Shareholders Must Pay Tax to Receive Bonus Shares of Sanima Reliance Life Insurance

Sanima Reliance Life Insurance Limited (SRLI) has issued a notice to its shareholders, requiring them to pay a tax of 18.3811% on bonus shares allocated for the fiscal year 2079-80 before receiving their shares. Shareholders must deposit the tax amount into NMB Bank's account number 9900053667800173.

Bonus shares will only be credited to shareholders’ respective Demat accounts after the required tax payment is completed. Shareholders are instructed to include their beneficiary account number, name, and mobile number in the deposit details. Additionally, the payment receipt must be scanned and uploaded to www.sanimareliance.com/share-tax-2 to finalize the process.

Sanima Reliance Life Insurance was established following the merger of Sanima Life and Reliance Life Insurance, with integrated operations beginning on Chaitra 9, 2079. According to Section 47(a), Sub-section 5 of the Income Tax Act, 2056, shareholders who held shares before the merger are exempt from dividend tax for two years from the merger date.

However, dividend tax will apply to bonus shares received through transactions conducted after the merger's effective date. Shareholders must deposit the 18.3811% tax on bonus shares into the designated bank account and submit the scanned payment voucher via the provided link.

In the case of Sanima Reliance Life Insurance, shareholders who owned shares to the merger date are exempt from tax, while those who purchased shares after the merger's joint transaction date are subject to tax on their bonus shares.

The company clarified that this provision does not apply to bonus shares issued for the fiscal year 2079-80, necessitating the current tax compliance.

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