Petition for Moomoo to retrieve the 15% dividend withheld for Singaporean users
Referenced from the link below, all of us should receive only 75% of the announced dividend. 25% is withheld by ZIM's agent. For tax treaty countries like Singapore, dividend recipients are eligible for 15% more after tax residency declaration by May 5th because the max taxable amount is 10% based on Israel-Singapore treaty from 2006.
This is not the 30% tax applied for dividends from US companies. This is 25%, withholding for Israeli company.
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TTTT : Isn’t that what the platform should do without asking?
Risky Investor OP TTTT : We must make sure. You didn't even know about the detailed rules, so moomoo wont bother giving it to u
TTTT Risky Investor OP : Well, that’s true. But if the net dividends (less 25%) has already been issued meant there is no recourse liao right? What could we do now?
Zetariel : How do we do the tax residency declaration? Do we need to submit to Moomoo ? When is the dateline for the submission ?
Risky Investor OP Zetariel : May 5th
Risky Investor OP TTTT : No, it's the correct procedure. 25% is witheld at first. Recipients will need to file and declare before May 5th or will forfeit their benefit.
Zetariel Risky Investor OP : How and where do we submit ?
Zetariel Risky Investor OP : To get back 15 percent is alot especially if we continue to buy and get the next dividends .
Risky Investor OP Zetariel : Moomoo should do it for its customers because when we sign up with Moomoo, they have received all proof of residency and ID. It's better they do a class filing. ZIM will use this information to submit to the Israeli government to justify the release of an additional amount from the 25% withhold due to the tax treaty.
Risky Investor OP Zetariel : Yes, the compunding effect would be massive!
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