LensCrafters 2009 Annual Report Download - page 107

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The Company will pay the dividend to all holders of Ordinary Shares of record on May 26, 2010, and to all
holders of ADSs of record on May 26, 2010. In order to be a holder of record on May 26, 2010 and thus be
entitled to such dividend, you must have purchased the Ordinary Shares or the ADSs on or before May 21,
2010. The ordinary shares listed on the Milan Stock Exchange, and the ADSs listed on the New York Stock
Exchange, will be traded ex-dividend on May 24, 2010.
The dividend will be paid on May 27, 2010, in Euro, by Monte Titoli S.p.A., authorized intermediary, to all
depository banks of the stockholders. For the holders of ADSs, the dividend will be paid to Deutsche Bank
Trust Company Americas, as depositary of the Ordinary Shares and the issuer of the ADSs, through Deut-
sche Bank S.p.A., as custodian under the Deposit Agreement. Deutsche Bank Trust Company Americas
anticipates that dividends will be payable to all the ADS holders commencing from and after June 3, 2010,
upon satisfaction of the documentation requirements referred to below, at the US Dollar/Euro exchange
rate in effect on May 27, 2010.
TAX REGIME - HOLDERS OF ORDINARY SHARES
The gross amount of dividend paid to shareholders of Italian listed companies whose shares are registered
in a centralized deposit system managed by Monte Titoli S.p.A, who are individuals and are Italian resident
for tax purposes, will be subject to a 12.5 percent fi nal substitute tax, provided the shareholding is not
related to the conduct of a business, and if these persons do not hold a "qualifi ed" shareholding.
This substitute tax will be levied by the Italian authorized intermediary that participates in the Monte Titoli
system and with which the securities are deposited, as well as by non-Italian intermediaries participating in
the Monte Titoli system (directly or through a non-Italian deposit system participating in the Monte Titoli
system), through a fi scal representative to be appointed in Italy.
Italian resident individuals who timely declare that they hold a qualifi ed shareholding or a shareholding
related to the conduct of a business, will receive the gross amounts of dividends paid and include divi-
dends in their world wide taxable income, subject to the ordinary income tax rules. The dividend paid to
other subjects different from the above-mentioned individuals, who are resident in Italy for tax purposes,
including those companies subject to IRES/IRPEF and foreign companies with permanent establishment in
Italy to which the shares are effectively connected, investment funds, pension funds, real estate investment
funds and subjects excluded from income tax pursuant to Art. 74 of Presidential Decree No. 917/86, are
not subject to substitute tax. Dividends paid to entities subject to IRES/IRPEF different from individuals
holding a nonqualifi ed shareholding not related to the conduct of a business, will be subject to the ordinary
income tax rules.
Italian law provides for a 27 percent fi nal substitute tax rate on dividends paid to Italian residents who are
exempt from corporate income tax.
Dividend paid to benefi cial owners who are not Italian residents and do not have a permanent establish-
ment in Italy to which the shares are effectively connected are generally subject to a 27 percent substitute
tax rate. However, reduced rates of substitute tax on dividends are available to non-Italian resident benefi -
cial owners who are entitled to such reduced rates and who promptly comply with procedures for claiming
benefi ts under an applicable income tax treaty entered into by Italy or under the Italian domestic Law.
Under the currently applicable Italy-US Treaty, for example, an Italian substitute tax at a reduced rate of 15
percent may apply, in certain cases, to dividends paid by Luxottica Group to a US resident entitled to treaty
benefi ts who promptly complies with the procedures for claiming such benefi ts, provided the dividends
are not effectively connected with a permanent establishment in Italy through which the US resident carries
on a business or with a fi xed base in Italy through which the US resident performs independent personal
services. Moreover, under the currently applicable Italian domestic legislation, (i) companies and entities
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS | 105 <