Taxation of dividends

Nokia deducts withholding tax on dividends in accordance with mandatory Finnish tax regulations. The general withholding rate is 30%.
 
Non-residents with a limited tax liability in Finland can benefit from a full or partial exemption of withholding tax based on the relevant tax treaty between Finland and the country of tax residency of the recipient. However, an exemption is subject to verifying your tax residency to your broker, custodian bank or other nominee (Custodian) well in advance of each dividend record date or as instructed by your Custodian.

Accordingly, the holder of nominee registered shares or ADRs shall declare and verify the country of residence to its Custodian who should provide these details with appropriate instructions on taxation to the Finnish sub-custodian. Nokia is obligated to follow applicable tax regulations and pays net dividends to its shareholders who reside outside of Finland according to the general 30% withholding rate, unless the Finnish sub-custodian provides the company with other applicable withholding rate based on the shareholder verifying his/her tax residency as required. 

Should the tax be withheld incorrectly the amount can be corrected either by:
 
a) contacting your Custodian and verifying the tax residency through the Custodian. If this is done before the end of the year in which the dividend was paid, you will receive tax refund as soon as practicable; or

b) personally claiming refund of the tax withheld from the Finnish tax authority. However, this can only be done by contacting the Finnish tax authority directly and only after the end of the fiscal year in which the dividend was paid.
 
Note that Nokia cannot process tax information of individual shareholders and no certificates of residency or requests for withholding tax corrections should be delivered to Nokia. 

For more instructions on tax refunds, please refer to the website of the Finnish tax authorities at https://www.vero.fi/en/individuals/.