Prospectus - Notowania

UniCredit will not be obliged to withhold Polish tax. Thus, once the tax is not withheld and
transferred by the tax remitter, the flat rate income tax should be calculated and paid by the
taxpayers themselves (by the prescribed deadlines).
The Agreement between Polish People’s Republic and the Government of the Republic of Italy
for the avoidance of double taxation with respect to taxes on income and the prevention of
fiscal evasion, dated June 21, 1985 (published in Journal of Laws of 1989, no. 62 item 374, the
“Double Taxation Treaty”) provides for that dividends payable by a company with its
registered office in Italy to an individual domiciled in Poland, being the beneficial owner of the
dividend, may be taxed in Italy, although such tax cannot exceed 10% of the gross amount of
the dividends (provided that the given income is not connected with the recipient’s “permanent
establishment” in Italy).
In order to eliminate the double taxation of such income the Double Taxation Treaty provides
for tax credit method. Namely, where a Polish tax resident individual derives income such as
dividend, which may be taxed in Italy, he/she is allowed to deduct from the domestic tax on
his/her income of the amount equal to the tax paid (withheld) in Italy. Such deduction shall not,
however, exceed that part of the tax as computed before the deduction is given, which is
appropriate to such income derived in Italy.
Income from Shares Held by Polish Corporate Entities
Pursuant to the Corporate Income Tax (“CIT”) Law, dated February 15, 1992 (unified text
published in Journal of Laws of 2000, no. 54 item 654 as amended), corporations are subject to
unlimited tax liability in Poland (i.e., they are taxable on their worldwide income) provided that
their registered office and/or place of management is in Poland. Dividends and other income
(revenue) actually earned on shares held by corporate entities and companies in course of their
formation, as well as other unincorporated entities (except partnerships), with their registered
office and/or place of management in Poland are subject to taxation on the terms set forth in the
CIT Law. The tax rate is 19%. In case of dividends, the taxable (gross amount) base is the
entire amount of the dividend without any decrease for tax-deductible expenses.
As a rule, pursuant to the CIT Law, the tax on dividend and other income (revenue) actually
earned on the UniCredit shares is collected by a remitter, i.e. an entity that makes
disbursements on account thereof. The remitter is required to send an annual tax return to the
relevant tax office by the end of the first month following the tax year. The remitter is also
required to send information on the amount of withheld tax to taxpayers by the seventh day of
the month following the month in which the tax was withheld. However, with respect to the
UniCredit shares, similarly as in the case of individuals, no such obligation may be imposed on
a foreign entity, thus tax should be calculated and paid by the corporate taxpayers themselves
(by the prescribed deadlines).
The Double Taxation Treaty provides that dividends payable by a company with its registered
office in Italy to a corporation with its registered office in Poland as beneficial owner of the
dividends may be taxed in Italy, although such tax cannot exceed 10% of the gross amount of
the dividends (provided that the given income is not connected with the recipient’s “permanent
establishment” in Italy).
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