Investment Income Provisions

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Investment Income Provisions"

Transcription

1 Investment Income Provisions

2 Investment Income Provisions The applicable provisions are those found in art , ITA Introduction of these provisions in 1994 with the intent of encouraging Maltese people to repatriate their funds to Malta, thus legalising them and benefiting from a low tax burden, although in recent years these provisions have also been used to plug loopholes within the legislation A special tax treatment applies under the investment income provisions whereby a beneficial withholding tax rate is provided for certain specific income

3 Investment Income Provisions (cont.) The rate is 15% which is the lowest tax rate applicable to individuals other than the zero rate Three cumulative conditions have to be satisfied for the application of the investment income provisions, i.e. the nature of the income has to fall within the definition of investment income: AND IT DOES NOT INCLUDE ALL TYPES OF INCOME FROM INVESTMENTS there must be a payor of investment income as defined by the relative provisions there must be a recipient of investment income as defined by the relative provisions

4 1 st condition : definition of investment income Investment income means only the following categories of income: bank interest payable by a Maltese bank (except interest payable under a bearer account) interest, discounts or premiums payable by the Government of Malta interest, discounts or premiums payable by a corporation or authority established by law

5 1st condition : definition of investment income (cont) interest, discount or premiums payable in respect of a public issue by a company, entity or other legal person howsoever constituted and whether resident in Malta or otherwise interest, discounts or premiums payable in respect of a private issue by a company, entity or other legal person howsoever constituted and resident in Malta paid to a CIS: extension of previous provision to private placements but this is only applicable when the income is payable to a CIS not to any other person. Really just plugging a loophole, because otherwise prescribed funds would not be subject to tax thereon

6 1st condition : definition of investment income (cont) capital gains arising on the disposal of units in collective investment schemes upon the redemption, liquidation or cancellation of units held in a resident non-prescribed fund or a non-resident nonprescribed fund: in the latter case the disposal has to be made through the services of an authorised financial intermediary capital gains arising on the surrender or maturity of units and such like instruments related to linked long term business of insurance where the benefits are at least 85% determined by reference to the value of units in collective investment schemes (Maltese licensed funds or foreign UCITS)

7 1st condition : definition of investment income (cont) For the purposes of the calculation of the capital gain: no account is taken of any part of the benefits that is determined by reference to the value of units in prescribed funds subject to the condition that such underlying investments were not acquired within 3 years from the surrender or maturity of the policy cost of acquisition is equal to the total premiums paid in relation to the linked portion of the contract of insurance

8 1st condition : definition of investment income (cont) capital gains on redemption, liquidation or cancellation of securities (other than CIS units or units in LLTCIs) and not being company shares Profits distributed by a non-resident CIS where such dividends are paid through the services of an authorised financial intermediary (AFI) interest payable by a foreign bank where the payment of the interest is made through the services of an AFI

9 1st condition : definition of investment income (cont) profits distributed by a non-resident company (other than a CIS) which are paid through the services of an AFI to a Maltese-resident individual for whom the distributed profits constitute income derived from shares each of which is a qualifying asset as defined in article 9B but WHT rate of 35%

10 2nd condition : definition of recipient A recipient is defined as a person (whether corporate or non-corporate) who is resident in Malta during the year in which the investment income is paid, other than a bank carrying on the business of banking in Malta a person carrying on the business of insurance any other company which is owned and controlled, directly or indirectly, by any of the above (excluding listed companies s.t.c) offshore companies under the MFSC Act (obsolete provision) a receiver, guardian, tutor, curator, judicial sequestrator or committee acting on behalf of a person referred to above a trustee or foundation by virtue of which money is paid to or for the benefit of a person referred to above

11 3rd condition : definition of payor A payor: means a person who is liable to make, or if different, who makes a payment of investment income includes an AFI and the obligations of a payor would be taken up whenever the payment of the investment income is effected though his services A payment of investment income is effected through the services of an AFI if: it is made to the AFI who holds the relevant investment for the benefit of the recipient i.e. nominee holdings, or it is made directly to the recipient who requests the AFI to deduct the withholding tax, or it is made through an arrangement approved by the CIR A payor of investment income is required to register

12 Mechanical provisions Tax deduction amounts to 15%, except that profits distributed by a non-resident company (other than a CIS) to a Maltese-resident individual through an AFI is subject to tax at 35% and payments (other than local bank interest income) to a prescribed fund at 10% The payor is required to submit to the Revenue the tax withheld by the fourteenth day following the end of the month in which the payment is made Together with the payment, the payor is to submit to the Revenue an account showing the details of the investment income on which tax was withheld

13 Mechanical provisions (cont) BUT NOT THE IDENTITY OF THE RECIPIENT (But the revenue can still request the info from the taxpayer) The payor is required to provide the recipient with a certificate setting out the gross amount paid and the tax deducted In applicable circumstances, presumption is that withholding tax has been deducted and paid

14 Mechanical provisions (cont) Unless the person receiving the investment income is not a recipient, or the recipient has made an election to receive the investment income without deduction of tax then the payor should deduct the withholding tax In the case where the recipient is a non-resident person, i.e. not a recipient for the investment income provisions, the payor is obliged to obtain a certificate of non-residence from such person relationship with article 12(1)(c)(i), ITA

15 Mechanical provisions (cont) Differently from the withholding tax applicable on dividends from the Untaxed Account, in this case the recipient has an option to receive the investment income gross where: an election in writing has to be submitted to the payor election is effective as from 14 days following the receipt of such notice by the payor; however an election made on the opening of a bank a/c or on the purchase of bonds, loan stock or other instrument has immediate effect (because A/c must be regulated in some way from the beginning)

16 Mechanical provisions (cont) such an election may be revoked for any subsequent transactions and the 14 day period also applies for a revocation. Option is flexible and can be applied on the basis of the particular circumstances The payor is required to submit to the CIR an account of all the investment income which has been paid gross showing all details of the transaction including the details of the recipient: natural given that in such case, income must be declared by recipient

17 Mechanical provisions (cont) Where an election has been made to receive the investment income gross, the resident investor is required to declare such investment income in his tax return and be charged to tax on such income under normal rates As from year of assessment 2003 any tax withheld is not available as a credit or as a refund in the hands of the recipient, i.e. the 15% is a final withholding tax with no possibility of recovering it. Therefore more attention must be paid in deciding whether to make an election or not, and the appropriate calculations should be made

18 Mechanical provisions (cont) Where no election has been effected, a resident individual is not obliged to disclose the relative investment income in the tax return. Malteseresident companies must include reference to the income in their audited accounts and consequent tax returns However no resident person (whether individuals, companies or other) would be charged to further tax on investment income which has been subject to withholding tax for companies, the particular profits are allocated to the FTA and no further tax thereon should be imposed on distribution to shareholders As from YA 2013, individuals may claim back the FWT in their income tax returns

19 Mechanical provisions (cont) If a payor fails to deduct and pay the withholding tax he would be chargeable with the tax which should have been deducted together with additional tax

20 Conclusion on the investment income provisions Investment income provisions provide an attractive tax rate for income falling within the particular provisions However one must ensure that the particular income, payors and payees actually do fall within the provisions of law in order to qualify for such treatment Investment income provisions place considerable obligations on payor he must make sure that the right amount of tax is deducted and that he pays the amount to the CIR within the statutory deadline and comply with his reporting obligations in terms of law This makes the WHT a very efficient system to administer for the CIR

CYPRUS TAX CONSIDERATIONS

CYPRUS TAX CONSIDERATIONS TAXATION The following summary of material Cyprus, US federal income and United Kingdom tax consequences of ownership of the GDRs is based upon laws, regulations, decrees, rulings, income tax conventions

More information

Cross Border Tax Issues

Cross Border Tax Issues Cross Border Tax Issues By Reinhold G. Krahn December 2000 This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information

More information

DESCRIPTION OF THE PLAN

DESCRIPTION OF THE PLAN DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing

More information

Taxation. General. 1. Taxation UK. Mondi plc Ordinary Shareholders

Taxation. General. 1. Taxation UK. Mondi plc Ordinary Shareholders Taxation The statements set out below are intended only as a general guide to United Kingdom ( UK ) and South Africa ( SA ) current law and practice and apply only to certain categories of person who are

More information

A QUICK GUIDE TO DIVIDENDS TAX

A QUICK GUIDE TO DIVIDENDS TAX A QUICK GUIDE TO DIVIDENDS TAX i A QUICK GUIDE TO DIVIDENDS TAX 1. INTRODUCTION TO DIVIDENDS TAX In 2007, the Minister of Finance announced that Secondary Tax on Companies (STC) would be replaced by Dividends

More information

tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 13

tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 13 Part 13 Close companies CHAPTER 1 Interpretation and general 430 Meaning of close company 431 Certain companies with quoted shares not to be close companies 432 Meaning of associated company and control

More information

TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS

TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS LAWS AND DECREES The Income Tax (Amendment) Law of 2005 The Special Contribution for Defence (Amendment) Law of 2004 The Assessment and Collection

More information

Statutory Instruments EUROPEAN COMMUNITIES (TAXATION OF SAVINGS INCOME IN THE FORM OF INTEREST PAYMENTS) REGULATIONS 2003

Statutory Instruments EUROPEAN COMMUNITIES (TAXATION OF SAVINGS INCOME IN THE FORM OF INTEREST PAYMENTS) REGULATIONS 2003 Statutory Instruments S.I. No. 717 of 2003 EUROPEAN COMMUNITIES (TAXATION OF SAVINGS INCOME IN THE FORM OF INTEREST PAYMENTS) REGULATIONS 2003 PUBLISHED BY THE STATIONERY OFFICE DUBLIN To be purchased

More information

MALTA Jurisdictional Guide

MALTA Jurisdictional Guide MALTA Jurisdictional Guide GENERAL INFORMATION The Republic of Malta is situated in the centre of the Mediterranean, south of Sicily, east of Tunisia and north of Libya. Malta gained its independence from

More information

Provinces and territories also impose income taxes on individuals in addition to federal taxes

Provinces and territories also impose income taxes on individuals in addition to federal taxes Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)

More information

New Statement Features

New Statement Features New Statement Features Changes to Portfolio Summary Snapshot as at 30 June 2014 Statement Type Collective Investments Consolidated Statement Entity Number 1358887 Statement Date 26/08/2014 Statement Period

More information

DIFFERENCES BETWEEN SECONDARY TAX ON COMPANIES AND DIVIDENDS TAX. The following is a basic overview of the differences between STC and dividends tax:

DIFFERENCES BETWEEN SECONDARY TAX ON COMPANIES AND DIVIDENDS TAX. The following is a basic overview of the differences between STC and dividends tax: INTRODUCTION TO DIVIDENDS TAX In 2007, the Minister of Finance announced that Secondary Tax on Companies (STC) would be replaced by dividends tax. Since the announcement, legislation has been enacted annually

More information

Withholding of Tax on Nonresident Aliens and Foreign Entities

Withholding of Tax on Nonresident Aliens and Foreign Entities Department of the Treasury Internal Revenue Service Publication 515 Cat. No. 15019L Withholding of Tax on Nonresident Aliens and Foreign Entities For use in 2013 Contents What's New... 1 Reminders... 2

More information

Deduction of income tax from savings income: implementation of the Personal Savings Allowance

Deduction of income tax from savings income: implementation of the Personal Savings Allowance Deduction of income tax from savings income: implementation of the Personal Savings Allowance Consultation document Publication date: 15 July 2015 Closing date for comments: 18 September 2015 Subject of

More information

Guidance Note Investment Management Services

Guidance Note Investment Management Services Guidance Note Investment Management Services (Section 1035A Taxes Consolidation Act, 1997 inserted by section 51 Finance Act, 2003) 1. Introduction Section 1035A of the Taxes Consolidation Act, 1997, provides

More information

Individual Savings Account Supplementary Terms

Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms and Conditions for Stocktrade Retail Clients forming part of the Agreement between Stocktrade (a division of

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

Statement of Cash Flows

Statement of Cash Flows STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 7 Statement of Cash Flows This version of SB-FRS 7 does not include amendments that are effective for annual periods beginning after 1 January 2014.

More information

List of Insider Information of Gazprombank (Open Joint-Stock Company) 1. General Provisions

List of Insider Information of Gazprombank (Open Joint-Stock Company) 1. General Provisions Approved by Order No.79 issued by Gazprombank (Open Joint-Stock Company) on July 28, 2011 List of Insider Information of Gazprombank (Open Joint-Stock Company) 1. General Provisions 1.1. The list of insider

More information

BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN

BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN This Offering Circular covers common shares of Bank of Montreal (the Bank ) which may be purchased on the open market through

More information

Application Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement

Application Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement Part III Administrative, Procedural, and Miscellaneous Application Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement Rev. Proc 2000-12

More information

INDIVIDUAL TAX RETURN PREPARATION CHECKLIST 2014

INDIVIDUAL TAX RETURN PREPARATION CHECKLIST 2014 The checklist provides a general list of major issues that should be addressed. (The checklist is not designed to be an exhaustive list of all issues that may warrant consideration) CLIENT S NAME RESIDENCY

More information

Taxation of Investment Products

Taxation of Investment Products 2 December 2009 Taxation of Pension Taxation Schemes of Investment Products A Consultation Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Index Page 1 Background... 1 2 Investment

More information

Single Premium Plan. Key Features Document

Single Premium Plan. Key Features Document Single Premium Plan Key Features Document This Key Features Document contains a summary of the main features of your Plan. Please read it carefully so that you understand what you are buying and the risks

More information

tax and other important information for Malta

tax and other important information for Malta tax and other important information for Malta For Malta based Trustees only This document provides the policyholder with important information before investing in the European Executive Investment Bond,

More information

Original Issue Discount

Original Issue Discount Attention: Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scannable,

More information

FIRSTSERVICE CORPORATION NOTICE OF REDEMPTION & CONVERSION TO ALL REGISTERED HOLDERS OF OUTSTANDING 7% CUMULATIVE PREFERENCE SHARES, SERIES 1

FIRSTSERVICE CORPORATION NOTICE OF REDEMPTION & CONVERSION TO ALL REGISTERED HOLDERS OF OUTSTANDING 7% CUMULATIVE PREFERENCE SHARES, SERIES 1 FIRSTSERVICE CORPORATION NOTICE OF REDEMPTION & CONVERSION TO ALL REGISTERED HOLDERS OF OUTSTANDING 7% CUMULATIVE PREFERENCE SHARES, SERIES 1 To: All Registered Holders of Outstanding 7% Cumulative Preference

More information

DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN OFFERING CIRCULAR

DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN OFFERING CIRCULAR DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN OFFERING CIRCULAR December 18, 2013 Shareholders should read carefully the entire Offering Circular before making any decision regarding the Dividend Reinvestment

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

Customer Tax Guide - U.S.A. Debt Securities Equities Withholding Tax Capital Gains Tax Stamp Duty

Customer Tax Guide - U.S.A. Debt Securities Equities Withholding Tax Capital Gains Tax Stamp Duty Customer Tax Guide - U.S.A. Debt Securities Equities Withholding Tax Capital Gains Tax Stamp Duty March 2013 Customer Tax Guide - U.S.A. March 2013 edition Document No. US6065 This document is the property

More information

Your guide to taxation in India

Your guide to taxation in India Sharing our experience Your guide to taxation in India www.fpinternational.com The tax treatment of our products if you return to India Whilst tax planning might be an important part of your overall financial

More information

THE INTERNATIONAL FINANCE COMPANIES

THE INTERNATIONAL FINANCE COMPANIES INTERNATIONAL FINANCE COMPANIES (INCOME TAX THE INTERNATIONAL FINANCE COMPANIES (INCOME TAX ACT [lst January, 1971.I Ads 1 of 1971, 22 of 1975. 1. This Act may be cited as the International Finance Shorttitle

More information

[LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN. November 1, 2010

[LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN. November 1, 2010 [LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN November 1, 2010 Rogers Communications Inc. Dividend Reinvestment Plan Table of Contents SUMMARY... 3 DEFINITIONS... 4 ELIGIBILITY... 6 ENROLLMENT...

More information

NORTHERN BLIZZARD RESOURCES INC. STOCK DIVIDEND PROGRAM

NORTHERN BLIZZARD RESOURCES INC. STOCK DIVIDEND PROGRAM NORTHERN BLIZZARD RESOURCES INC. STOCK DIVIDEND PROGRAM Introduction This Stock Dividend Program (the "Program") provides eligible holders ("Shareholders") of common shares ("Common Shares") of Northern

More information

Company Incorporation Forms

Company Incorporation Forms Company Incorporation Forms Registered office: Leicester Court, Suite 2, Edgar Bernard Street, Gzira GZR 1702, Malta. Telephone: +356 2730 0045 Facsimile: +356 2730 0049 E-mail: info@avanzia.com.mt http://www.avanzia.com.mt

More information

Instructions for Forms 1099-INT and 1099-OID

Instructions for Forms 1099-INT and 1099-OID 2009 Instructions for Forms 1099-INT and 1099-OID Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless This interest is not subject to backup withholding.

More information

Unofficial English translation

Unofficial English translation Annex 3.0. GENERAL DESCRIPTION OF THE TAX ASPECTS OF THE X/N SETTLEMENT SYSTEM Taxation rules for the operation of the settlement system mentioned in Article 1 (1) of the Law of 6 August 1993 on transactions

More information

Draft Guidance - Revenue & Customs Brief 04/13

Draft Guidance - Revenue & Customs Brief 04/13 Draft Guidance - Revenue & Customs Brief 04/13 Payments made or benefits provided by fund managers, fund platforms (fund supermarkets), advisers or other intermediaries to investors Following Revenue &

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

You and your shares 2013

You and your shares 2013 Instructions for shareholders You and your shares 2013 For 1 July 2012 30 June 2013 Covers: n individuals who invest in shares or convertible notes n taxation of dividends from investments n allowable

More information

DIVIDEND WITHHOLDING TAX (DWT) Technical Guidance Notes for Paying Companies Authorised Withholding Agents (AWAs) Qualifying Intermediaries (QIs)

DIVIDEND WITHHOLDING TAX (DWT) Technical Guidance Notes for Paying Companies Authorised Withholding Agents (AWAs) Qualifying Intermediaries (QIs) DIVIDEND WITHHOLDING TAX (DWT) Technical Guidance Notes for Paying Companies Authorised Withholding Agents (AWAs) Qualifying Intermediaries (QIs) JUNE 2010 CONTENTS Page Introduction 3 Legislation 4 Types

More information

US FATCA FAQ and Glossary of FATCA terms

US FATCA FAQ and Glossary of FATCA terms US FATCA FAQ and Glossary of FATCA terms These FAQs are intended to aid you in your understanding how FATCA affects your relationship with UBS. This is not intended as tax advice. If you are uncertain

More information

Schedule 4 Offences and Penalties

Schedule 4 Offences and Penalties Schedule 4 Offences and Penalties The following Penalties shall apply in respect of any offences against or breach of the Health Insurance Law and these Regulations: Offence 1. Failure to subscribe or

More information

MALTA: A JURISDICTION OF CHOICE

MALTA: A JURISDICTION OF CHOICE MALTA: A JURISDICTION OF CHOICE LONDON - September 2012 Doing business from Malta can make a huge difference for your business UHY BUSINESS ADVISORY SERVICES LIMITED Updated September, 2012 An attractive

More information

Customer Tax Guide - Switzerland. Debt Securities Equities Withholding Tax Capital Gains Tax Stamp Duty

Customer Tax Guide - Switzerland. Debt Securities Equities Withholding Tax Capital Gains Tax Stamp Duty Customer Tax Guide - Switzerland Debt Securities Equities Withholding Tax Capital Gains Tax Stamp Duty March 2014 Customer Tax Guide - Switzerland March 2014 edition Document No. CH6065 This document is

More information

Company tax return 2015

Company tax return 2015 Company tax return 2015 Day Month Year Day Month Year to Or specify period if part year or approved substitute period tes to help you prepare this tax return are in the Company tax return instructions

More information

Wrap Tax Guide Self Managed Super Fund Part 1

Wrap Tax Guide Self Managed Super Fund Part 1 Wrap Tax Guide Self Managed Super Fund Part 1 Wrap Tax Policy Guide For the year ended 30 June 2015 General Information Part 1 of the Wrap Tax Guide outlines the tax assumptions and policies Wrap Services

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

Chamber of Income-tax Consultants Tax deduction at source from payments to Non-residents August 2006 Naresh Ajwani Chartered Accountant

Chamber of Income-tax Consultants Tax deduction at source from payments to Non-residents August 2006 Naresh Ajwani Chartered Accountant Chamber of Income-tax Consultants Tax deduction at source from payments to Non-residents August 2006 Naresh Ajwani Chartered Accountant Importance of the subject: The subject of Tax deduction at source

More information

You and your shares 2015

You and your shares 2015 Instructions for shareholders You and your shares 2015 For 1 July 2014 30 June 2015 Covers: n individuals who invest in shares or convertible notes n taxation of dividends from investments n allowable

More information

DIVIDEND REINVESTMENT PLAN RIO TINTO PLC

DIVIDEND REINVESTMENT PLAN RIO TINTO PLC DIVIDEND REINVESTMENT PLAN RIO TINTO PLC TERMS & CONDITIONS Computershare Investor Services PLC has arranged to provide a Dividend Reinvestment Plan to Rio Tinto plc and a number of other clients that

More information

TAXATION STATEMENT GUIDE 2015

TAXATION STATEMENT GUIDE 2015 INFIGEN ENERGY TAXATION STATEMENT GUIDE 2015 Infigen Energy comprises the following: Infigen Energy Limited (ABN 39 105 051 616) Infigen Energy (Bermuda) Limited (ARBN 116 360 715) Infigen Energy Trust

More information

Chapter 21 INVESTMENT VEHICLES INVESTMENT COMPANIES. General

Chapter 21 INVESTMENT VEHICLES INVESTMENT COMPANIES. General Chapter 21 INVESTMENT VEHICLES CHAPTER 21 INVESTMENT COMPANIES General 21.01 The Exchange Listing Rules apply as much to issues of equity securities or debt securities by investment companies as they do

More information

United Kingdom Taxation

United Kingdom Taxation United Kingdom Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Authorized open-ended mutual funds in the United Kingdom are organized as authorized unit trusts (AUTs) or open-ended investment

More information

Annuity Policy. issued by Transamerica Life Canada

Annuity Policy. issued by Transamerica Life Canada issued by Transamerica Life Canada Annuity Policy ANY AMOUNT THAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED AT THE RISK OF THE OWNER AND MAY INCREASE OR DECREASE IN VALUE. TRANSAMERICA LIFE CANADA

More information

EMPLOYEE STOCK PURCHASE PROGRAM Offered by Computershare Trust Company, N.A.

EMPLOYEE STOCK PURCHASE PROGRAM Offered by Computershare Trust Company, N.A. EMPLOYEE STOCK PURCHASE PROGRAM Offered by Computershare Trust Company, N.A. Effective date: 6/1/99 Updated: 5/12/09 Employee questions: Submit a question or request to HR Connections To enroll: estream>quick

More information

tes for Guidance Taxes Consolidation Act 1997 Finance Act 2015 Edition - Part 27

tes for Guidance Taxes Consolidation Act 1997 Finance Act 2015 Edition - Part 27 Part 27 Unit Trusts and Offshore Funds CHAPTER 1 Unit trusts 731 Chargeable gains accruing to unit trusts 732 Special arrangements for qualifying unit trusts 733 Reorganisation of units in unit trust scheme

More information

PRIMARY DISCLOSURE STATEMENT AUTHORISED FINANCIAL ADVISER

PRIMARY DISCLOSURE STATEMENT AUTHORISED FINANCIAL ADVISER PRIMARY DISCLOSURE STATEMENT AUTHORISED FINANCIAL ADVISER Name and Registration Number of Authorised Financial Adviser: Martin Wisler Poulsen, FSP46183. Address: C/- First NZ Capital Securities Limited,

More information

12 Which one of the following statements is true with regard to Children s policies?

12 Which one of the following statements is true with regard to Children s policies? Insurance Regulatory and Development Authority Question Paper 1 Insurance works on the principle of a Trust b Sharing c Randomness d All of the above 2 Insurance is legitimate a when an adverse happening

More information

SUPPLEMENT Davy Strategic Global Equity Fund

SUPPLEMENT Davy Strategic Global Equity Fund Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963

More information

Country Tax Guide. www.bakertillyinternational.com

Country Tax Guide. www.bakertillyinternational.com www.bakertillyinternational.com International Tax Contact Moscow Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertillyrussaudit.ru Corporate Income Taxes Resident companies, defined as those which

More information

Single Premium Plan. Key Features Document

Single Premium Plan. Key Features Document Single Premium Plan Key Features Document This Fact Sheet contains a summary of the main features of your Plan. Please read it carefully so that you understand what you are buying and the risks involved.

More information

Life Assurance Policies

Life Assurance Policies clarityresearch Life Assurance Policies Summary 1. Some life assurance policies are not taken out as a means of purely providing life insurance (for this subject, please see the Research Notes in the Protection

More information

Taxation (International and Other Provisions) Act 2010

Taxation (International and Other Provisions) Act 2010 Taxation (International and Other Provisions) Act 2010 CHAPTER 8 Explanatory Notes have been produced to assist in the understanding of this Act and are available separately 43.50 Taxation (International

More information

CHAPTER 11 NOMINEE SERVICES

CHAPTER 11 NOMINEE SERVICES 11/1 CHAPTER 11 NOMINEE SERVICES 1101. Scope and extent of nominee and similar services Subject to the Rules, applicable laws and applicable regulatory approval, in respect of Eligible Securities deposited

More information

Shareholder Dividend Reinvestment and Stock Purchase Plan

Shareholder Dividend Reinvestment and Stock Purchase Plan Shareholder Dividend Reinvestment and Stock Purchase Plan 2012 Offering circular 1 WHAT S INSIDE Introduction 3 Summary 4 Contact Information 4 Questions and Answers 5 Shareholder Dividend Reinvestment

More information

It is always best to consult an attorney when preparing a document such as this. GENERAL POWER OF ATTORNEY

It is always best to consult an attorney when preparing a document such as this. GENERAL POWER OF ATTORNEY It is always best to consult an attorney when preparing a document such as this. GENERAL POWER OF ATTORNEY I, of of Ohio, appoint of Ohio as my Attorney-in-Fact or if he cannot serve or continue to serve

More information

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND CANACCORD GENUITY INVESTMENT FUNDS PLC Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND This Supplement contains specific information in relation to CGWM

More information

Accountant s Tax Guide

Accountant s Tax Guide Accountant s Tax Guide For the year ended 30 June 2010 Macquarie Wrap Macquarie Adviser Services Tax policies and general assumptions The purpose of the Accountants Tax Guide (the Guide) is to provide

More information

The Personal Portfolios Retirement Annuity Fund

The Personal Portfolios Retirement Annuity Fund The Personal Portfolios Retirement Annuity Fund What is the purpose of the Fund? Sanlam Investment Management ( SIM ) provides an solution within the Sanlam Investment Management Retirement Plan. This

More information

Tax Treatment of Stocklending/Sale and Repurchase (repo) Transactions

Tax Treatment of Stocklending/Sale and Repurchase (repo) Transactions Tax Treatment of Stocklending/Sale and Repurchase (repo) Transactions 4.6.13 1. Background The purpose of this manual is to set out a tax treatment, which may be followed for the purposes of corporation

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

Payments subject to withholding tax Generally, a person has to withhold tax when he makes payments of the following nature to a non-resident person:

Payments subject to withholding tax Generally, a person has to withhold tax when he makes payments of the following nature to a non-resident person: RELEVANT TO ACCA QUALIFICATION PAPER F6 (SGP) Understanding withholding tax rules in Singapore In a nutshell, withholding tax is an efficient mechanism to collect corporate income tax from certain groups

More information

SUPPLEMENT Davy Cautious Growth Fund

SUPPLEMENT Davy Cautious Growth Fund Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963

More information

TAX ASPECTS OF MUTUAL FUND INVESTING

TAX ASPECTS OF MUTUAL FUND INVESTING Tax Guide for 2015 TAX ASPECTS OF MUTUAL FUND INVESTING INTRODUCTION I. Mutual Fund Distributions A. Distributions From All Mutual Funds 1. Net Investment Income and Short-Term Capital Gain Distributions

More information

IRAS e-tax Guide INCOME TAX IMPLICATIONS ARISING FROM THE ADOPTION OF FRS 39 FINANCIAL INSTRUMENTS: RECOGNITION & MEASUREMENT

IRAS e-tax Guide INCOME TAX IMPLICATIONS ARISING FROM THE ADOPTION OF FRS 39 FINANCIAL INSTRUMENTS: RECOGNITION & MEASUREMENT IRAS e-tax Guide INCOME TAX IMPLICATIONS ARISING FROM THE ADOPTION OF FRS 39 FINANCIAL INSTRUMENTS: RECOGNITION & MEASUREMENT Published by Inland Revenue Authority of Singapore Revised on 16 Mar 2015 First

More information

MEXICAN TAX BILL FOR 2016

MEXICAN TAX BILL FOR 2016 MEXICAN TAX BILL FOR 2016 On September 8, 2015, the President sent to Congress the Tax Bill where some proposals are made to change current Mexican tax legislation. The main proposals are the following:

More information

FAQs on Cost-Basis Reporting for Brokers

FAQs on Cost-Basis Reporting for Brokers FAQs on Cost-Basis Reporting for Brokers The IRS published a list of Frequently Asked Questions on the new expanded tax reporting requirement for brokers which include reporting their customer s tax basis

More information

Product Ruling Income tax: tax consequences of investing in ANZ Cobalt. No guarantee of commercial success. Terms of use of this Product Ruling

Product Ruling Income tax: tax consequences of investing in ANZ Cobalt. No guarantee of commercial success. Terms of use of this Product Ruling Page status: legally binding Page 1 of 30 Product Ruling Income tax: tax consequences of investing in ANZ Cobalt Contents LEGALLY BINDING SECTION: Para What this Ruling is about 1 This publication provides

More information

GUIDE TO LISTING OF PIK NOTES ON THE CISE: PRIVATE EQUITY TRANSACTIONS IN THE CHANNEL ISLANDS

GUIDE TO LISTING OF PIK NOTES ON THE CISE: PRIVATE EQUITY TRANSACTIONS IN THE CHANNEL ISLANDS GUIDE TO LISTING OF PIK NOTES ON THE CISE: PRIVATE EQUITY TRANSACTIONS IN THE CHANNEL ISLANDS CONTENTS PREFACE 1 1. PIK Notes 2 2. CISE Listing 2 3. Appleby Securities (Channel Islands) Limited 2 APPENDIX

More information

Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income.

Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income. Worldwide personal tax guide 2013 2014 The Netherlands Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Belastingdienst www.belastingdienst.nl

More information

Israeli Tax Reform of 2005

Israeli Tax Reform of 2005 Israeli Tax Reform of 2005 The Israeli Parliament approved on July 25, 2005 the proposed income tax reform legislation (the Tax Reform ) pursuant to the recommendations of a committee appointed by the

More information

PROTOCOL ARTICLE 1. Paragraph 3 of Article II (Taxes Covered) of the Convention shall be deleted and replaced by the following paragraph:

PROTOCOL ARTICLE 1. Paragraph 3 of Article II (Taxes Covered) of the Convention shall be deleted and replaced by the following paragraph: PROTOCOL BETWEEN THE KINGDOM OF SPAIN AND CANADA AMENDING THE CONVENTION BETWEEN SPAIN AND CANADA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME

More information

HEALTH SAVINGS CUSTODIAL ACCOUNT AGREEMENT

HEALTH SAVINGS CUSTODIAL ACCOUNT AGREEMENT HEALTH SAVINGS CUSTODIAL ACCOUNT AGREEMENT Form 5305-C under section 223(a) of the Internal Revenue Code. FORM (December 2011) The account owner named on the application is establishing this health savings

More information

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund (the Fund ) SUPPLEMENT FOR UNITED KINGDOM INVESTORS This Supplement

More information

Holding companies in Ireland

Holding companies in Ireland Holding companies in Irel David Lawless Paul Moloney Dillon Eustace, Dublin Irel has long been a destination of choice for holding companies because of its low corporation tax rate of 12.5 percent, participation

More information

5.5.28 Tax treatment of restricted and forfeitable shares acquired by directors and employees. Sections 128D and 128E TCA 1997

5.5.28 Tax treatment of restricted and forfeitable shares acquired by directors and employees. Sections 128D and 128E TCA 1997 5.5.28 Tax treatment of restricted and forfeitable shares acquired by directors and employees Sections 128D and 128E TCA 1997 1. Introduction The Finance (No.2) Act 2008 inserted two new sections into

More information

U.S. Income Tax Return for an S Corporation

U.S. Income Tax Return for an S Corporation Form 1120S U.S. Income Tax Return for an S Corporation Do not file this form unless the corporation has filed or is attaching Form 2553 to elect to be an S corporation. Information about Form 1120S and

More information

Malta. The New A.C.I.T. Tax Regime

Malta. The New A.C.I.T. Tax Regime Malta The New A.C.I.T. Tax Regime Tax Reform The new Advance Corporation Income Tax (ACIT) Regime became operative on 1 st January 2007. Replaces the old International Trading Company regime Pressure brought

More information

Personal Retirement Bond

Personal Retirement Bond Personal Retirement Bond Customer Guide This Customer Guide is to be read in conjunction with the Fund Guide. Introduction This guide applies to the Personal Retirement Bond. Zurich Life Assurance plc

More information

Spanish Tax Facts. The Expatriate Financial Guide to Spain

Spanish Tax Facts. The Expatriate Financial Guide to Spain The Expatriate Financial Guide to Spain Spanish Tax Facts Introduction Tax Year Assessment Basis Taxation in Spain occurs at a national level and at a regional ( Autonomous Community ) or municipal level.

More information

The Global Voyager Fund Ltd. HIGH YIELD BOND FUND SHARES DIVIDEND REINVESTMENT PLAN TERMS AND CONDITIONS. Dated: 17 September, 2015.

The Global Voyager Fund Ltd. HIGH YIELD BOND FUND SHARES DIVIDEND REINVESTMENT PLAN TERMS AND CONDITIONS. Dated: 17 September, 2015. The Global Voyager Fund Ltd. HIGH YIELD BOND FUND SHARES DIVIDEND REINVESTMENT PLAN TERMS AND CONDITIONS Dated: 17 September, 2015 Dated 17 September, 2015 The Global Voyager Fund Ltd. TABLE OF CONTENTS

More information

Cash Flow Statements

Cash Flow Statements Compiled Accounting Standard AASB 107 Cash Flow Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates

More information

CUBS SUPERANNUATION FUND Trust Deed. The Trust Company (Superannuation) Limited (Trustee)

CUBS SUPERANNUATION FUND Trust Deed. The Trust Company (Superannuation) Limited (Trustee) CUBS SUPERANNUATION FUND Trust Deed The Trust Company (Superannuation) Limited (Trustee) Table of contents Part 1A - The Cubs Superannuation Trust... 1 Section 1 - Normal Operation of the Fund... 1 1 Joining

More information

NEW ZEALAND Government Bonds

NEW ZEALAND Government Bonds NEW ZEALAND Government Bonds INVESTMENT STATEMENT DATED 15 FEBRUARY 2007 FOR THE PURPOSE OF THE SECURITIES ACT 1978 IMPORTANT INFORMATION (The information in this section is required under the Securities

More information

NC General Statutes - Chapter 54 Article 14F 1

NC General Statutes - Chapter 54 Article 14F 1 Article 14F. Savings Accounts. 54-109.53. Shares. (a) The capital of a credit union consists of the payments made by members on shares, undivided surplus, and reserves. (b) Shares may be subscribed to,

More information

Statement of Recommended Practice. Financial Statements of Authorised Funds

Statement of Recommended Practice. Financial Statements of Authorised Funds Statement of Recommended Practice Financial Statements of Authorised Funds Contents Statement by the Accounting Standards Board 2 1 Introduction 3 Status 3 Definitions 4 General accounting requirements

More information

Financial Reporting by Superannuation Plans

Financial Reporting by Superannuation Plans Australian Accounting Standard AAS 25 March 1993 Financial Reporting by Superannuation Plans Prepared by the Public Sector Accounting Standards Board of the Australian Accounting Research Foundation and

More information

TECHNICAL EXPLANATION OF THE FOREIGN ACCOUNT TAX COMPLIANCE ACT OF 2009

TECHNICAL EXPLANATION OF THE FOREIGN ACCOUNT TAX COMPLIANCE ACT OF 2009 TECHNICAL EXPLANATION OF THE FOREIGN ACCOUNT TAX COMPLIANCE ACT OF 2009 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION October 27, 2009 JCX-42-09 CONTENTS INTRODUCTION... 1 Page I. INCREASED

More information