We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
ZIM Integrated Shipping Services Ltd | NYSE:ZIM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.73 | 15.19% | 13.12 | 13.59 | 11.88 | 11.90 | 13,559,800 | 00:58:26 |
HAIFA, Israel, May 26, 2022 /PRNewswire/ -- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM), a global container liner shipping company, hereby updates that in connection with the dividend distribution expected to take place on June 8, 2022, as previously announced by the Company on May 18, 2022 (the "Dividend"), and in accordance with its previously obtained tax ruling (the "Ruling') from the Israeli Tax Authority ("ITA"), certain shareholders of the Company ("Shareholders") may be eligible to a reduced Israeli withholding tax rate with respect to their share of this Dividend, in comparison to the generally applicable withholding tax rate (the "Reduced Withholding Tax Rate"), under certain terms and conditions as set forth below. The Ruling also applies to any future dividend distributions to be made by the Company on or before December 31, 2022, if declared by the Company.
The description provided below is not intended to constitute a complete analysis of withholding tax rate procedures relating to the distribution of the Dividend, nor does it address the actual tax liability of any of the Shareholders, but merely relates to the Israeli withholding tax procedures relating to the distribution of the Dividend. Other than the Dividend previously declared by the Company to be paid on June 8, 2022, there is no guarantee the Company will declare additional dividends in the future.
Shareholders are advised to consult their own tax and financial advisors concerning the tax consequences of each particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction. For the avoidance of doubt, the Agent (as defined below) has been retained by ZIM for the purpose of coordinating certain procedures relating to the Ruling, and it is NOT intended that the Agent will provide any tax advice to any of the Shareholders, who are encouraged to consult their own tax and financial advisors.
Forms required to be submitted to the Agent in connection with the Ruling as described below are attached as exhibits 99.2, 99.3 and 99.4 to Company's Current Report on Form 6-K filed with the Securities and Exchange Commission (SEC) on May 26, 2022, (www.sec.gov) and can also be found on the Company's website here.
Background
On May 18, 2022, ZIM announced a dividend payment of $2.85 per ordinary share (approximately $342 million), to holders of the ordinary shares as of May 31, 2022. Payment of the Dividend is expected to be made on June 8, 2022 (the "Payment Date").
General Withholding Tax Treatment under Israeli Law
As set out in the Company's Annual Report on Form 20-F filed with the Commission on March 9, 2022, with respect to dividends sourced from regular earnings, under the Israeli Tax Ordinance and regulations issued under the Israeli Tax Ordinance (collectively, "ITO"), the current Israeli rate of withholding tax on dividends paid by an Israeli company is 30% for distributions to a "substantial shareholder" (in general, being someone who holds, directly or indirectly, by himself or together with others, at least 10% of one or more of the means of control in the company) and 25% with respect to distributions to all other holders of Ordinary Shares ("Withholding Tax"). Notwithstanding the foregoing, as a result of the Ruling and subject to its terms and conditions, certain Shareholders, both Israeli and non-Israeli, may be eligible to a reduced Israeli withholding tax rate on their share of this dividend distribution, in comparison to the generally applicable withholding tax rate described above, (the "Reduced Withholding Tax Rate"), under certain terms and conditions as set forth below.
Summary of the Main Terms of the Ruling
The following is a summary of some of the key terms of the Ruling. It is emphasized that the description below does not purport to exhaust all the terms and conditions included in the Ruling and is not a complete translation of the Ruling. In order to enjoy the Reduced Withholding Tax Rate, Shareholders must comply with all the terms of the Ruling, a copy of which in the Hebrew language as well as an unofficial non-binding English translation thereof can be obtained free of charge by email by approaching the Agent (as defined below) at the contact details provided below.
Appointment of Israeli Tax Withholding Agent
In order to facilitate the implementation of the procedures set forth in the Ruling for the benefit of its Shareholders, the Company appointed ESOP Management & Trust Services Ltd. to serve as a processing agent for the benefit of the Shareholders in connection with the distribution of the Dividend (the "Agent"). Shareholders are asked to note that the Agent will not provide tax advice to any Shareholders, who are encouraged to consult their own tax and financial advisors. Contact information of the Agent is provided at the bottom of this announcement. We encourage you to contact the Agent if you need any clarifications in filling-in the forms required under the Ruling to obtain a Reduced Withholding Tax Rate, or if you have any questions concerning the process. Please note that the Agent (as defined below) will not provide any tax advice to any Shareholder, who should consult their own tax and financial advisors.
In order to be eligible to benefit from a Reduced Withholding Tax Rate, Shareholders must provide the Agent with all documentation required under the Ruling not later than July 5, 2022. The relevant forms included in the Ruling are and attached as exhibits 99.2, 99.3 and 99.4 to the Company's Current Report on form 6-K filed on May 26, 2022 with the SEC.
If a Shareholder fails to provide the Agent with all the documentation required by July 5, 2022, the Agent will not be able to attend to such Shareholder's application and will not be able to return any amounts originally remitted on behalf of such Shareholder nor provide any confirmation of tax withholding to such a Shareholder, either in connection with the Ruling or in connection with any other tax filing by such Shareholder.
ZIM's Agent Contact Information:
ESOP Management & Trust Services Ltd.
Tel No: +972-3-7536823
Fax No: +972-3-7602636
Email: esop-sp@esop.co.il
About ZIM
ZIM (NYSE: ZIM) is a global container liner shipping company with leadership positions in the markets where it operates. Founded in Israel in 1945, ZIM is a veteran shipping liner, with decades of experience providing customers with innovative seaborne transportation and logistics services and a reputation for industry leading transit times, schedule reliability and service excellence.
ZIM Contacts
Media:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
shats.avner@zim.com
Investor Relations:
Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
holzman.elana@zim.com
Leon Berman
The IGB Group
212-477-8438
lberman@igbir.com
Logo - https://mma.prnewswire.com/media/1458457/ZIM_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/zim-updates-on-withholding-tax-procedures-on-june-2022-cash-dividend-301556014.html
SOURCE ZIM Integrated Shipping Services Ltd.
Copyright 2022 PR Newswire
1 Year ZIM Integrated Shipping ... Chart |
1 Month ZIM Integrated Shipping ... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions