capital gains tax tagged posts

NZ Tax Working Group Talks Capital Gains

September 20, 2018 Taxation in New Zealand

Taxes in New ZealandWELLINGTON – New Zealand should tax capital gains, but maybe not via a capital gains tax.

The New Zealand Tax Working has released its Interim Report with a discussion on potential tax changes which may be recommended for the country, including a tentative approval of a capital gains tax.

The Tax Working Group was established by the Labour-led government and tasked with evaluating what changes should be enacted in the New Zealand tax system.

The question of a capital gains tax is a contentious one in New Zealand, as investors in the country have a strong preference for investment in property, due in part to a lack of capital gains tax.
It was noted that introducing a brand new capital gains tax would prove to be complicated.

As a potential alternative, the report mentions the possibility...

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New Zealand Sees Delay in Capital Gains Tax

September 10, 2018 Taxation in New Zealand

UK Taxman Targets Criminal OrganizationsWELLINGTON – New Zealand’s expected capital gains tax may not eventuate, as a working group delays recommending the measure.

New indications have emerged that the New Zealand Tax Working Group will not be recommending a full implementation of a Capital Gains Tax in its upcoming interim report.

The Tax Working Group was established by the New Zealand government shortly after the last election, and it was given the task of evaluating potential changes to the tax system.

The potentially recommended changes will form the basis of the Labour Party’s tax policy when going into the next election.

One major aspect of the Tax Working Group’s work is the evaluation of a possible tax on capital gains, as a means of addressing tax disparity between different investment types and also as a means of...

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Potential Capital Gains Tax Discussed in New Zealand

September 7, 2017 Taxation in New Zealand

Capital gains taxWELLINGTON – New Zealand’s opposition party is drip-feeding the country more details on its proposed tax on housing and property.

In the run up to the national election in New Zealand, the focus is shifting to the prospect of the introduction of a tax on land or the capital gains from the sale of the property.

New Zealand has seen significant and persistent upwards movement in the price of the property, leading some to label the situation as a “housing crisis”.

The current leader of the opposition Labour party, Jacinda Arden, has suggested that her party will implement a capital gains tax or a land tax to address the issue.

However, previously she had not committed to the nature of the tax or to whether the tax will include taxpayers’ prime place of residence.

She has now confirmed ...

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Sri Lanka Eyes Capital Gains Tax

June 29, 2016 Taxation in Sri Lanaka

UK Taxman Targets Criminal OrganizationsCOLOMBO – Sri Lanka’s stock market is dropping following indications that the government will enact a capital gains tax.

Early this week at a forum of Foreign Correspondents’ Association the Minister of Development of Sri Lanka Patali Champika Ranawaka claimed that the national government will soon impose a tax on gains from land transactions and sales of equities.

The new tax is aimed to raise extra tax revenues, in order to shore up government funds, while also satisfying part of the International Monetary Fund’s conditions for a loan of USD 1.5 billion.

The Minister stated that the exact details of the tax are not yet know, but he did say that “there will definitely be a capital gains tax on land transactions plus the stock exchange.”

This is not the first time that Sri Lanka ...

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New Capital Gains Rules Slammed in New Zealand

September 24, 2015 Taxation in New Zealand

WELLINGTON – New rules in New Zealand targeting property speculators are more likely to hit people faced with unforeseen personal circumstances then their actual target.

New Zealand’s proposed rules on the taxation of gains made from the sale of property will not have the intended effect, and will simply shift investor behaviour, instead of discouraging speculative investment, according to statements made by the New Zealand Law Society and the Chartered Accountants Australia and New Zealand to the Parliament’s Finance and Expenditure Committee, who are reviewing the rules before they can be implemented.

The new rules have been called the “bright line” test, which states that any capital gains made from the sale of property within two years of the initial purchase should be levied with ...

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