Shareholders are encouraged to review and update their residency status registered with the Maldives Securities Depository (MSD). Keeping this information accurate helps ensure that dividend and other shareholder payments are processed correctly and receive the appropriate tax treatment.
Shareholders can update their residency status conveniently through their Infinity account. To do so, log in to Infinity, navigate to Profile, select Contact Information, tick the option that correctly reflects your current residency status, and save the changes. Once updated, the information will help ensure that shareholder records remain accurate and up to date. Shareholders who are unable to update their details online may also submit the required forms physically through MSD.
Update your residency status today through your Infinity account and keep your shareholder information up to date.
Updating this information is particularly important for shareholders who receive dividends or other shareholder payments. Under the Income Tax Act, dividends paid to non-resident shareholders are subject to a 10% witholding tax. Where a shareholder has not declared their residency status, or where the company is unable to determine whether the shareholder is a resident of the Maldives at the time of payment, the shareholder may be treated as a non-resident for withholding tax purposes. As a result, 10% withholding tax may be deducted from the dividend payment.
Therefore, shareholders are encouraged to periodically review their personal information and promptly update any changes to their residency status. Keeping this information current helps ensure that the appropriate tax treatment is applied and supports the smooth processing of dividend and other shareholder payments.