Foreign Dividends Sample Clauses

Foreign Dividends. Foreign dividends are taxable in the hands of South African tax residents at a rate of 15% (subject to certain exemptions) with effect from 1 March 2012 for individuals and trusts, and 1 April 2012 in respect of companies.
Sample 1
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Foreign Dividends. Where any foreign cash dividend is received in respect of Plan Shares held on behalf of a Participant, the Trustee shall give him notice of the amount of any foreign tax deducted from the dividend before it was paid.
Sample 1
Foreign Dividends. Foreign dividends are not subject to dividends tax in South Africa (unless the dividend is paid by a foreign company in respect of a share listed on a South African exchange and does not consist of a distribution of an asset in specie) but are subject to income tax in the hands of South African tax residents at a maximum effective rate of 20% (subject to certain exemptions) with effect from 1 March 2012 for individuals and trusts, and 1 April 2012 in respect of companies. A foreign dividend is defined as any amount paid by a foreign company (essentially a non-resident company), which is treated as a dividend or similar payment by the foreign company for the purposes of the laws relating to tax on income in the foreign country, or, where the foreign country does not impose any tax on income, for company law purposes. A foreign dividend received by, or accrued to, any person will be exempt from income tax, among other things, where: • the shareholder (together with all other companies forming part of the same group of companies) holds at least 10% of the total equity shares and voting rights in the foreign company (known as the “participation exemption”); • the foreign dividend has been included in the resident recipient’s income in terms of the CFC rules; • the shareholder is a foreign company and the foreign divi- dend is declared or paid by another foreign company that is resident in the same country as the shareholder company (known as the “country-to-country exemption”); • the foreign dividend is received by or accrues to a person in respect of a share listed on a South African exchange and does not consist of a distribution of an asset in specie; or • the foreign dividend is received by or accrues to a resident company in respect of a share listed on a South African exchange and consists of the distribution of an asset in specie. The participation and country-to-country exemptions will not ap- ply where the amount of the foreign dividend is connected with a South African tax deductible payment. “South Africa imposes tax (subject to certain exemptions) on all forms of corporate entities as well as on individuals and trusts.”
Sample 1

Related to Foreign Dividends

  • Extraordinary Dividends and Distributions In case the Company at any time or from time to time after the date hereof shall declare, order, pay or make a dividend or other distribution (including, without limitation, any distribution of other or additional stock or other securities or property or Options by way of dividend or spin-off, reclassification, recapitalization or similar corporate rearrangement) on the Common Stock, then, in each such case, subject to Section 3.8, the Purchase Price in effect immediately prior to the close of business on the record date fixed for the determination of holders of any class of securities entitled to receive such dividend or distribution shall be reduced, effective as of the close of business on such record date, to a price determined by multiplying such Purchase Price by a fraction

  • Subsidiary Dividends To the extent permitted by applicable Law, the Borrowers shall cause one or more of their Subsidiaries to pay cash dividends to the Borrowers (directly or through one or more Subsidiaries) from time to time, in aggregate amounts as necessary to permit the Borrowers to pay and satisfy the Obligations when due and payable (by acceleration or otherwise).

  • Stock Dividends If the Company at any time shall pay a dividend payable in, or make any other distribution (except any distribution specifically provided for in the foregoing subsections (a) or (b)) of the Company's stock, then the Exercise Price shall be adjusted, from and after the record date of such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction (i) the numerator of which shall be the total number of all shares of the Company's stock outstanding immediately prior to such dividend or distribution, and (ii) the denominator of which shall be the total number of all shares of the Company's stock outstanding immediately after such dividend or distribution. The Warrantholder shall thereafter be entitled to purchase, at the Exercise Price resulting from such adjustment, the number of shares of Preferred Stock (calculated to the nearest whole share) obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares of Preferred Stock issuable upon the exercise hereof immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment.

  • Extraordinary Dividends If the Company, at any time while the Warrants (or rights to purchase the Warrants) are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary Shares (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the conversion rights of the holders of the Ordinary Shares in connection with a proposed initial Business Combination, (d) as a result of the repurchase of Ordinary Shares by the Company in connection with an initial Business Combination or as otherwise permitted by the Investment Management Trust Agreement between the Company and the Warrant Agent dated of even date herewith (e) or as a result of the issuance of Ordinary Shares as a result of conversion of the Rights issued in the Public Offering, or (f) in connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the Company’s board of directors, in good faith) of any securities or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.3, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis with the per share amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

  • Stock Dividends and Distributions In case the Company shall pay a dividend in, or make a distribution of, shares of Common Stock or of the Company's capital stock convertible into Common Stock, the Exercise Price shall forthwith be proportionately decreased. An adjustment made pursuant to this Section 8.2 shall be made as of the record date for the subject stock dividend or distribution.

  • Stock Dividends, etc In the event of a stock split, stock dividend or distribution, or any change in the Common Stock by reason of any split-up, reverse stock split, recapitalization, combination, reclassification, exchange of shares or the like, the terms “Existing Shares” and “Covered Shares” shall be deemed to refer to and include such shares as well as all such stock dividends and distributions and any securities into which or for which any or all of such shares may be changed or exchanged or which are received in such transaction.

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