Swaziland: Underlying Tax
(1) Documents needed to support the underlying tax claim
The accounts showing the profits out of which the dividend was paid and the final notice of assessment to income tax on these profits will be required by the Underlying Tax Group. Profits for the year ended 31 March 2008 are assessed in the tax year ended 30 June 2008.
(2) Legal reserve
Relevant profits are reduced by transfers to the statutory reserve in accordance with the Financial Institutions (Consolidation) Order, 1975 (as amended). A financial institution is required to transfer not less than 10% of its net profit to the statutory reserve until the balance in this reserve is equal to its minimum required capital. The minimum required capital is 5% of its liabilities to the public in terms of the most recent published balance sheet.