0 of the Corporation Tax act of 1969, no settlement will take place. If the shareholder is an entity located in the Netherlands which is not subject to corporation tax, the dividend tax withheld can under certain conditions be refunded by the Tax Authorities on the request of the entity. Income and Corporation Tax on Dividends and capital gains Non-Dutch Residents A shareholder who is not or is not deemed to be resident in the Netherlands is not subject to Dutch income or corporation tax for the dividends paid out by the Company (with the exception of the dividend tax mentioned above), unless: a this holder has an (participating interest in an) enterprise which is managed in whole or in part using a Dutch-resident permanent establishment or representative, of which capital the shares effectively form part of; b this holder has a (fictitious) substantial interest in the Company and the shares form no part of the capital of an enterprise. If the shareholder is resident outside the Netherlands, and a double taxation convention is in force between the Netherlands and his/her country of residence, the shareholder, especially in the situation mentioned under b, may qualify for protection by the convention. Dutch Residents If shares are held by a natural person resident in or deemed to be resident in the Netherlands, income from shares is in principle subject to Dutch income tax. Dividends in the form of shares charged against the tax-exempt share premium reserve received by a shareholder who is not an owner of a company, are not liable to income tax. In certain situations, private individuals may avail themselves, up to specified amounts, of the dividend exemption. Capital gains are in general only liable to Dutch income tax if: the shares are attributable to the company capital of the natural person; the shareholder has a substantial interest in the company. In this case, taxation will be at a rate of 25%, instead of at the progressive rate. If shares are held by entities or other bodies resident in or deemed to be resident in the Netherlands, and which are subject to Dutch corporation tax, income from shares (including capital gains) is subject to Dutch corporation tax, unless the shareholder, with regard to these dividends and other income, is entitled to participation exemption as stated in article 13 of the Corporation Tax Act 1969. Wealth Tax Entities are not liable to Dutch wealth tax. Non-Dutch Residents A natural person who holds shares and is not or is not deemed to be resident in the Netherlands, is subject to Dutch wealth tax for his shares if he has an (participating interest in an) enterprise which is managed in whole or in part using a Dutch-resident permanent establishment or representative, of which capital the shares effectively form part. Dutch residents A natural person who is holding shares and is resident in the Netherlands, is subject to Dutch wealth tax. Exemptions may apply, as well as a tax-free allowance. The rate of the wealth tax is 7%0 (1998). Gift Tax, Inheritance Tax and Transition Tax Dutch gift tax is levied on any received gift of shares by a person resident in the Netherlands at the time of the gift. Dutch inheritance tax is levied on any received inheritance of shares by a person resident in or deemed to be resident in the Netherlands at the time of the inheritance. If the shares are part of a(n) (participating interest in an)

AJAX ARCHIEF

Jaarverslagen Ajax NV (vanaf 1997) | 1998 | | pagina 50