Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 143

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 143
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 of taxable income (2025 rate).

Income derived or deemed to be derived from a Security or a gain realized on the disposal,
redemption, substitution, variation and/or Conversion of a Security, by a holder of a Security who is an individual who is a

S-103

resident or a deemed resident of The Netherlands for Dutch personal income tax purposes, may, amongst others, be subject to Dutch personal income tax at progressive individual income tax rates up to 49.50% (2025 rate) if:

| (i) | the individual carries on a business (ondernemer), or is deemed to carry on a business, for example                                        
 pursuant to a co-entitlement to the net value of an enterprise (medegerechtigde), to the assets of which such Security is attributable; or |

| (ii) | such income or gain qualifies as income from miscellaneous activities (resultaat uit overige                                                                  
 werkzaamheden), which e.g. include activities with respect to the Security that exceed regular, active portfolio management (normaal actief vermogensbeheer). |

If neither condition (i) nor condition (ii) above applies to an individual that holds the Security, taxable income with regard to the Security must be determined on the basis of a deemed return on savings and investments (sparen en beleggen), rather than on the basis of income actually received or gains actually realized. This deemed return on savings and investments is determined based on the individual’s yield basis (rendementsgrondslag)at the beginning of the calendar year (1 January), insofar as the individual’s yield basis exceeds a statutory threshold (heffingvrij vermogen)(EUR 57,684 in 2025). The individual’s yield basis is determined as the fair market value of certain qualifying assets held by the individual (including the Security) less the fair market value of certain qualifying liabilities on 1 January. The individual’s deemed return is calculated by multiplying the individual’s yield basis with a ‘deemed return percentage’ (effectief rendementspercentage), which percentage depends on the actual composition of the yield basis. As of 1 January 2025, the deemed return percentage applicable to the Security is 5.88%. In June 2024, the Dutch Supreme Court ruled that, in situations where the actual return on investments is lower than the deemed return prescribed by law, the determination of the taxable income based on a deemed return has a discriminatory effect and is in violation of the right to