South Africa: SARS publishes revised capital gains tax guide
The South African Revenue Service (SARS) has released a revised tax guide regarding capital gains tax (CGT). The tax guide provides guidance on CGT for companies and individuals for the 2017 year of assessment (YA), which covers the period from
See MoreBrazil publishes capital gains on exchange of shares
Private Ruling 88/2017, released in the Official Gazette on 31 January 2017 regarding the tax treatment of exchange of shares transactions in Brazil. This public ruling imposes on non-resident shareholders. According to the rule, 15% income tax rate
See MorePakistan: FBR issues rules for computation of capital gain tax
Federal Board of Revenue (FBR) has issued a notification for the calculation of capital gain tax on the transaction of commodities in Pakistan Mercantile Exchange (PMEX). For the purpose, the FBR issued SRO 1145(l)/2016 and added PMEX under various
See MoreArgentina: Income tax exemption announced
The Minister of Finance announced a future implementation of an income tax exemption on 22nd November 2016. The future implementation regarding income tax exemption is that second installment of the 13th month salary to be paid during December. In
See MoreUK: Consultation on changes to Gift Aid scheme
Under the Gift Aid scheme the UK government effectively supplements a charitable donation by adding basic rate tax to the amount donated. The scheme is very valuable for UK charities as the government has added more than GBP 5 billion to charitable
See MoreUK: deemed domicile for income tax and capital gains tax
The UK is currently conducting a consultation on measures changing the rules for non-UK domiciled individuals. The changes are to be included in the Finance Bill 2016 and are to take effect from 6 April 2017. Draft legislation has been introduced to
See MorePeru: Proposal for CGT exemption for certain transfers of shares
The President presented to the Peruvian Congress on 24 August 2015 a bill proposing temporary tax exemptions from capital gains tax arising from the transfer of shares carried out through the Lima Stock Exchange. To obtain the exemption certain
See MoreNigeria: Reduction of taxes on transfer of property
The Lagos State Governor has issued Executive Order No. EO/BRF/001 of 2015 on 5th January 2015, which decreases taxes on transfer of property in Lagos. This order decreases the fees and charges payable for processing Governor's consent in respect of
See MoreUruguay: Tax exemption for income regarding some investments
A new law permits a freedom from tax for income regarding certain investments. Ley N° 19.289 offers an income tax exemption for particular taxpayers according to the purchase or construction of fixed assets, given that some conditions are
See MoreSweden: Supreme Administrative Court confirms the tax treatment of carried interest by private equity companies as capital gains
The Supreme Administrative Court has confirmed the tax treatment of carried interest by private equity companies as capital gains rather than income in a ruling from the Administrative Court of Appeal. Swedish tax agency filed an appeal claiming
See MoreEgypt: Modifies Property Tax Law
Recently Egypt has modified their property tax law also introducing new exemptions and removing a provision by which an individual was taxed on the total amount of residential property they owned. Residential properties worth up to USD280, 000 are
See MoreEgypt: New capital gains tax introduced
Egypt’s finance minister has announced the introduction of a 10% capital gains tax on profits made on the stock market. The council of ministers also agreed to impose a 10% tax on net capital gains that individuals make at the end of the tax
See MoreRussia: Clarification of tax treatment of income derived from alienation of immovable property
The Ministry of Finance has issued Letter No. 03-08-05/13287 on March 26, 2014 describing the income tax treatment derived by an Israeli individual from alienation of an immovable property situated in Russia. Article 6 of the Israel - Russia Income
See MoreTaiwan: Committee approves Luxury Tax on residential properties
The Finance Committee of Taiwan’s legislature has given its approval to amendments of the luxury tax imposed on residential property. The luxury tax imposes a 15 percent tax on the sale price of property sold less than one year after it was
See MoreSpain: Tax ruling expanding capital gains tax to indirect transfer of Spanish real estate by Luxembourg entities
Spanish tax authority recently published a ruling regarding indirect transfer of Spanish real estate by a Luxembourg entity which is taxable in Spain under the provisions of the Luxembourg-Spain tax treaty. Investment funds from real estate and
See MoreBrazil: Determination of capital gains for non-residents
The Resolution Ruling COSIT 16/2013 was issued by the Federal Revenue Office on 9 September 2013 and published in the Official Gazette. The ruling confirmed that capital gains obtained by non-residents must be determined according to the regulations
See MoreFrance: Temporary reduction on taxation capital gains on immovable property
The government of France issued guidelines BOI-RFPI-PVI-20-20-20130809 on 9th August 2013, providing new reductions on capital gains for the purpose of individual income taxation and social contributions. The reduced tax rate is 25%. Moreover, the
See MoreFrance: New deductions enacted on capital gains
The government of France issued a circular on 9 August 2013 on reductions of capital gains for individual income tax and social contributions purposes. Capital gains derived from the disposal of immovable property other than land benefit from the
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