Prospectus - Notowania

payment exceeding what was due; this procedure is also applied to the solidarity tax.
The special fixed tax rate is not applied.
Shareholders incorporated in the form of joint-stock companies
With certain exceptions for companies operating in the finance and insurance industry,
in general 95% of the capital gains realised by joint-stock companies residing in
Germany (or entities whose registered office or place of actual management and
control is in Germany) are exempt from company income taxes and from the solidarity
tax. 5% of capital gains realised is considered non-deductible company cost and,
therefore, it is subjected to income taxes on companies at the rate of 15% plus 5.5% of
solidarity tax thereon (for a total rate of 15.825%). However, all actual expenses
directly related to the dividends are deductible in principle. No minimum holding
threshold or minimum duration of possession is applied. The entire amount of
company expenses economically related to capital gains is tax deductible, whilst
losses deriving from the transfer or otherwise related to the shares may not be
deducted for tax purposes.
Sole proprietorships
The capital gains realised on the transfer of the shares owned as company assets by a
sole proprietorship residing in Germany are subject to German income taxes plus the
solidarity tax thereon, the church taxes, if applicable, and if the shares are owned as
assets by a business or by an enterprise, they are also subject to trade taxes.
In case of transfer of shares, 60% of capital gains is subject to taxes and 60% of the
losses and/or of the company expenses economically related to the transfer of the
shares is, in principle, deductible. Taxation is made on the basis of the shareholder’s
personal progressive tax rate.
Trade taxes are generally credited for the shareholder’s personal tax liabilities in
accordance with the standard tax credit method.
Commercial Partnerships
If the shareholder is a partnership, the income taxes on natural persons or the income
taxes on legal persons shall be assessed solely at the individual partner level. If the
shareholder is a joint-stock company fiscally residing in Germany, the rules for jointstock
company shareholders who own the shares directly are applied (please see the
previous Paragraph on the Shareholders incorporated in the form of joint-stock
companies). If the shareholder is a natural person fiscally residing in Germany, the
rules for natural person shareholders who own the shares directly are applied (please
see the previous Paragraph on Sole Proprietorships).
The capital gain is also subject to trade taxes if the shares are owned as assets of a
business or of an enterprise of the commercial partnership. 60% of capital gains is
subject to trade taxes to the extent to which the capital gain can be attributed to a
natural person partner. Only 5% of capital gains is subject to trade taxes to the extent
to which the capital gain can be attributed to a partner who is a joint stock company.
Commercial losses and expenses related to the transfer of the shares cannot be fiscally
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