New Zealand: Opposition party proposes targeted capital gains tax to fund free doctor visits
RF Report The Labour Party of New Zealand, the leading opposition party in parliament, has announced a proposal which targets capital gains tax on profits from the sale of commercial or residential properties, excluding the family home,
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Egypt to replace capital gains tax with stamp tax on stock transactions
Egypt's Cabinet replaces the capital gains tax on securities with a stamp tax. Egypt’s Cabinet has decided to cancel the capital gains tax on securities listed on the country’s stock exchanges on 4 June 2025. Ministers have decided to
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Qatar approves tax exemption on capital gains from group restructuring
Qatar has approved a tax exemption on capital gains from group restructurings, aiming to boost investment, support business growth, and enhance economic competitiveness. Qatar’s General Tax Authority announced its support for the Cabinet’s
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Turkey issues guide on taxation of capital gains and occasional income
The Turkish Ministry of Treasury and Finance has published a "Guide to Taxation of Other Income and Earnings," outlining the taxation of various income types, such as capital gains and occasional earnings, under the Individual Income Tax Law
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Canada delays capital gains tax hike to 2026
Canada’s Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, has announced that the federal government is deferring—from 25 June 2024 to 1 January 2026—the date on which the capital gains inclusion rate would increase from
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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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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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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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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
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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 publishes capital gains tax return form filing programmeÂ
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 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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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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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
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