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of <h1>New law: 20% final tax on distributed income from buybacks of unlisted shares, payable by company within 14 days</h1> A new chapter imposes a 20% additional tax on distributed income arising to shareholders from a domestic company's buy-back of its unlisted shares, where distributed income equals the buy-back consideration less the issue price of those shares. The company (and its principal officer) must pay this tax within 14 days of paying the shareholder; the tax is final and no further credit or deduction is allowed in respect of that income. Late payment attracts simple interest at 1% per month and the company/principal officer is deemed an assessee in default, subject to recovery provisions.
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