Canada: Parliament tables capital gains inclusion rate
Canada’s Department of Finance announced that the Notice of Ways and Means Motion was tabled in Parliament on 10 June, 2024, to deliver greater tax fairness and implement the changes in capital gains taxation announced in Budget 2024. The
See More
Iceland proposes capital gains exemption for non-residents
The Icelandic parliament is considering a draft bill that aims to introduce change in its taxation policy. If passed, this legislation will grant an exemption on capital gains derived from the sale of shares in Icelandic companies to
See More
Mongolia: Parliament approves changes to corporate and personal income tax laws
Mongolia’s parliament has approved new changes to corporate income tax laws and personal income tax laws. It also introduced a capital gains tax on stock and securities transactions. The laws will go into effect starting 1 July
See More
Canada 2024 federal budget includes higher capital gains rate and other tax measures
On 16 April 2024, Canada’s Finance Minister delivered the 2024 federal budget. The following are some of the key tax measures of the budget: Capital gains inclusion rate The 2024 Budget proposes increasing the capital gains inclusion rate
See More
Malaysia releases tax guidelines for foreign capital asset disposals
On 27 March 2024, the Inland Revenue Board of Malaysia (IRBM) released guidelines about the Tax Treatment on Gains from the Disposal of Foreign Capital Assets Received from Outside Malaysia. The key points of the guidelines are as
See More
Malaysia passes amendments to define capital gains tax
Malaysia’s parliament approved two laws - the Income Tax (Amendment) Bill 2024 and the Labuan Business Activity Tax (Amendment) Bill 2024. The two bills received approval from the House of Representatives on 26 March 2024 and by the Senate on 3
See More
Malaysia proposes capital gains tax and e-invoicing changes
On 26 March 2024, Malaysia’s lower house of Parliament (Dewan Rakyat) passed the Income Tax (Amendment) Bill 2024 and Labuan Business Activity Tax (Amendment) Bill 2024. The bills include the following proposed tax-related changes: Capital
See More
Malaysia publishes capital gains tax return form filing programme
On 15 January 2024, The Inland Revenue Board of Malaysia (IRBM) announced that it had published the Capital Gains Tax Return Form (CGTRF) Filing Programme. Malaysia's Finance (No. 2) Act of 2023 has introduced new regulations regarding the
See More
Italy: 2024 budget law includes new tax credit and exemption for capital gains
On 30 December 2023, Italy issued Law No. 213 of 30 December 2023 concerning the State Budget for 2024 and the multi-year budget for 2024-2026. Some key tax measures include: Personal income tax brackets have been reduced from 4 to 3 by
See More
Malaysia offers 2-month deferral on unlisted share gains tax
On 29 December 2023, Malaysia released the Income Tax (Exemption) (No. 7) Order 2023 in the Official Gazette, which provides a deferral of capital gains taxation on the disposal of unlisted shares. Earlier, Malaysia’s new Finance (No. 2) Act
See More
Saudi Arabia: ZATCA releases drafts of new income tax and tax procedural laws for public consultation
On 25 October 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued drafts of a new Income Tax Law and Zakat and Tax Procedures Law for public consultation. The public consultation period for comments on the drafts is open until 25
See More
Egypt publishes income tax amendment law
On 15 June 2023, the Egyptian Tax Authority published Law No. 30 of 2023 in the Official Gazette amending some provisions of the Income Tax Law No. 91 of 2005. The Law entered into force on 16 June 2023. The key amendments to the Income Tax Law are
See More
Kenya: Tax measures in finance act 2023
On 3 July 2023, the Kenya Revenue Authority published the Finance Act 2023, following its presidential assent on 26 June 2023. The act includes the following notable provisions related to corporate income taxation. Digital assets
See More
Costa Rica: Legislative Assembly adopts a bill to introduce income tax law
On 18 May 2023, the Costa Rican National Legislative Assembly approved Bill No. 23760, which aims to introduce a new Income Tax Law. The bill proposes to repeal the existing corporate income tax law, Law No. 7092 of 1988. Instead, it suggests
See More
India: CBDT extends time of Compulsory e-Filing of WHT Form 10F
On 28 March 2023, the Directorate of Income Tax declared that the relaxation granted for the e-filing of Form 10F for withholding tax by non-resident taxpayers who do not possess an Indian PAN number has been extended until September 30, 2023. In
See More
India: Finance bill 2023 passed in the lower house of Parliament
On 24 March 2023, the lower house of Parliament (Lok Sabha) passed the Finance Bill 2023 which implements tax proposals for the next fiscal year. The Bill received 64 official amendment proposals, among which one intends to remove extended tax
See More
US: Tax proposals under the budget for fiscal year 2024
On 9 March 2023, U.S. President Joe Biden released the Fiscal Year 2024 Budget introducing following tax proposal. Ensures Corporations Pay Their Fair Share: The Budget includes an increase to the rate that corporations pay in taxes on their
See More
Norway: Corporate tax proposals for budget 2023
On 6 October 2022, the National budget for 2023 was delivered including following tax proposals related to corporate taxation. Increasing the tax rate from 35.2% to 37.84% on dividends and capital gains effective from 6 October 2022. It is
See More