• ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) has secured a tax ruling from the Israeli Tax Authority (ITA) with respect to the tax withholding procedures relating to the payment of dividend expected to take place on September 15, 2021.

  • Previously the company had announced a dividend of .00 per share (~$238 million), payable September 15, with a record date of August 25, and trades ex-dividend on August 24, 2021.

  • The Ruling suggests certain Shareholders may be eligible to a reduced Israeli withholding tax rate for their share of this dividend distribution, compared to the generally applicable withholding tax rate.

  • Under the Israeli Tax Ordinance and regulations issued under the Israeli Tax Ordinance, the rate of withholding tax on dividends paid by an Israeli company is 30% for distributions to a "substantial shareholder" and 25% for distributions to all other holders of Ordinary Shares.

  • Price Action: ZIM shares are trading higher by 5.47% at $48.59 on the last check Monday.

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