PwC has warned of an income tax change for preference share dividends in South Africa.
Consultancy firm PwC has warned that an important change to the income tax provisions dealing with preference share dividends has been implemented in South Africa, and companies should consider the impact of the amendments.
PwC added that dividends can only be exempted and excluded from income if the person who acquired the relevant equity shares in the targeted operating company meets an ownership requirement at the time of receipt or accrual.
PwC has advised companies with a substantial preference share book should especially be mindful of this amendment. “This will ensure they are still held directly or indirectly by that person at the time of the receipt or accrual of that dividend or that the relevant exceptions to this rule apply,” it said.
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