PMI has determined that 97% of any dividend it declares in 2023 to a non-U.S. shareholder is exempt from U.S. withholding tax.
This means that the remaining 3% of the total gross dividend is subject to U.S. withholding tax at the 30% statutory rate, unless the non-U.S. shareholder provides a Form W-8BEN claiming a reduced rate of withholding under an applicable income tax treaty.
In the case of a non-U.S. shareholder who is not eligible for a reduced rate of withholding under an applicable income-tax treaty, except in certain limited circumstances, a withholding tax at the 30% statutory rate will be applied to the remaining 3% of the total gross dividend.