COMPAGNIE FINANCIERE RICHEMONT SA - Information for former depositary receipt ('DR') holders - withholding tax reclaims

Information for former depositary receipt ('DR') holders - withholding tax reclaims

Compagnie Financière Richemont SA ('CFR')
(Incorporated in Switzerland)
Share code: CFR
ISIN: CH0210483332


RICHEMONT SECURITIES SA - INFORMATION FOR FORMER DEPOSITARY RECEIPT ('DR') HOLDERS - WITHHOLDING TAX RECLAIMS

We refer to the SENS announcement of 22 June 2023 where we explained that the Swiss Federal Tax Administration ('SFTA') had cancelled the special arrangement that previously applied to reclaim the Swiss withholding tax on the Richemont dividends paid to bona fide South African tax resident DR holders. As mentioned in our previous SENS announcements, certain contentious claimants may need to resubmit their claims and work with the SFTA to resolve their reclaim. This exercise will be between these so-called contentious claimants and the SFTA only. 

The SFTA has recently paid out several non-contentious claims for the 2018 to 2020 dividend years and these are in the process of being paid to the respective South African tax resident claimants. The SFTA is currently reviewing the remaining 2018 to 2021 claims.

Although we have been informed by the SFTA that for the 2022 dividend year, claimants must follow the standard claim procedure, our agents are in discussions with both South African Revenue Services ('SARS') and the SFTA to see if they can find some way to assist the claimants and are awaiting their feedback. However, should claimants wish to proceed on their own before an alternative process to assist claimants is implemented, the standard claim process is described below:


1. You will need to access the SFTA website and download the reclaim form 92 from the following link: https://www.estv.admin.ch/estv/en/home/international-fiscal-law/international-by-country/sif/south-africa.html

2. This form 92 is very similar to the one provided to former DR holders in the past and should be completed in a similar way as done under the Richemont reclaim program.

3. Once the document is completed with the required supporting documents and authorisation, this will need to be submitted to SARS.

4. It is our understanding that SARS will check, and if in order, will stamp the form 92 and return this to you.

5. Once received back from SARS, these documents will need to be sent to the SFTA at the following address:

Federal Tax Administration
Main Division for Federal Direct Tax, Withholding Tax, Stamp Duty
Eigerstrasse 65
3003 Berne
Switzerland

6. The SFTA will review, and if approved, will arrange to pay the Swiss franc equivalent of your claim to your bank account details as set out in the form 92.  

Please note that claimants have three years to submit their claim to the SFTA, meaning that claims with regard to the 2022 dividend must be submitted to the SFTA prior to December 31st 2025. 

Richemont Securities and Computershare's involvement in the withholding tax reclaim process is to assist former DR holders only. They do not accept any responsibility for any delay or failure by SARS or the SFTA to accept claims for a refund and/or for any failure, for whatever reason, by the SFTA to pay the refund and/or any failure by claimants to receive the payment. In the event of any refusal by SARS or the SFTA to accept the claims or pay the refunds, Richemont Securities and Computershare undertake to inform holders of the situation and such holders may take the matter up with the relevant tax authorities personally as and if appropriate.

CFR may appoint other parties to assist in the administration of the cross-border trading programme and may provide to such agents such information as it deems to be appropriate, including information relating to the identity of holders of JSE shares.   

Richemont A shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and on the Johannesburg Stock Exchange, Richemont's secondary listing. Richemont A shares are included in the Swiss Market Index ('SMI') of leading stocks.


21 September 2023

Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 21-09-2023 05:30:00
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