Page 300 - InterloopAnnualReport2020

• All minority shareholders irrespective of their shareholding can In the light of clarification from the Federal Board of Revenue, all
appoint proxy, participate through video conference and vote the shareholders who intend to seek exemption from withholding
through e-voting of taxes on payment of dividend under clause 47B of Part – IV of
the Second Schedule of the Income Tax Ordinance, 2001, are
Proxies requested to provide valid Exemption Certificate under section
159(1) of the Income Tax Ordinance, 2001 duly issued by the
Pursuant to Section 137 of the Companies Act, 2017 and according
to the Memorandum and Articles of Association of the Company, concerned Commissioner of Inland Revenue in order to claim the
every shareholder of the Company who is entitled to attend and vote said exemption. Zakat is also deductible at source from the dividend
at a general meeting of the Company can appoint another person at the rate of 2.5% of the face value of the share, other than corporate
as his/her proxy to attend and vote on his/her behalf. Every notice holders or individuals who have provided an undertaking for non-
calling a general meeting of the Company contains a statement deduction of zakat.
that a shareholder entitled to attend and vote is entitled to appoint a
proxy who sought to be a member of the Company. The instrument
appointing a proxy (duly signed by the shareholder appointing that
proxy) should be deposited at the registered office of the Company
not less than forty-eight hours before the said general meeting.

Dividend Mandate (Mandatory)
As per provision of Section 242 of Companies Act, 2017, any
dividend payable in cash shall only be paid through electronic
mode directly into the bank account designated by the entitled
shareholders and SECP vide S.R.O.1145(I)/2017 (as amended)
directed all shareholders to provide their valid International Bank
Account Numbers (IBAN) to receive cash dividend electronically.
The company shall be constrained to withhold the payment of
Dividend to the shareholders, in case of non-availability of IBAN of
the shareholder or authorized person.

Withholding Tax/Zakat on dividends:
As per the provisions of Section 150 of the Income Tax Ordinance,
2001, withholding tax is deductible at source on the amount of
dividend paid by the Company at the rate of 15% for filers and at the
rate of 30% for non-filers.

298