These restrictions are also applicable to companies that had already resolved to distribute dividends for the 2019 fiscal year but had not yet paid (or had partially paid) them. The Omnibus Bill envisages a carve out for companies whose majority capital (i.e., more than 50%) is directly or indirectly held by the state, governorship, municipalities, villages, governmental entities or by the funds whose majority capital (i.e. more than 50%) is owned by the government.
The Omnibus Bill sets the restriction period initially until the end of September. However, the President may shorten this period or extend it for up to three months. Procedures and exceptions to the temporary restriction on dividend distributions will be clarified by the Ministry of Trade.