The recent Finance Bill, has however, proposed the abolition of the distribution tax of 10 per cent on companies and mutual funds on the dividends or income distributed by them. Such income will henceforth be taxed in the hands of the recipients at the rates applicable to them and subject to TDS.
With regard to the regional regulators present here today, it is my ardent hope that we shall all benefit from information sharing about our experiences in our respective jurisdictions. I believe that the Prudential Regulatory Authority will in turn provide feedback about its expectations of the Standard Chartered Bank Group vis-à-vis its subsidiaries in the African region.