Withholding tax on offshore fund unit income revised, increasing the rate for long term gains arising on or after the amendment date. The amendment revises deduction rates under the withholding rule for payments to offshore funds: payers must deduct tax at specified rates depending on whether the payment is income from specified preferentially taxed units, long term capital gains from transfers before the cut off date, or long term capital gains from transfers on or after the cut off date. The payer's timing obligation to deduct tax at credit or payment remains, and the change is retrospective to the cut off date.
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Withholding tax on offshore fund unit income revised, increasing the rate for long term gains arising on or after the amendment date.
The amendment revises deduction rates under the withholding rule for payments to offshore funds: payers must deduct tax at specified rates depending on whether the payment is income from specified preferentially taxed units, long term capital gains from transfers before the cut off date, or long term capital gains from transfers on or after the cut off date. The payer's timing obligation to deduct tax at credit or payment remains, and the change is retrospective to the cut off date.
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