CIG Pannonia Life Insurance Plc. (registered seat: H-1033 Budapest, Flórián tér 1.; company registry number: Cg.01-10-045857; hereinafter: the “Company”) hereby notifies its shareholders on the obligations related to taxation matters in connection with the payment of the capital contribution passed by the annual general meeting of 2019.

 The company published an information letter on the date of 11 June 2019 containing the obligations related to taxation matters. In the information letter we draw the attention of our shareholders that the verification of the acquisition value of the shares is needed to determine the personal income tax to be paid after the capital contribution. The verification shall contain the acquisition value of those CIGPANNONIA shares that were in the ownership of the shareholder at the time of the record date of the shareholder identification of 10 April 2019.

In case of stock exchange purchase the acquisition value of the shares shall be determined by a verification issued by the securities account manager, a confirmation document on the purchase, a completion statement, or an account history in connection with the share purchase, containing the acquisition value, the quantity of the shares and preferably the date of the purchase as well.

 The verification of the acquisition value of the shares shall contain the follows:

• owner identification data (at least the name, and preferably the address or tax identification number as well)

   

• the number of shares

   

• the acquisition value of the shares (HUF) or the acquisition value as a percentage of the nominal value

   

• the date of acquisition of the shares

   

• the account manager issuing the verification

 The following documents with the below mentioned general errors are not acceptable as a verification of the acquisition value of the shares:

• statement of account that does not contain the owner’s name of the account (handwritten signature is not  appropriate);

   

• statement of account that contains the current market value and the exchange rate instead of the acquisition value of the shares;

   

• press exercised from online systems lacking the necessary  data;

   

• document written by the owner of the shares;

   

• limit value consignment contract, which does not contain the details of the fulfilled engagement.

 We inform our shareholders, that if the shareholder does not have the verification of the acquisition of shares, or does not provide it to our company, then the capital contribution reduced with the income tax shall be paid. If your shares are kept in a long term investment account or you are not a natural person, the verification of the acquisition of shares is not needed.

 We inform our shareholders, that those shareholders, who do not make the declaration regarding the upper limit of the social contribution tax (meaning that the income from the aspect of social contribution tax reaches an amount that is 24 times higher than the minimum salary, so it exceeds 3.576.000 HUF), then the Company shall deduct according to the general rules the 17,5 per cent social contribution tax from the payment of the capital contribution.

 CIG Pannonia Life Insurance Plc.

 Disclaimer: All information contained within this article is for information purposes only, and shall not be considered an official translation of the official communication referred to herein. This document does not include the integral wording of the official communication referred to herein, the original Hungarian language version of it remains to be the solely legally binding material in the subject matter. For further information, please do not hesitate to contact us.