Withholding dividend tax 20% to 10%22 Mar 2022 11:06
Thungela have advised by company announcement :-
Tax treatment for shareholders on the UK register
The Company has retained Computershare UK as intermediary to receive and process the relevant prescribed declarations and forms as set out below. Any reference below to documentation which is required to be submitted to the Company, should therefore be submitted to Computershare UK.
Non-South African tax resident shareholders will be paid the dividend subject to 20% withholding tax for shareholders. Certain non-South African tax resident shareholders may however be entitled to a reduced rate of dividends tax due to the provisions of an applicable tax treaty. In the case of UK-resident shareholders, for example, the DTA allows for (i) a reduced rate of 5% if the shareholder is a company that holds at least 10% of the capital of Thungela, and (ii) a reduced rate of 10% in all other cases.
Shareholders who qualify for an exemption from dividends tax in terms of section 64F of the South African Income Tax Act, 58 of 1962 must provide:
a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the regulated intermediary should the circumstances affecting the exemption change or the beneficial owner cease to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service to the regulated intermediary prior to the required date in order to benefit from the exemption. The prescribed form has been transposed onto the Computershare UK format.
Shareholders on the UK register will be sent the required documentation for completion and return to Computershare UK. Qualifying shareholders on the UK register are advised to arrange for the abovementioned documents to be submitted to Computershare UK by Friday, 6 May 2022.
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