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SEPLAT Announces the Tax Implications of 2019 Final Dividend

May 19, 2020   •   by   •   Source: Proshare   •   eye-icon 681 views

Tuesday, May 19, 2020 / 11:44 AM / NSE / Header Image Credit: Seplat Petroleum 


Furtherto the corporate actions announcement made on 23 March 2020, wherein Seplatdeclared a final dividend of US$0.05 (United States Five Cents) per ordinaryshare; shareholders are hereby advised that following the amendment of thefinance laws in Nigeria - Finance Act, 2020 (dividends paid out of after taxpetroleum profits are now subject to With Holding Tax (WHT)), the dividend ofUS$0.05 (United States Five Cents) per ordinary share will be subject to a WHTrate of 10%.


Forshareholders that are tax resident in countries with a Double Tax Treaty (DTT)with Nigeria, a reduced rate of 7.5% will be applicable. However, there is arequirement for the shareholder to prove to the Federal Inland Revenue Service(FIRS) their tax residency in the foreign country as the ultimate beneficiaryof the dividend and apply for the treaty rate of 7.5%. Shareholders from treatynations should notify the Company's registrars- Computershare (London register)and Datamax (Lagos register) as applicable, that they are subject to the lowerWHT by filling and submitting the qualification form available on the Companywebsite by 27 May 2020: https://seplatpetroleum.com/investors/dividend/

 

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Table:  Q1 2020 Unaudited Results

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