Cyprus and South Africa signed a Protocol on the 1st of April 2015, amending their existing Income and Capital Tax Treaty of 1997.
According to the Amending Protocol, previous nil withholding tax on dividend payments is now amended to:
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5% if the beneficial owner is a company holding at least 10% of the capital of the company paying the dividends
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10% in all other cases
Additionally, the Amending Protocol updates the Exchange of Information clause.
The provisions of the Amending Protocol will come into force upon the exchange of ratification instruments by the two countries. The provisions will apply from the date of the introduction in South Africa of the system of taxation at shareholder level of dividends declared.
To view and read the agreement online please
click here.
With references to:
Offtax.com, 2015.
More information:
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