capital gains tax tagged posts

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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Capital Gains Delayed in Egypt, Markets Rally

May 19, 2015 Taxation in Egypt

CAIRO – The stock market in Egypt has rocketed upward after the government dropped its controversial capital gains tax.

On May 18th the government of Egypt announced a delay to the implementation of a capital gains tax on profits made from the sale of stocks in the country.

The tax, which was part of a wider government effort to broaden the tax base and to boost revenues, has now been delayed by two years.

The tax has caused significant controversy in Egypt, as the government took more than 10 months to publish details on the proposed measure after having passed it earlier in 2014.

Opponents of the tax claimed that the measure caused severe uncertainty among investors, while simultaneously raising costs and reducing profits.

Immediately following the announcement of the delay, the nationa...

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New Zealand Clarifies Tax on Capital Gains

May 18, 2015 Taxation in New Zealand

WELLINGTON – New Zealand is enacting new rules to ensure that the profits of property investors are properly taxes, and that foreign investors cannot sidestep their tax obligations.

Over the weekend the government of New Zealand announced that the tax legislation regarding the taxation of profits from the sale of housing, with the intention of bringing more property investors under the tax net.

Under the new rules, any profit raised from the sale of property sold within two years of the initial purchase will be taxed at the seller’s own marginal tax rate.

The new conditions will not be applicable to sales where the property is the primary residence of the seller, inheritance, or any property that has been transferred as part of a relationship property settlement.

The new rules are inten...

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