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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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
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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
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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 MoreCanada 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
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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 MoreMalaysia 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 MoreMalaysia 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 MoreMalaysia 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 MoreItaly: 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 MoreMalaysia 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
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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
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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
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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
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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
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