Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 302

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 302
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 at 19%). This taxation can be eliminated as per the application of the NRIT exemption implementing the EU Council Directive 2011/96/EU of 30 November 2011, on the common system of taxation applicable to parent companies and subsidiaries of different Member States (the “EU Parent-Subsidiary Directive”). Under the EU Parent-Subsidiary Directive exemption, no Spanish withholding taxes should be levied on the dividends distributed by a Spanish subsidiary to its EU parent company, to the extent that the following requirements are met:

| • |     | the EU parent company is the beneficial owner of the income; |

| • |     | the EU parent company maintains a direct or indirect holding in the capital of the Spanish subsidiary of at least                                                                                                                                 
 5 per cent. The holding must have been maintained uninterruptedly during the year prior to the date on which the distributed profit is due or, failing that, be maintained for the time required to complete such period (in the latter case, the 
 withholding tax must be levied, although it would be refundable once the year has been completed);                                                                                                                                                |

| • |     | the EU parent company is incorporated under the laws of a EU Member State, under one of the corporate forms                                                                                                                                 
 listed in Annex I, Part A, of the EU Parent-Subsidiary Directive, and is subject to a Member State Corporate Income Tax (as listed in Annex I, Part B, of the EU Parent-Subsidiary Directive), without the possibility of being exempt; and |

| • |     | the dividends distributed do not derive from the subsidiary’s liquidation. |

The aforesaid exemption will not be applicable if the dividend is obtained through a country or territory that is defined as a non-cooperativejurisdiction ( jurisdicción no cooperativa) by Spanish regulations. The aforesaid exemption will be applicable, subject to the compliance with similar requirements, to dividends distributed by a Spanish subsidiary to its European Economic Area parent company provided that there is an effective exchange of tax information with such EEA parent company’s country. However, the exemption includes an anti-abuse provision by virtue of which the withholding tax exemption will not be applicable where the majority of the voting rights of the parent company are held directly or indirectly by individuals or entities not resident in the EU or the EEA with which there is a an effective exchange of tax information in the terms set forth in Law 36/2006 of 29 November, except where the EU