Potential tax consequences of a Brexit. June 2016

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1 Potential tax consequences of a Brexit June 2016

2 Overview potential Brexit tax consequences Termination friendly EU Social Security directives => Cross-border employed employees may become subject to more than one social security system. Customs Duties UK no longer within customs duties free internal market and customs duties applicable to imports from UK into EU. VAT UK to be treated as third country for EU VAT purposes => Increased compliance for cross border trading. TAX Competition UK will no longer be bound to the restrictions of EU treaty including EU efforts to limit harmful tax competition. BREXIT Transfer Pricing UK will no longer be party to EU Arbitration convention => increase of uncertainty whether double taxation will be eliminated in case of TP adjustments. Reorganizations UK will no longer be a party to the EU Merger Directive. => This will make reorganizations involving UK entities more difficult and potentially trigger taxes. Dividend withholding tax Dividends to UK governed by EU Parent/ Subsidiary Directive and tax treaties need to be relied upon. => Potential issues in relation to Austria, Germany, Italy, Portugal and certain Eastern European countries. * * See next slide for overview of countries in relation to which withholding taxes may be incurred after a Brexit. Interest withholding tax Interest paid by and to UK governed by EU Interest and Royalty Directive and tax treaties need to be relied upon. => Potential issues in relation to Belgium, Italy, Portugal and certain Eastern European countries.* Royalty withholding tax Royalties paid to UK governed by EU Interest and Royalty Directive and tax treaties need to be relied upon. => Potential issues in relation to Austria, Italy, Portugal and certain Eastern European countries. * 2

3 Issues arising with regard to withholding taxes in UK-EU situations after Brexit Source countries Dividend withholding tax Interest withholding tax Royalty withholding tax Domestic rate Treaty rate UK (1) Domestic rate Treaty rate UK Domestic rate Treaty rate UK United Kingdom n/a See below 20% See below 20% See below Austria 25% 5% 0% 0% 20% 0%/10% Belgium 10%27% 0% 27% 10% 27% 0% Bulgaria 5% 0% 10% 0%/5% 10% 5% Croatia 12% 5% 15%/20% 10% 15%/20% 10% Cyprus 0% 0% 0% 10% 5%/10% 0%/5% Czech Republic 15%/35% 5% 15%/35% 0% 15%/35% 0%/10% Estonia 0% 5% 0% 0% 10% 5%/10% Germany 25% 5%/10% 25% 0% 15% 0% Greece 10% n/a (2) 15% 0% 20% 0% Ireland 20% 5% 20% 0% 20% 0% Italy 1.375%/26% 5% 12.5%/26% 0%/10% 30% 8% Latvia 15%/30% 5% 5%/15% 10% 15% 5%/10% Lithuania 15% 5% 10% 10%(3) 10% 5%/10% Netherlands 15% 0% 0% 0% 0% 0% Poland 19% 0% 20% 0%/5% 20% 5% Portugal 25%/35% 10% 25%/35% 10% 25%/35% 5% Romania 16%/50% 10% 16%/50% 10% 16%/50% 10%/15% Slovak Republic 35% 5% 19%/35% 0% 19%/35% 0%/10% Slovenia 15% 0% 15% 0%/5% 15% 5% (1) Treaty rate for qualifying companies (2) No dividend provision included in the tax treaty between the United Kingdom and Greece (3) All interest payments to companies resident in EEA countries or countries having an income tax treaty with Lithuania are exempt from interest withholding tax. 3

4 For more information: Meijburg & Co UK desk Ronald Honings UK Desk +31(0)

5 All activities performed and all services rendered by Meijburg & Co are subject to its general terms and conditions, filed with the Dutch Chamber of Commerce. Meijburg & Co, Tax Lawyers, is an association of limited liability companies under Dutch law, registered under Chamber of Commerce registration number and is a member of KPMG International Cooperative ("KPMG International"), a Swiss entity. The general terms and conditions are available on the Meijburg & Co website (http://www.meijburg.com/termsandconditions) and will be supplied upon request.

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