18th Jan 2022 09:24
(Alliance News) - Plus500 Ltd announced on Tuesday that its status as a preferred technological enterprise has been extended to 2026.
The Israel-based financial technology firm that focuses on trading platforms explained that the status was accredited by the Israeli Tax Authority and will reduce its corporation tax rate as a result.
For each year up to and including 2026, Plus500's corporation tax rate will be reduced from 23% to 12% and the withholding tax rate applicable for dividends will be reduced from 25% to 20%.
Plus500 was initially accredited as a preferred technological enterprise in 2020, at which time the company's corporate tax rate for 2017, 2018 and 2019 were reduced from 24% in 2017 and 23% for 2018 and 2019 to 12% in 2020.
Chief Executive David Zruia said: "Plus500 was one of the first companies to receive the 'preferred technological enterprise' tax accreditation in 2020, delivering significant rebates and cash savings for the company and its shareholders, and helping to support on-going investment in our technology."
Shares in Plus500 were up 3.1% at 1,481.50 pence on Tuesday morning in London.
By Heather Rydings; [email protected]
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