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What is Withholding Tax on Retained Earnings about?

The Tax Revenue Appeals Board ruled that withholding tax and interest is applicable on retained earnings of resident companies, treating them as Controlled Foreign Corporations. This decision implies that all resident companies must withhold income tax on retained earnings as if they were distributed dividends. The ruling is effective until potentially overturned by higher authorities, raising concerns for companies with retained earnings.

Author

Sanjay Gohil

Language

EN