Policy for Withholding Tax
Claim policy for reimbursement of foreign withholding tax for CIUs managed by MIROVA - September 2014
French or Luxembourg CIUs may receive dividends net of withholding tax on foreign shares held. In some cases, the withholding tax rate applied to dividends received by French or Luxembourg CIUs may differ from that applied to dividends paid to CIUs located in the same country as the asset’s issuer.
In certain European Union countries, following the Court of Justice of the European Union’s judgment on May 10, 2012, these circumstances make it possible to file a claim with the competent authorities in order to be reimbursed for this rate difference.
In such cases, our policy is to file claims on behalf of the managed CIU, in the interests of the investors, if the conditions, such as the likelihood of recovery, the time necessary, and the cost, seem favorable to investors. This allows for materiality thresholds to be determined.
It should be noted, however, that this claim policy involves contingencies in terms of actual and final reimbursement amounts and deadlines. CIUs may have to bear external costs without receiving the expected reimbursements. Expenses incurred and reimbursements received under this policy will be reported in the CIUs Annual Reports.