Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012

152 Section RF 11B replaced
  • Section RF 11B is replaced by the following:

    RF 11B Dividends paid by companies in certain situations
    • The rate of NRWT payable on a payment of non-resident passive income in the form of a dividend paid by a company to a non-resident is—

      • (a) to the extent to which the payment is a fully-imputed dividend, 0% if—

        • (i) the non-resident has a direct voting interest in the company of 10% or more:

        • (ii) the non-resident does not have a direct voting interest in the company of 10% or more and, in the absence of this section, the post-treaty tax rate for the dividend would be less than 15% if no imputation credits were attached to the payment:

      • (b) to the extent to which the payment is not a fully-imputed dividend, the post-treaty tax rate for the dividend that, in the absence of this section, would apply if no imputation credits were attached to the payment.

      Defined in this Act: company, direct voting interest, dividend, fully-imputed dividend, imputation credits, non-resident, non-resident passive income, NRWT, pay, post-treaty tax rate.