Egypt: MOF publishes form and guidelines on the tax treatment of capital gains
On 16 December 2020, the Egyptian Ministry of Finance (MOF) published a decree (No. 610 of 2020) setting out the tax treatment of capital gains from the sale or disposal of unlisted shares by non-residents. The decree also published the
See MoreSouth Korea postpones the enforcement of a lower threshold for capital gains tax
On 3 November 2020, South Korea has decided to postpone the enforcement to lower the standard for large shareholders subject to stock capital gains tax to KRW 300 million. At present, a shareholder who owns more than KRW 1 billion is considered
See MoreEgypt issues Law on taxation of capital gains and dividends distribution
On 30 September 2020, the Egyptian Government has published Law No. 199 in the official gazette. The Law contains amendments to the income tax law around capital gains and dividends distribution and certain articles of the stamp tax law with effect
See MoreFrance: Government publishes draft Finance Bill for 2021
On 28 September 2020, the Council of Ministers adopted the French Budget Bill for 2021 or Finance Bill 2021. The draft Bill also includes the recovery plan to restore the economy following the coronavirus pandemic. French Parliamentary discussions
See MorePanama: Special tax regime for multinational companies
On 31 August 2020, Mr. Laurentino Cortizo, the president of Panama signed Law No. 159, introducing a new tax regime designed to encourage multinationals to establish and operate manufacturing services in Panama. The new law (EMMA) looking
See MoreKorea: MOEF proposes Tax Revision Bill 2020 amid COVID-19
On 22 July 2020, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed Tax Revision Bill 2020 to overcome the economic crisis and enhancing economic vitality due to COVID-19 pandemic. The three main focuses
See MoreSaudi Arabia: GAZT publishes circular on capital gain tax
On 15 June 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has published online Circular No. 2005003 regarding income tax on capital gains from restructuring events. Through this Circular, GAZT addresses the taxation of
See MoreTurkey increases withholding tax on capital gains from specific FX hedge funds
On 3 June 2020, the Turkish Revenue Administration has published Presidential Decree No. 2604 in the official gazette, through which the withholding tax on the portfolio income of the specific foreign exchange hedge (Also called FX hedge) funds has
See MoreEgypt: Tax measures in response to COVID-19 pandemic
Recently, the Egyptian Government has announced several tax measures to mitigate the financial effect in response to the COVID-19 pandemic. The main tax measures are as following: Capital Gains: the extension of the suspension from the taxation
See MoreSouth Africa: Revenue Service publishes guide regarding capital gains tax
On 11 March 2020, the South African Revenue Service (SARS) published a guide regarding capital gains tax for companies. The guide provides a basic introduction to capital gains tax (CGT) and should not be used as a legal reference. The guide covers
See MorePeru issues Supreme Decree to amend rules on capital gains tax exemption
On 30 December 2019, Peru has issued Supreme Decree 410-2019-EF that modifies the capital gains tax exemption rules. The Decree amends Supreme Decree 382-2015-EF that approved the Law No. 30341, which extends the exemption from tax on income from
See MoreQatar publishes new regulations to amend income tax law
On 11 December 2019, Qatar published Executive regulations 39/2019 in the Official Gazette, introduced new Income Tax Law No. 24 of 2018. The new regulations are generally effective from 12 December 2019. Key features of the new regulations
See MorePeru extends tax incentives for real estate funds until 2022
On 31 October 2019, Peru published an Urgent Decree 009-2019 in the official gazette modifying Legislative Decree No. 1188. The Decree approves the extension of the validity of tax incentives to promote real estate investment funds until December
See MorePeru extends capital gains tax exemption until 2022
On 24 October 2019, Peru issued Urgent Decree 005-2019 in the official gazette modifying Legislative Decree No. 30341. The Decree extends the exemption from tax on income from the sale of certain securities. The following values will be benefited
See MoreSouth Korea: MOEF proposes tax revision bill for 2019
On 25 July 2019, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed 2019 Tax Revision Bill to raise tax credit rate for corporate facility investments, R&D. The bill mainly focuses on boosting the
See MoreGerman passed the Annual Tax Act 2018
On 8 November 2018, the German Federal Parliament (The Bundestag) has passed the Annual Tax Act 2018 under the name “Law on the avoidance of sales tax defaults when trading goods on the Internet and amending further tax regulations”. The German
See MoreHungary presents new tax package for 2019
The government of Hungary presented a new tax package on 19 June 2018 for corporate and business tax. The changes of taxes are as follows: The deduction allowance for investment in start-ups will be capped at HUF 20 million; A deduction for
See MorePeru: Tax administration clarifies the exchange rate applicable to capital gains arising from the transfer of shares
On 3 November 2017, the tax Administration in Peru issued report no. 039-2017-SUNAT/7T0000, clarifying the exchange rate applicable to capital gains arising from the transfer of shares. The report refers to a transaction as part of which a
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