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Are proceeds from
sales of bonus issue shares subject to levy upon repatriation ?
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Proceeds
from the sale of shares arising from bonus issues by the original
beneficiary of the bonus issue are considered as dividends.
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Remittances
of the proceeds, therefore, can be made free of levy subject to the
production of documentary evidence to the remitting bank.
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Banks
are allowed to remit the proceeds without sighting documentary evidence
if they have in place a system which can verify that the client is
the original beneficiary of the bonus issue.
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Subsequent
sale of such shares will be treated as sale of any ordinary shares.
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