Sanima Reliance Bonus Share Tax Payment: 18.3811% Tax Required for Demat Transfer
5 March 2025, Kathmandu
Sanima Reliance Life Insurance has asked shareholders to pay a 5% tax on the 18.3811% bonus shares for the fiscal year 2022/23. Shareholders must make the payment to receive the bonus shares. After the payment, the company will transfer the bonus shares. These shares will be credited to shareholders’ demat accounts once the tax is paid.
Sanima Reliance Bonus Share Tax
Bonus Shares Approved at AGM
The company’s 7th Annual General Meeting (AGM) took place on Ashoj 23, 2079 (October 9, 2022). During the meeting, shareholders approved the distribution of 18.3811% bonus shares. These shares are based on the company’s paid-up capital for the fiscal year 2022/23.
Following the merger of Sanima Life and Reliance Life, the newly formed company began operating as Sanima Reliance Life Insurance from Chaitra 9, 2079 (March 23, 2023).
Tax on Bonus Shares
The Income Tax Act does not apply tax to dividends distributed within two years of the merger to shareholders who were part of the company before the merger. However, the company clarified that the tax applies to bonus shares acquired from the secondary market after the merger. This tax applies only to shareholders who bought shares after the merger.
Therefore, the company has requested shareholders to pay the required tax on their bonus shares.
Steps to Deposit the Tax
Shareholders need to deposit the required tax amount as per the company’s request. After receiving the tax payment, the company will transfer the bonus shares to the shareholder’s demat account.
For shareholders who have pledged their shares to secure loans, they must pay the tax. Additionally, they must provide a No Objection Certificate (NOC) or Release Letter from their bank or financial institution. The company will transfer the bonus shares only after receiving these documents.
How to Get More Information
Shareholders can get further details by visiting:
Sanima Capital, the company’s share registrar, located in Naxal, Kathmandu
The official Sanima Reliance Life Insurance website
The company has urged shareholders to complete the tax payment and submit the required documents. Once the tax payment is confirmed, the bonus shares will be transferred to their demat accounts.
This tax deposit request follows the AGM’s approval of the bonus share distribution based on the company’s paid-up capital. Shareholders who have borrowed against their shares must ensure they complete the necessary formalities to have the bonus shares credited to their accounts.
For more: Sanima Reliance Bonus Share Tax
