Latest news with #ITO
NZ Herald
6 days ago
- General
- NZ Herald
Stratford High School sets up school farm, students flock to learn farm management
The course covers Years 9 to 13. The intake was 'slightly more boy-heavy', but there had been 'good interest from our girls as well', Stone said. Two-thirds of Stratford's school leavers choose work placements over university, and they were keen to get practical experience. The school offered 'full farm management', and the business side would come later, he said. 'But for our Year 9s and 10s, and even Year 11s, it's more about that understanding of soil, pasture management, animal husbandry, farm management, spraying, and in time we will be looking to do our own hay as well. 'It's all about that side of farming and understanding what farm management is ... 'As they get older, and the standards are more designed for the business end of things, then the older students will look at that.' How hands-on does it get? 'Well, if you think about what happens on a normal farm, we run the same process. 'Our ewes are in lamb at the moment, there's a ram with them, so come late August or early September, the whole lambing process will occur, and our students are a big part of that. 'There's obviously the shearing process, our ewes will need to be shorn, our lambs will be sold, and we're lucky to have sale yards down the road. 'So that whole process, whole cycle, can be seen by our students and they will be a part of it.' It was 'not part of the plan, at the moment' for students to cull or slaughter animals, he added. The programme was run by agriculture teacher Fiona Putt, who was also a drystock farmer. 'We are really lucky to have our own agriculture teacher, as many schools have to use their science teacher.' Stone said the school had a five-year plan to develop a two-pronged agriculture programme, with a practice-based unit standard course, 'with potentially the support of someone like Primary ITO [Industry Training Organisation]', as well as an NCEA-accredited achievement standard, where senior students learned about the business side of farming. 'We're looking to progress, as numbers grow, as interest grows, and as we learn more about running a farm as a school. 'It's not as easy as it sounds, and we may need to look at having a part-time farm manager on board as well.' Year 10 student Vinny Hunt said he always wanted to be a farmer. 'I don't really like sitting in a class, and this is more hands-on and I wanted to get out.' He was looking forward to shearing and lambing later in the year, and said he had already learned a lot. 'I've learned how to safely handle sheep and cattle, how to calculate pasture cover and how to fix a fence.' He also enjoyed mustering sheep. Stone said that, from June next year, the school would get back 17 hectares that are currently leased out. The farm could take on more stock and perhaps diversify into dairy. It could also lead to the introduction of different standard courses, such as learning to use quad bikes and tractors. The school had received 'amazing' support from the community in getting the farm up and running, Stone said. 'We've had parents who are involved, local organisations who have helped out, either through sponsorship or labour. 'It's been unbelievable, how many people have supported us, and we're incredibly grateful.' Looking further afield, Vinny said agriculture was his favourite subject, and it was giving him skills for the future. 'I want to become a dairy farmer or maybe even drystock, or become a contractor mowing fields.' - RNZ
Yahoo
6 days ago
- Business
- Yahoo
ZIM Updates on Withholding Tax Procedures on June 2025 Cash Dividend
HAIFA, Israel, May 29, 2025 /PRNewswire/ -- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) ("ZIM" or the "Company"), a global container liner shipping company, hereby updates that in connection with the dividend distribution expected to take place June 9, 2025, as previously announced by the Company on May 19, 2025 (the "Dividend"), it had obtained an extension of the previously obtained tax ruling from the Israeli Tax Authority ("ITA") on tax withholding procedures relating to the payment of the Dividend to the Company's shareholders (the "Ruling"). As a result of the Ruling, certain shareholders of the Company ("Shareholders") may be eligible to a reduced Israeli withholding tax rate with respect to their share of this Dividend, in comparison to the generally applicable withholding tax rate (the "Reduced Withholding Tax Rate"), under certain terms and conditions as set forth below. The description provided below is not intended to constitute a complete analysis of withholding tax rate procedures relating to the distribution of the Dividend, nor does it address the actual tax liability of any of the Shareholders, but merely relates to the Israeli withholding tax procedures relating to the distribution of the Dividend. Other than the Dividend previously declared by the Company to be paid on June 9, 2025, there is no guarantee the Company will declare additional dividends in the future. Shareholders are advised to consult their own tax and financial advisors concerning the tax consequences of each particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction. For the avoidance of doubt, the Agent IBI Trust Management (whose information is provided below) has been retained by ZIM for the purpose of coordinating certain procedures relating to the Ruling, and it is NOT intended that the Agent will provide any tax advice to any of the Shareholders, who are encouraged to consult their own tax and financial advisors. Forms required to be submitted to the Agent in connection with the Ruling as described below are available in the following link - here (the full link appears below, under the Agent's contact information), and can also be found on the Company's website here. Background On May 19, 2025, ZIM announced a dividend payment of $0.74 per ordinary share (approximately $89 million), to be paid to holders of ordinary shares as of June 2, 2025. Payment of the Dividend is expected to be made on June 9, 2025 (the "Payment Date"). General Withholding Tax Treatment under Israeli Law As set out in the Company's Annual Report on Form 20-F filed with the Commission on March 12, 2025, with respect to dividends sourced from regular earnings, under the Israeli Tax Ordinance and regulations issued under the Israeli Tax Ordinance (collectively, "ITO"), the current Israeli rate of withholding tax on dividends paid by an Israeli company is 30% for distributions to a "substantial shareholder" (in general, being someone who holds, directly or indirectly, by himself or together with others, at least 10% of one or more of the means of control in the company) and 25% with respect to distributions to all other holders of Ordinary Shares ("Withholding Tax"). Notwithstanding the foregoing, as a result of the Ruling and subject to its terms and conditions, certain Shareholders, both Israeli and non-Israeli, may be eligible to a reduced Israeli withholding tax rate on their share of this dividend distribution, in comparison to the generally applicable withholding tax rate described above, (the "Reduced Withholding Tax Rate"), under certain terms and conditions as set forth below. Summary of the Main Terms of the Ruling The following is a summary of some of the key terms of the Ruling. It is emphasized that the description below does not purport to exhaust all the terms and conditions included in the Ruling and is not a complete translation of the Ruling. In order to enjoy the Reduced Withholding Tax Rate, Shareholders must comply with all the terms of the Ruling, a copy of which in the Hebrew language as well as an unofficial non-binding English translation thereof can be obtained free of charge by email by approaching the Agent (as defined below) at the contact details provided below. On the Payment Date the Company will withhold 25% of the Dividend amount and will remit the tax amount to the Agent, to be handled by the Agent in accordance with the terms and conditions of the Ruling. The remaining 75% of the Dividend amount will be remitted by the Company to its transfer agent, Equiniti Trust Company, LLC, which will transfer the said amount to the Shareholders (including through brokers who hold in brokerage accounts ZIM shares on behalf of Shareholders). A Shareholder who is a resident of a country with which Israel has a tax treaty ("Treaty State") (based on a declaration to be provided by such Shareholder) and is the beneficial owner of the Dividend, may apply to the Agent requesting a Reduced Tax Withholding Rate. Such application must be received by the Agent between the Payment Date and July 3, 2025 (the "Change of Rate Period"). The eligibility for a reduced tax rate will be evaluated by the Agent in accordance with Israeli tax laws and any applicable treaties, and therefore there is no guarantee that the applicant shareholder will be eligible for a tax refund. A Shareholder who declared that he or she is a resident of a Treaty State and is the beneficial owner of the Dividend may apply to the Agent during the Change of Rate Period only (subject to complying with all the documentation requirements detailed below) requesting the receipt of the monetary difference between the tax amount remitted to the Agent (at a rate of 25%) and the amount represented by the withholding tax rate set forth in the tax treaty between Israel and such Treaty State or by the limited withholding tax rate applicable to such dividend payment under the ITO, to the extent applicable. A Shareholder who did not declare that it, he or she is a resident of a Treaty State and is the beneficial owner of the Dividend, may apply to the Agent during the Change of Rate Period only (subject to complying with all the documentation requirements detailed below) requesting the receipt of the monetary difference between the tax amount remitted to the Agent (at a rate of 25%) and the amount represented by the withholding tax rate applicable to such dividend payment under the ITO or by the limited withholding tax rate applicable to such dividend payment under the ITO, to the extent applicable. Any Shareholder who claims to be entitled to a Reduced Tax Withholding Rate in accordance with the foregoing, will be required to provide the Agent with all relevant documentation as detailed in the Ruling and the forms available in the following link, on no later than July 3, 2025 (the end of Change of Rate Period), including but not limited to, bank account details to which the dividend payment should be transferred, number of ZIM shares owned by the Shareholder in such account, identification document, and confirmation of residence for the tax year 2025 issued by the taxing authority of the state of tax residence. In addition to the foregoing, the Shareholder will provide a written declaration in the form annexed to this announcement which will include declarations as to the following: (i) the Shareholder's tax residence for the tax year 2025, (ii) the Shareholder's beneficial ownership of the dividend, (iii) the investment in ZIM shares has not been made through a permanent establishment in Israel, (iv) the holding of ZIM shares is made for the Shareholder's own account and not for the account of others, and (v) the payment will not be made to a permanent establishment of the Shareholder outside of the Shareholder's tax residence. A non-Israeli corporate Shareholder (excluding a Shareholder covered by section 9 below) that requests a Reduced Tax Withholding Rate, will also need to provide the Agent with its updated shareholders register as of June 2, 2025, and a statement confirming that more than 75% of its shareholders, directly or indirectly, are individuals of its state of residence for the tax year 2025. A publicly traded non-Israeli corporate Shareholder whose shares are traded on a stock market outside of Israel and is a resident of a Treaty State, or a direct or indirect subsidiary of such Shareholder, will also provide the Agent with a declaration that it is a resident of such Treaty State or another non-Israeli state for the tax year 2025, as applicable. An Israeli corporate Shareholder which is entitled to a Reduced Tax Withholding Rate (including an exemption from withholding tax at source), will be able to apply to the Agent no later than July 3, 2025, (the end of the Change of Rate Period) and enclose an applicable valid ITA issued certificate setting forth a Reduced Tax Withholding Rate or an exemption from withholding tax. In addition, such Shareholder will enclose its certificate of incorporation and all other documents required as set forth above, mutatis mutandis as requested by the Agent. The Agent is entitled to request from the Shareholders applying for a Reduced Tax Withholding Rate additional documents in its discretion insofar as they are required to establish the tax residence of the Shareholder or its entitlement to exemption and/or to a Reduced Tax Withholding Rate. Notwithstanding the foregoing, no refund of excess tax withholding shall be affected by the Agent with respect to any Shareholder holding more than 5% of the issued share capital of the Company, or whose entitlement to dividend from the Company pursuant to the Dividend exceeds $500,000, other than in accordance with a specific approval issued by the ITA. The transfer of the amounts withheld, excluding the amounts returned to the Shareholders, as aforementioned, shall be conducted by the Agent. Subject to receipt by the Agent of your required documentation, the Agent will return the amounts withheld to the Shareholders as detailed above to the account at which the dividend payment was made within 30 days from the date the amounts withheld are paid to the ITA. The Ruling is aimed to address solely the issue of tax withholding procedures and should not be construed as setting the actual tax liability of any Shareholder with respect to the Dividend or otherwise. Appointment of Israeli Tax Withholding Agent In order to facilitate the implementation of the procedures set forth in the Ruling for the benefit of its Shareholders, the Company appointed IBI Trust Management to serve as a processing agent for the benefit of the Shareholders in connection with the distribution of the Dividend (the "Agent"). Contact information of the Agent is provided at the bottom of this announcement. We encourage you to contact the Agent if you need any clarifications in filling-in the forms required under the Ruling to obtain a Reduced Withholding Tax Rate, or if you have any questions concerning the process. Please note that the Agent will not provide any tax advice to any Shareholder, who should consult their own tax and financial advisors. In order to be eligible to benefit from a Reduced Withholding Tax Rate, Shareholders must provide the Agent with all documentation required under the Ruling not later than July 3, 2025. The relevant forms are included in the following link. If a Shareholder fails to provide the Agent with all the documentation required by July 3, 2025, the Agent will not be able to attend to such Shareholder's application and will not be able to return any amounts originally remitted on behalf of such Shareholder nor provide any confirmation of tax withholding to such a Shareholder, either in connection with the Ruling or in connection with any other tax filing by such Shareholder. ZIM's Agent Contact Information: IBI Trust Management Tel No: +972-3-519-3896, +972-50-620-9410 Email: ZimDividend@ Link to forms: About ZIM Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with established operations in more than 100 countries serving approximately 33,000 customers in over 330 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at ZIM Contacts Media: Avner ShatsZIM Integrated Shipping Services Ltd.+972-4-865-2520media@ Investor Relations: Elana HolzmanZIM Integrated Shipping Services Ltd.+ Leon BermanThe IGB Group212-477-8438lberman@ Logo: View original content: SOURCE Zim Integrated Shipping Services Ltd.
Time of India
25-05-2025
- Politics
- Time of India
AAP says rain has exposed collapse of infrastructure, BJP hits back
New Delhi: AAP on Sunday claimed that Saturday night's rain was enough to "expose the complete collapse" of Delhi's infrastructure under BJP's "so-called four-engine" govt. From ITO and Minto Road to Dhaula Kuan, Timarpur and even the airport road, key parts of the capital were waterlogged, leaving cars and buses stranded in flooded streets, it said. "While BJP functionaries pose for photo-ops, Delhi drowns," claimed AAP Delhi state president Saurabh Bharadwaj. AAP released multiple videos on X, showing extensive flooding across the city. In one post from ITO, the party wrote: "When Delhiites woke up this morning, they found the city submerged. Just a little rain, and the roads are flooded. These waterlogged streets reveal the truth of BJP's broken-down four-engine govt." Another video from Delhi Cantonment showed a submerged car and bus. AAP captioned it: "Overnight rain and Delhi is under water. Now, CM Rekha Gupta can visit and take credit for this mess." Bharadwaj also posted visuals of Timarpur Road under water: "This is BJP's four-engine rule: Prime Minister—BJP, LG—BJP, Chief Minister—BJP, MCD Mayor—BJP, NDMC—BJP, and every key official under BJP control. Still, this is the condition of Delhi (sic)." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Killer New Toyota 4Runner Is Utter Perfection (Take A Look) MorninJoy Undo He added, "Floodwater on every road, but Parvesh Verma—who once boasted of suspending 335 officials—is nowhere to be seen." Leader of opposition Atishi posted a video from ITO, noting the flooding occurred right outside PWD headquarters. She also shared visuals from Subroto Park, Ravidas Marg, IGI Airport, Rohtak Road and Delhi Cantonment, sarcastically calling it "the wonder of BJP's four-engine govt." Hitting back, Delhi BJP president Virendra Sachdeva said that sudden storms and monsoon-related waterlogging were not new to the capital, but the situation had improved significantly under the current administration. He claimed that until last year, such issues were worsened by the negligence of the previous govt. "When Delhiites woke up this morning, there were multiple reports of fallen trees and waterlogging following last night's storm," said Sachdeva. "But under CM Rekha Gupta's direction, BJP MLAs, councillors, and officials from Delhi Jal Board and Public Works Department were out on the streets early—even on a Sunday." He added that by 9 am, most fallen trees had been cleared and major waterlogged areas addressed, easing traffic congestion. "By noon, the situation was largely under control," he stated. Sachdeva further claimed that after every monsoon, the public could clearly see the contrast between the previous AAP govt and the current BJP-led administration. "While Kejriwal govt would shift blame to LG and officials, leaving citizens to fend for themselves, BJP takes full responsibility and works proactively to restore normalcy after storms or rain," he added. . MSID:: 121394424 413 |
Time of India
25-05-2025
- Climate
- Time of India
Delhi storm disrupts air travel: 49 flights diverted, several delayed overnight
Commuters wade through a waterlogged road following rains, at ITO in New Delhi. (Pic credit: PTI) NEW DELHI: A powerful thunderstorm accompanied by heavy rain lashed Delhi overnight and caused widespread disruption across the city, including delayed flights, waterlogged roads, uprooted trees, and electricity poles. The India Meteorological Department (IMD) reported that the storm brought wind speeds of up to 82 kmph and 81.2 mm of rainfall within just six hours, from 11.30 pm to 5.30 am. The downpour severely impacted flight operations at the Indira Gandhi International (IGI) Airport. According to airport sources, 49 flights were diverted between 11.30 pm and 4 am due to adverse weather conditions. IndiGo, in a post on X at 3.59 am, confirmed "temporary disruptions in flight operations" and noted that airside congestion was easing. By 5.54 am, the airline said that flight operations had resumed with clearer skies over the capital. However, according to several flights remained delayed or cancelled, with average departure delays of over 30 minutes. Meanwhile, multiple key roads including Moti Bagh, Minto Road, Delhi Cantonment, and Deen Dayal Upadhyay Marg, were partially submerged due to heavy waterlogging. Visuals from Delhi Cantt showed a bus and a vehicle submerged in a flooded underpass. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo Other affected areas included ITO, Dhaula Kuan, Subroto Park, Nanakpura Underpass, and Chanakyapuri, where severe waterlogging led to massive traffic congestion. The IMD had earlier issued a red alert for Delhi and adjoining areas on Saturday, warning of thunderstorms, heavy rain, and strong winds for the next few hours.
Business Recorder
13-05-2025
- Business
- Business Recorder
If a case is subjudice proviso of Sec 174 (1) of ITO will kick in: SC
ISLAMABAD: The Supreme Court noted that if a case is subjudice before a legal forum then it is enough for proviso of Section 174 (1) of the Income Tax Ordinance, 2001, to kick in and dilute the effect of six-year timeframe till the matter is taken to its logical end under the law. A three-judge bench, headed by Chief Justice Yahya Afridi, and comprising Justice Muhammad Shafi Siddiqui and Justice Miangul Hassan Aurangzeb set aside the Lahore High Court (LHC) order directing that the taxpayer shall not be required by the department to produce record, on account of lapse of statutory timeframe. The question was whether the respondent was bound to maintain his tax records after the expiry of five years from the date of his deemed assessment for the tax year 2010 which was on or about 30.09.2010. ITO provisions and Section 4B: SC urged to harmonise definition of 'income' The instant matter pertains to deemed assessment for the tax year 2010. The show cause notice and reassessment orders were dated 27.02.2015 (within timeframe prescribed by law) which falls within the proviso to Section 174(3) of the Ordinance. The order said that the cognisance was taken with five years when notice was issued and notwithstanding the interim order, in the said case/ litigation on the subject of challenging a notice, the taxpayer is bound to retain documents under the law. It said; 'Therefore, whether or not any stay is operative in the matter, if the cause is subjudice it is enough for proviso to kick in and dilute the effect of six years timeframe till the matter is taken to its logical end under the law, provided that the initial notice was also within time prescribed by law. The requisite proviso may enable the department to act accordingly.' A writ petition challenging a notice dated 17.11.2016 issued by petitioners was challenged by the taxpayer on the count that it violates the findings and law laid down in Maple Leaf case. LHC allowed the petition; however, observed that proceeding of audit may continue but the taxpayer shall not be required by the department to produce record, on account of lapse of statutory timeframe prescribed to retain document in terms of Section 174 (1) of the Income Tax Ordinance, 2001. The department then approached the Supreme Court against the LHC. The apex court in CPLA issued notices, whereas, respondent chose not to appear; therefore, on 16-09-2022, the Court passed an ex-parte order. The instant matter pertains to tax year 2010. The petitioner was issued a show-cause notice under Section 122(5A) of the Ordinance, 2001 and subsequently an adverse order was passed on 27.02.2015. Thereafter, his appeal was allowed and the matter was remanded on 19.08.2015. The Court noted that a blanket cover was given to the taxpayer as far as retention of record is concerned. It said no doubt a timeframe is prescribed under the law; i.e., Section 174(1) of the Ordinance for retaining the documents; however, it is supplemented by the proviso along with an explanation inserted by Finance Act, 2010, which say; 'Provided that where any proceedings is pending before any authority or court the taxpayer shall maintain the record till final decision of the proceeding. 'Explanation: Pending proceedings include proceedings for assessment or amendment of assessment, appeal, revision, reference, petition or prosecution and any proceedings before an Alternative Dispute Resolution Committee]'. Copyright Business Recorder, 2025
