchange of information. The same regime applies to payments to individuals or

Residual Entities resident in any of the following territories: Aruba, the British Virgin Islands, Guernsey,

the Isle of Man, Jersey, Montserrat and the Netherlands Antilles.

The withholding tax is currently of 20 %, increasing to 35 % as from 1 July 2011. The withholding tax

system will only apply during a transitional period, the ending of which depends on the conclusion of

certain agreements relating to information exchange with certain other countries.

In each case described here above, responsibility for the withholding tax will be assumed by the Luxem-

bourg paying agent.

Income taxation

Luxembourg resident individuals

A Luxembourg resident individual, acting in the course of the management of his/her private wealth, is

subject to Luxembourg income tax in respect of interest received, redemption premiums or issue dis-

counts under the Notes, except if a withholding tax has been levied by the Luxembourg paying agent on

such payments or, in case of a non-resident paying agent, if such individual has opted for the 10 % levy,

in accordance with the Luxembourg Laws.

Under Luxembourg domestic tax law, gains realised upon the sale, disposal or redemption of the Notes by

a Luxembourg resident individual Noteholder, who acts in the course of the management of his/her pri-

vate wealth, on the sale or disposal, in any form whatsoever, of Notes are not subject to Luxembourg in-

come tax, provided (i) this sale or disposal took place at least six months after the acquisition of the Notes

and (ii) the Notes do not constitute zero coupon notes. A Luxembourg resident individual who acts in the

course of the management of his/her private wealth has further to include the portion of the gain corre-

sponding to accrued but unpaid income in respect of the Notes in his/her taxable income, insofar as the

accrued but unpaid interest is indicated separately in the agreement.

A gain realized by a Luxembourg resident individual who acts in the course of the management of his/her

private wealth upon the sale of zero coupon notes before their maturity must be included in his/her tax-

able income for Luxembourg income tax assessment purposes.

A Luxembourg resident individual, who acts in the course of the management of a professional or busi-

ness undertaking to which the Notes are attributable, has to include interest and gains realized on the sale

or disposal of the Notes in his/her taxable income for Luxembourg income tax assessment purposes.

Taxable gains are determined as being the difference between the sale, repurchase or redemption price

(including accrued but unpaid interest) and the lower of the cost or book value of the Notes sold or re-

deemed.

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AEG 21604 G Manual de usuario Pagina 231