Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 240

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 240
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 as a non-taxable return of capital to the extent of your basis in the ADSs representing our ordinary shares and thereafter as capital gain. However, we do not expect to calculate earnings and profits in accordance with
U.S. federal income tax principles. Accordingly, you should expect to generally treat distributions we make as dividends.

Dividends will
generally be income from sources outside the United States, and will generally be “passive” category income for purposes of computing the foreign tax credit allowable to you. However, if (a) we are 50% or more owned, by vote or value,
by United States persons (a “United States-owned foreign corporation”) and (b) at least 10% of our earnings and profits are attributable to sources within the United States, then for foreign tax credit purposes, a portion of our
dividends would be treated as derived from sources within the United States. With respect to any dividend paid for any taxable year, the United States source ratio of our dividends for foreign tax credit purposes would be equal to the portion of our
earnings and profits from sources within the United States for such taxable year, divided by the total amount of our earnings and profits for such taxable year. There can be no assurances that we are not, or will not become, a United States-owned
foreign corporation. If a portion of dividends we pay are characterized as from sources within the United States as a result of these rules, this could adversely affect a U.S. holder’s foreign tax credit limitation (and, depending on your
circumstances, may limit your ability to credit any Dutch withholding tax on dividends against your U.S. federal income tax liability).

Subject to certain limitations, and subject to the discussion in the preceding paragraph, any Dutch tax withheld and paid over to The
Netherlands will be creditable or deductible against your U.S. federal income tax liability. However, under recently finalized U.S. Treasury regulations, it is possible that taxes may not be creditable unless you are eligible for and elect to
apply the benefits of the Treaty. In addition, to the extent a reduction or refund of the tax withheld is available to you under Dutch Law or under the Treaty, the amount that could have been reduced or that is refundable will not be eligible for
credit or deduction against your U.S. federal income tax liability. Furthermore, the Dutch withholding tax should not be creditable or deductible against your U.S. federal income tax liability to the extent that we are allowed to reduce
the