Deemed Dividend Distribution as at 31 December 2022

Companies with accounting profits for tax year 2020 which fall within the Deemed Distribution (DD) provisions, would have to declare a sufficient amount of dividend, in order to meet the 70% threshold of distributed profits on or before 31 December 2022.

Otherwise, on 31 December 2022, the part of up to 70% of after tax profits (as adjusted for DD purposes) which has not been declared as dividends, will be considered as distributed and the relevant Special Contribution for Defense and General Healthcare Scheme contribution (where applicable) will need to be paid by 31 January 2023.

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