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FORTRESS INCOME FUND LIMITED - Change in the dividend withholding tax rate

Release Date: 24/02/2017 12:15
Code(s): FFA FFB     PDF:  
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Change in the dividend withholding tax rate

FORTRESS INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share codes: FFA ISIN: ZAE000192787
                   FFB ISIN: ZAE000192795
(Approved as a REIT by the JSE)
(“Fortress” or “the company”)


CHANGE IN THE DIVIDEND WITHHOLDING TAX RATE


Shareholders are referred to Fortress’ condensed unaudited consolidated interim financial statements for the six
months ended 31 December 2016 and the dividend tax treatment and salient dates announcements published on SENS
on 9 February 2017, wherein shareholders were advised of the dividends of 67.96000 cents per A share and 78.59000
cents per B share for the six months ended 31 December 2016.

Following the Budget Speech delivered by the Minister of Finance, Pravin Gordhan, on 22 February 2017 wherein the
dividends withholding tax rate was increased from 15% to 20%, the draft Rates and Monetary Amounts and
Amendment of Revenue Laws Bill has amended section 64E of the Income Tax Act No. 58 of 1962 and the increased
dividends withholding tax of 20% applies in respect of any dividend paid on or after 22 February 2017.

Non-resident shareholders are accordingly advised that the net dividend amount due to non-resident shareholders,
unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (“DTA”) between
South Africa and the country of residence of the shareholder, is 54.36800 cents per A share and 62.87200 cents per B
share and not 57.76600 cents per A share and 66.80150 cents per B share as previously disclosed. The tax position in
respect of the dividend received by or accrued to South African tax residents remains unchanged.

The salient dates and times and other information provided in respect of the dividend declaration announced on
9 February 2017 remain unchanged.

24 February 2017


Sponsor
Java Capital

Date: 24/02/2017 12:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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