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The new Dividend Withholding Tax (DWT) replaced Secondary Tax on Companies (STC) on 1 April 2012. Investors are understandably concerned about the long-term impact of this tax and the real effect on their investments. Our research shows that although the change in the way dividends are taxed will impact your investment, the net effect of the latest change is relatively small. Any possible benefit or disadvantage should ultimately be weighed against your objectives, circumstances and risk profile, which should form the basis of your investment planning. As always, if you need help with your investment planning you may wish to speak to an independent financial adviser.