The OMX Helsinki 25 Exchange Traded Fund, an ETF that invests in companies included in the OMX Helsinki 25 equity index, has received refunds of Swedish withholding taxes applicable to two of the companies in the index.
Nordea and TeliaSonera are domiciled in Sweden meaning that tax on the dividend payments of these companies was originally withheld in Sweden.
Due to a change in legislation, Finnish mutual funds are now being refunded the withholding taxes on dividends which have been withheld in Sweden against EU law.
The Swedish authorities have confirmed that refund payments have been made to Seligson & Co OMX Helsinki 25 Exchange Traded Fund. The amount due to the fund, payable in two instalments, will be SEK6,210,275 (circa EUR690,000). The refunded amount will be included in the fund’s net asset value and the effect on the net asset value calculated by the current amount of outstanding shares and using the current exchange rate is approximately EUR 0.13 per share.
Seligson & Co Fund Management Company has also claimed for the fund refunds of such Swedish withholding taxes related to the same companies that were not included in the amounts stated above. The maximum amount of these claims is approximately EUR276,000. These refunds will be included in the fund’s net asset value as soon as the refunds have been received by the fund or the information regarding the payments of refunds has been confirmed.
