Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 173

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 173
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 corporate Spanish shareholders, less any expenses inherent to holding the Common Shares, must be included in
the CIT taxable base. The general CIT tax rate is 25%.

Dividends in respect of the shares obtained by the shareholders that
(i) hold, directly or indirectly, at least 5% in the issuer’s stock; and (ii) hold such participation for at least one year prior to the relevant distribution date or commits to hold the participation for the time needed to complete
such one-year holding period, may be 95% exempt from CIT on that dividend as a general rule.

S-107

As from 2021, the CIT full exemption (subject to certain requirements) for dividends and
interests in profits of a company has been reduced by the inclusion of a non- tax deductible expense amounting to 5%. In practice, this means that dividends and interests in profits of a company obtained by
CIT taxpayers will be taxed at an effective 1.25% rate (general 25% CIT rate on the 5% of the registered dividends and interests in profits of a company).

In case the conditions to apply this exemption applies to the relevant shareholder, and provided that the minimum one year holding period
requirement is complied with on the distribution date in respect of the Common Shares, dividends will not be subject to withholding tax. Otherwise, dividends will be taxed at the applicable CIT tax rate of the taxpayer and a withholding will apply
(currently set at 19%). This CIT withholding will be credited against the taxpayer’s annual CIT due, and if the amount of tax withheld is greater than the amount of the annual CIT due, the taxpayer will be entitled to a refund of the excess
withheld.

Gains or losses arising from the sale of the Common Shares by a shareholder that is a Spanish CIT taxpayer must be included in its taxable
base. The general CIT tax rate is 25% Gains arising from the sale of the Common Shares will not be subject to withholding tax on account of CIT.

For CIT payers that (i) hold, directly or indirectly, at least 5% in the issuer’s stock; and (ii) hold such participation for
at least one year prior to the relevant transfer, capital gains will be 95% exempt from CIT as a general rule. Otherwise, capital gains will be taxed at the CIT rate applicable to the relevant taxpayer.

As from 2021, the CIT full exemption (subject to certain requirements) for capital gains has been reduced by the inclusion of