Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 211

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 211
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HR:2021:1963), the current system of taxation based on a deemed return may contravene with Section 1 of the First Protocol to the European Convention on Human Rights in combination with Section 14 of the European Convention on Human Rights. As a result, the Dutch State Secretary for Tax Affairs and Tax Administration issued a decree stating that if the deemed return based on the actual composition of the yield basis (with currently unknown separate deemed return percentages for savings, debts and investments) in 2022 is lower than the deemed return based on current legislation as described above, the former (lower) deemed return will be used to determine taxable income from savings and investments. Non-residentsof The Netherlands. A holder of a debt security who is neither resident nor deemed to be resident of The Netherlands for Dutch corporate or personal income tax purposes who derives income from such debt security, or who realizes a gain on the disposal or redemption of the debt security will not be subject to Dutch taxation on income or capital gains, unless:

| (i) | such holder carries on a business, or is deemed to carry on a business or part thereof, for example pursuant to                                                                                         
 a co-entitlement to the net value of an enterprise (medegerechtigde), through a permanent establishment or a permanent representative in The Netherlands to which the debt security is attributable; or |

| (ii) | the holder is an individual, and such income or gain qualifies as income from miscellaneous activities in The                                                                                                       
 Netherlands (resultaat uit overige werkzaamheden in Nederland), which e.g., include activities with respect to the debt security that exceed regular, active portfolio management (normaal actief vermogensbeheer). |

Taxation of Gifts and Inheritances Residents of The Netherlands. Generally, gift and inheritance tax will be due in The Netherlands in respect of the acquisition of a debt security by way of a gift by, or on the death of, a holder of a debt security who is a resident or deemed to be a resident of The Netherlands for the purposes of Dutch gift and inheritance tax at the date of the gift or his or her death. An individual of Dutch nationality is deemed to be a resident of The Netherlands for the purposes of Dutch gift and inheritance tax if he or she was a resident in The Netherlands at any time during the 10 years preceding the date of the gift or his or her death. For the purposes of Dutch gift tax, an individual is deemed to be a resident of The Netherlands if he or