Important Notes

Collection of Italian Financial Transaction Tax (IFTT)

Last updated on 26 Sept, 2016

With effect from 1 March 2013, the new Italian Financial Transaction Tax (“IFTT”) applies to all transactions involving the transfer of ownership in shares in companies resident in Italy.

Unless otherwise specified, you are required to pay the IFTT when trading the relevant investment products such as PRADA (stock code: 01913.hk) through us. Please refer to the following for details of our arrangement in relation to the collection of IFTT:

IFTT on shares of Italian resident companies listed on HKEx
Effective Date From 1 March 2013
Tax Rate

0.22% (up to 31 December 2013)
0.20% (From 1 January 2014)

0.10% (From 26 September 2016)

Basis of Calculation Final Net Balance (in positive sum) * Weighted Average Purchase Price on Relevant Day * Tax Rate
Calculation Method From 12 August 2013, IFTT will be calculated on the transaction date and deducted from the customer's account on the settlement date of the relevant transaction. For transactions executed from 1 March 2013 to 9 August 2013, relevant IFTT will be deducted from the customer's account on 16 August 2013. Details of IFTT payable will be included on client statements on 12 August 2013.

Remarks: Our company will not offer Italian derivative products that attract IFTT, such as JP Prada @EC1509A (#18065).

Whilst the information contained herein is based on sources that Phillip Securities (Hong Kong) Limited (“PSHK”) believed to be accurate, PSHK does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. You are encouraged to seek professional advice on the implications of IFTT.

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