Currently, in Shares, we offer a wide range of US stocks from the New York Stock Exchange (NYSE) and the NASDAQ. Dividends paid out by the US companies to non US citizens/residents are subject to a withholding tax by the US government.
Currently, we do not onboard citizens or residents from the United States, hence all our users are subject to this withholding tax. The withholding tax rate differs from country to country and solely depends on the tax treaty your country has in place with the U.S.
The withholding tax will be deducted from your dividend payout. You will be able to check the exact amount that has been deducted from your dividend payout as a part of the withholding tax in the application. To check the details of your dividend payout,
Navigate to your profile menu and tap on “Activity”.
Tap on the particular dividend payout you wish to check. In this page you will find the details of the dividend payout which will include Dividend per share, Applicable shares, Withholding tax, and Total credit.
As we in Shares do not provide tax advice, If you would like to know more in detail about your tax implications, we recommend you to consult with an appropriate professional advisor.