Turkey reduces tax exemption on long term capital gains
The Revenue Administration of Turkey has announced the decision (Presidential Decision No. 9160) to reduce the tax exemption on capital gains from the sale of participation shares, held for at least two years, from 75% to 50%. This adjustment
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Hong Kong consults tax breaks for asset, wealth management
The Hong Kong SAR (HKSAR) government released a consultation paper to selected stakeholders, seeking their feedback on proposed improvements to the preferential tax regimes. These enhancements focus on funds, family-owned investment holding vehicles
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UK: House of Commons debates Finance Bill 2024-25
UK’s Finance Bill 2024-25, which is based on the Autumn Budget 2024, underwent its second reading debate in the House of Commons on 27 November 2024. This followed its initial introduction and first reading on 6 November 2024. The bill passed
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Hong Kong to exempt crypto taxes for hedge funds, family offices
Hong Kong intends to eliminate taxes on investment gains from cryptocurrencies and other alternative assets to benefit hedge funds, private equity firms, and family offices; according to a circular by Hong Kong’s Financial Services and the
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US: Louisiana finalises net capital gains deduction rules
Louisiana’s Department of Revenue has released final regulations for entities claiming net capital gains deductions. These regulations include guidance for situations where the claimed capital gain exceeds USD 250,000. The final regulations
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Philippines streamlines tax treaty rules for government securities
The Philippines Bureau of the Treasury (BTr) announced in a press release on 5 November 2024 the implementation of a streamlined tax treaty procedure for non-resident investors in Government Securities (GS). This initiative is part of the
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Greece consults tax exemptions for non-EU intra-group dividends, capital gains
The Greek Ministry of Finance (MoF) has initiated a public consultation regarding the introduction of a participation exemption for intra-group dividends and capital gains derived from non-EU entities. This proposed measure aims to enhance the
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Greece unveils tax reform plans for 2025
Greece's Ministry of National Economy and Finance has announced new legislation for tax reform measures for 2025 on 5 November 2024. The bill, entitled "Measures to enhance income, tax incentives for innovation and business transformations and
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UK: HMRC updates online guidance for applying for statutory tax clearances
The UK tax authority, HM Revenue & Customs (HMRC), has updated its online guidance regarding the application process for statutory tax clearances on 29 October 2024. A new page titled "Apply for statutory clearance for a transaction" provides
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Malaysia exempts capital gains tax on share disposal for restructuring, IPOs
Malaysia’s Ministry of Finance (MoF) announced gazette orders exempting capital gains tax (CGT) on the capital gains or profits from the sales of shares during company restructuring and initial public offering (IPO) restructuring
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OECD: Tax Arbitrage Through Closely Held Businesses
On 7 October 2024 the OECD published a taxation working paper with the title Tax arbitrage through closely held businesses: Implications for OECD tax systems, written by Tom Zawisza, Sarah Perret, Pierce O’Reilly and Antonia Ramm. The working
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Canada consults global minimum tax, capital gain inclusion rate draft legislation
Canada’s Department of Finance invites public feedback on draft legislative proposals to implement the 2024 Budget and other previously announced tax measures. These proposals include changes such as introducing a global minimum tax and increasing
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India enacts 2024 Finance (No. 2) Act, amends long-term capital gains tax
The Government of India enacted the Finance (No. 2) Act, 2024, on 16 August 2024, after receiving Presidential assent. The bill has already been passed by the parliament's Lower House (Lok Sabha) and the Upper House (Rajya Sabha). This legislation
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Italy clarifies tax rules on capital gains for non-resident entities
Italian tax authorities published Circular No. 17/E of 29 July 2024, clarifying the tax treatment of qualifying capital gains earned by non-resident entities. The Circular was released following the amendments introduced by the Budget Law for
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Australia initiates consultation strengthening the foreign resident capital gains tax
The Australian Treasury launched a public consultation on strengthening the foreign resident capital gains tax regime on 23 July, 2024. Comments to this consultation can be submitted until 20 August, 2024. The government announced a measure in
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Italy confirms capital gains exemption for EU/EEA funds
In accordance with the 2021 Finance Law, Italy has established a 0% withholding tax rate on dividends sourced from Italy when received by EU/EEA entities, specifically funds regulated under the UCITS IV Directive or non-UCITS funds managed by firms
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Portugal approves tax measures to boost economy, includes reduced CIT rate and VAT groups
The Portuguese government approved a comprehensive set of tax proposals during the Council of Ministers meeting, on 4 July 2024, to promote the scale of Portuguese companies, consolidation and capitalisation; develop new financing and streamline
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Russia issues guidance on 0% tax on gains from share sales involving immovable property
Russia’s Ministry of Finance issued Guidance Letter No. 03-03-06/1/47293, clarifying how to calculate the percentage of Russian immovable property within a legal entity's assets when assessing eligibility for the 0% tax rate on gains from the sale
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