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A public limited company has requested guidance on how to calculate the withholding tax base for distributions from the share premium reserve if the acquisition value of the shares is unknown. The Directorate General of Taxes (DGT) has ruled that no withholding tax is due on such distributions.
Question posed: It is inquired how the company may calculate the withholding tax base corresponding to potential income from movable capital that may arise for the shareholder due to the distribution of the reserve, if the company is unaware of the acquisition value corresponding to the shares of the various shareholders.
Pursuant to Article 74.3.h) of the Personal Income Tax Regulations, there is no obligation to withhold tax on income derived from the refund of the share premium. This exception does not apply if the company is an open-ended investment company, a condition which is not met in this case.
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