Part 1 - AL-Tax

Portugal Individual shareholders and portfolio corporate Substantial corporateshareholders: Partial participation exemption – 50%. shareholders: 100%.SpainIndividuals and portfoliocorporate shareholders:Partial imputation system.Substantial corporateshareholders: Fullimputation system.Sweden Individual shareholders: Unless distributed profits are Corporate shareholders: 100%.eligible for the exemption. Individual shareholders ofunlisted Swedish and nonresident companies areexempt from tax on dividends received, up to anamount corresponding to 70% of the interest rate ongovernment borrowing, multiplied by the acquisitionvalue of the shares, plus, under certain circumstances,part of the payroll. The distributing company must nothave held, directly or indirectly, 10% or more of thevoting power or the capital of a listed Swedish ornonresident company at any time during the precedingfour financial years.UKIndividuals and corporateshareholders: Partialimputation system.Source: IBFD.227