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An entity inquired whether the exemption under Article 21 of the Corporate Income Tax Act could apply to dividends distributed from reserves generated both before and after the acquisition of its shares. The Directorate General for Taxes (DGT) ruled that the exemption only applies to the portion representing a distribution of profits and not to the recovery of the investment.
The ruling clarifies that taxpayers cannot claim dividend exemptions on distributions that effectively constitute a return of capital, limiting the tax benefit to actual post-acquisition earnings.
The tax team reviews your specific situation.
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