- Dhiraagu urges shareholders to confirm and update tax residency information to avoid incorrect dividend deductions.
- Non-resident shareholders face a 10 per cent Non-Resident Withholding Tax under the Income Tax Act.
- Shareholders can update details via the MSD Infinity portal or a Shareholder Information Form.
Dhiraagu has asked its shareholders to confirm and update their tax residency information, as missing or inaccurate records may lead to withholding tax deductions from dividend payments.
Under the Income Tax Act, dividends paid to shareholders who are not tax residents of the Maldives are subject to a 10 per cent Non-Resident Withholding Tax.
The company is also required to deduct the relevant withholding tax where it cannot establish that a shareholder is a Maldivian tax resident at the time a dividend is paid.
Dhiraagu said shareholders can update their status through the Maldives Securities Depository’s Infinity portal or by completing a Shareholder Information Form and submitting it to the company’s investor relations team.
The update is intended to help ensure dividend payments are handled in line with the applicable tax requirements.
