Dhiraagu has appealed to the company's shareholders to review and update their tax residency status to ensure dividends are correctly processed in line with tax requirements. 

Under the Income Tax Act, dividends paid to shareholders who are not tax residents of the Maldives are subject to a 10 percent Non-Resident Withholding Tax in accordance with Section 55(a)(4) of the Act. In addition, where a company is unable to determine that a shareholder is a tax resident of the Maldives at the time of payment, Section 55(c)(1) of the Act requires the company to deduct the applicable withholding tax from the dividend payment. 

Bearing this in mind, Dhiraagu calls on shareholders to review and update their tax residency status through logging in to the Maldives Securities Depository (MSD) portal or through completing the Shareholder Information Form and sending in via email to investor-relations@dhiraagu.com.mv.