AEG 21604 G Bedienungsanleitung PDF herunterladen (Seite 237)

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If no Disbursing Agent is involved in the payment process the Noteholder will have to include its income

on the Notes in its tax return and the flat income tax of 25 % plus solidarity surcharge will be collected by

way of assessment.

Payment of the flat income tax will generally satisfy any income tax liability of the Noteholder in respect

of such investment income. Noteholders may apply for a tax assessment on the basis of general rules ap-

plicable to them if the resulting income tax burden is lower than 25 %.

Taxation of capital gains

Capital gains from the transfer or redemption of the Notes will also be subject to the flat income tax on

investment income at a rate of 25 % (plus solidarity surcharge in an amount of 5.5 % of such tax, result-

ing in a total tax charge of 26.375 %), irrespective of any holding period. This will also apply to Notes on

which the principal is effectively repaid in whole or in part although the repayment was not guaranteed.

If the Notes are held in a custodial account which the Noteholder maintains with a Disbursing Agent the

flat income tax will be levied by way of withholding from the difference between the redemption amount

(or the proceeds from the disposition) and the issue price (or the purchase price) of the Notes. If the Notes

have been transferred into the custodial account of the Disbursing Agent only after their acquisition, and

no evidence on the acquisition data has been provided to the new Disbursing Agent by the Disbursing

Agent which previously kept the Notes in its custodial account, withholding tax will be levied on 30 % of

the proceeds from the disposition or redemption of the Notes.

If no Disbursing Agent is involved in the payment process the Noteholder will have to include capital

gains from the disposition or redemption of the Notes in its tax return and the flat income tax of 25 % plus

solidarity surcharge will be collected by way of assessment.

Payment of flat income tax will generally satisfy any income tax liability of the Noteholder in respect of

such investment income. Noteholders may apply for a tax assessment on the basis of general rules appli-

cable to them if the resulting income tax burden is lower than 25 %.

Notes held by tax residents in Germany where the Notes form part of the business assets

Payments of interest on Notes and capital gains from the disposition or redemption of Notes held as busi-

ness assets by German tax resident individuals or corporations (including via a partnership, as the case

may be), are generally subject to German income tax or corporate income tax (in each case plus solidarity

surcharge). The interest and capital gain will also be subject to trade tax if the Notes form part of the

property of a German trade or business.

If the Notes are held in a custodial account which the Noteholder maintains with a Disbursing Agent (as

defined above) tax at a rate of 25 % (plus a solidarity surcharge of 5.5 % of such tax) will also be with-

held from interest payments on Notes and generally also from capital gains from the disposition or re-

demption of Notes held as business assets. In these cases the withholding tax does not satisfy the income

tax liability of the Noteholder, as in the case of the flat income tax, but will be credited as advance pay-

ment against the personal income or corporate income tax liability and the solidarity surcharge of the

Noteholder.

With regard to capital gains no withholding will generally be required under certain circumstances in the

case of Notes held by corporations limited or unlimited taxable in Germany and upon application in the

case of Notes held by limited or unlimited taxable individuals or partnerships as business assets if the

overall taxation burden is lower than withholding tax due to the business.

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AEG 21604 G Bedienungsanleitung Seite 237