Category: Capital gains

Canada Revenue Agency / Capital gains / Capital Gains Tax / Double Tax Treaty / Income Tax Act / Legislation / Tax Avoidance / Tax Laws / Tax Planning

Canada: “Changing Of The GAAR”: A Background On The General Anti-Avoidance Rule, And Canada’s Attempt To Expand Its Tax Power In The 2022 Budget

Published by: Mondaq - April 29, 2022

The Budget purports to introduce several new financial and taxation regimes, as well as enhance several existing mechanisms. One of the existing taxation mechanisms proposed to be amended is the General Anti-Avoidance Rule (the "GAAR"). The Government initially indicated they would be amending the GAAR in the 2021 Budget. The 2022 Budget now provides some additional detail, though we are still waiting for the actual legislation. ... - Continue reading

Capital Gains Tax / Corporation Tax / Double Tax Treaty / Exemptions / Incorporation / Insurance / Offshore Investments / Tax Haven / Tax Relief

How much capital gains tax you pay in Portugal?

Published by: PORTUGAL resident - March 6, 2022

Like many countries, Portugal imposes a capital gains tax on the sale of assets. It only applies to gains made on real estate and investments; personal items are not taxable and inheritances are only subject to a limited form of stamp duty. Your exposure will depend on whether you are resident, how you own the asset and, with property, whether it is your main home. ... - Continue reading

Capital gains / Capital Gains Tax / Certification / Dividends / Residency / Royalties / Withholding Tax

Requests for confirmation, tax treaty relief applications and tax sparing applications

Published by: The Manila Times - March 3, 2022

IN 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) 14-2021 and Revenue Memorandum Circular (RMC) 77-2021, which streamlined the procedure for the availment of benefits under the applicable tax treaty.  ... - Continue reading

Advance Pricing Agreement / Capital gains / Corporate Tax / Permanent establishment / Poland / Profit Shifting / Royalties / Tax Deductibility / Tax Deductions

Polish Deal introduces new minimum tax for corporations

Published by: MNE Tax - September 10, 2021

On 8 September, Poland’s government accepted a new tax bill called the “Polish Deal,” announcing after the public consultation on the bill a significant amendment to include a special anti-avoidance measure referred to as a minimum income tax for corporations. ... - Continue reading

Activity / Capital gains / Capital Gains Tax / Common Reporting Standard / Directors / HMRC / Regulatory / Shares

UK: Tax Bites – June 2021

Published by: Mondaq - June 9, 2021

Further extension to UK Common Reporting Standard compliance rules

Regulations have been made to extend the International Tax Compliance Regulations 2015 (SI 2015/878) (the Compliance Regulations). The Compliance Regulations, among other things, require UK financial institutions to report information regarding certain non-UK account holders to HMRC for exchange under international arrangements relating to the Common Reporting Standard (CRS). ... - Continue reading

Capital gains / Exemptions / Income Tax / Pakistan / Tax Exempt / Tax Laws / Withholding Tax

Ten-year tax incentives granted to special technology zones

Posted On: December 15, 2020

The government has granted a comprehensive duty and tax incentives for a period of 10 years to investors operating in the proposed special technology zones (STZs), sources in the Federal Board of Revenue (FBR) said on Monday. The incentives also include immunity from explaining the source of funds to be… – Continue reading

Canada Revenue Agency / Capital gains / Double Taxation / Exemptions / G7 / Government Bodies / Interest / Lease / OECD / Tax Credit / Tax Planning

Canada: Don’t Let Your Dream Vacation Home Become A Tax Nightmare

Published by: Mondaq - July 29, 2020

Renting your foreign property may require you to disclose information to the Canada Revenue Agency (the "CRA"). A Foreign Income Verification Statement is required to be filed with the CRA where the adjusted cost base of the property exceeds CDN $100,000.  ... - Continue reading

Capital gains / Capital Gains Tax / Corporate Tax / Interest / Ireland / Profit Shifting / Real Estate / Tax Avoidance / Transfer pricing

Ireland Budget 2020 released

Published by: MNE Tax - October 10, 2019

On 8 October, the Irish government announced its Budget 2020 measures. Brexit and climate change are core themes of new revenue measures and expenditure commitments. Brexit remains the foremost immediate concern for the Irish economy, whereas tackling climate change requires long-term commitments to tax and spending policies. ... - Continue reading

Activity / Bermuda / Capital Gains Tax / Directors / Fees / Inheritance Tax / Legislation / Offshore Investments / Statutory / Tax Planning / Uncategorized

Bermuda: Chambers Private Wealth 2019: Bermuda (2019)

Published by: Mondaq - October 4, 2019

1. Tax1.1 Tax regimes In Bermuda there is no income or profits tax, withholding tax, capital gains tax, capital transfer tax or inheritance tax. There is no exit or similar such tax based on a resident's wealth when ceasing to be resident and there are no other consequences of leaving the jurisdiction. Customs duties and stamp duty are major government revenue earners, with stamp duties charged at different rates and in different manners on a variety of legal documents, excluding wills. ... - Continue reading

Arbitration / Banking Secrecy / Capital Gains Tax / Dividends / Double Tax Treaty / Intellectual Property / Loans / Mutual Agreement Procedure / Permanent establishment / Royalties / Tax Credit / Tax Exempt / Ukraine

Ukraine: Ukraine Ratifies Protocol Amending Double Taxation Treaty Between Ukraine And Switzerland

Published by: Mondaq - September 30, 2019

On 18 September 2019, the Parliament of Ukraine ratified a protocol (the Protocol) of amendments to the double tax treaty between Ukraine and Switzerland (the DTT) which had been signed by the states on 24 January 2019.  ... - Continue reading

Capital gains / Capital Gains Tax / Cyprus / Dividends / Immovable Property / Income Tax / Inheritance Tax / Property / Residence

Cyprus: The Cyprus Investment Programme And The Benefits

Published by: mondaq - September 5, 2019

The Cyprus Investment Programme is rapidly becoming one of the EU’s most popular residence schemes.

  • Non Cypriot citizens (and their families) can acquire Cyprus Citizenship by investing €2.5 million* in Cyprus.
*In one specific set of circumstances as detailed below in the financial criteria, the investment required is €2.0 million. A non-Cypriot citizen who meets one of the financial criteria detailed below can apply for Cypriot citizenship ‘through naturalization by exception’.
  • Following the application, Cyprus citizenship will be granted in six months, assuming the application has been completed accurately and the correct documentation filed.
  • The applicant needs to be in posession of a residence permit for a period of six months before obtaining the citizenship.
... - Continue reading

Business / Capital Gains Tax / Corporate Tax / Employment / Hong Kong / Income Tax / Real Estate / Revenue / Tax treaties / Value Added Tax

Hong Kong: A Guide To Tax Regulations In Hong Kong 2019 – 2020

Published by: Mondaq - August 2, 2019

While considering moving a business into a new market, one of the key consideration is that country's tax regime. What are the incentives that would attract foreign investment? Are there any double tax treaties in place? What is the rate for corporate tax? ... - Continue reading

Capital Gains Tax / Double Tax Treaty / Exemptions / HM Revenue & Customs / Legislation / Luxembourg / Real Estate / Residence / Tax Laws / Tax Transparency / United Kingdom

UK: Non-Resident Capital Gains Tax on United Kingdom Real Estate: A New Regime

Published by: Mondaq - July 24, 2019

The legislation encompassing the new regime for taxing non-residents' gains on the United Kingdom (UK) commercial real estate came into effect on 6th April 2019. Her Majesty's Revenue and Customs (HMRC) has additionally published draft guidance on this recently introduced regime. This article briefly summarizes the new rules. ... - Continue reading

Capital gains / Cyprus / Dividends / Double Tax Treaty / Interest / Kazakhstan / Legislation / Residence / Royalties / Withholding Tax

Cyprus: Cyprus–Kazakhstan First-Time Double Tax Treaty: Cyprus Ratifies

Posted On: May 29, 2019

On 24 May 2019, Cyprus ratified the first-time double tax treaty it had signed with Kazakhstan on 15 May 2019 (the DTT). Certain legal procedures now need to take place in both states following which the DTT will ‘enter into force’. The DTT will be ‘in effect’ as from the… – Continue reading

Capital gains / Foreign Direct Investment (FDI) / India / Investments / Mauritius / Singapore / Tax Evasion / Tax treaties

Revised tax treaties usher in a new era in investment, taxation

Posted On: May 28, 2019

Policy tweaks  curb evasion,  show  India  can woo investments without  sops Singapore, another major FDI contributor to India, too, enjoyed the same tax sops under a similar treaty with India NEW DELHI: For about a decade-and-a-half, revenue authorities examining foreign investment proposals received by the erstwhile Foreign Investment Promotion Board… – Continue reading

Budget / Capital gains / Capital Gains Tax / Commercial Property / Inheritance Tax / Investments / Offshore / Residential Property / Revenue / Tax Break / United Kingdom / Visa

Non-resident capital gains tax on UK commercial property ‘could block overseas investment’ – expert view

Posted On: May 13, 2019

The Government’s changes to the tax treatment of overseas investment in UK commercial property will increase revenues in the short term but might prove short-sighted, write Craig Hughes and Russell Dickie There is, as they say, no place like home. However, in recent years, solid and steady capital growth and… – Continue reading

Capital gains / Capital Gains Tax / Exemptions / Income Tax / Investments / Pakistan / Residence / Tax Laws / Withholding Tax

PSX recommends CGT exemption for foreign investors in next fiscal year

Posted On: April 27, 2019

—Says exemption to facilitate capital inflow by relaxing account opening, registration process ISLAMABAD: The Pakistan Stock Exchange (PSX) in its proposals for budget 2019-2020 has recommended exemption of capital gain tax (CGT) on disposal of securities by foreign investors. Budget proposals for next fiscal year 2019-20, available with Pakistan Today,… – Continue reading

Beneficial Ownership / Capital Gains Tax / HMRC / Inheritance Tax / Offshore / Offshore Wealth / Tax Avoidance / Tax Transparency / Trust / United Kingdom

HMRC targets wealthy families with trusts

Posted On: November 12, 2018

Changes to Britain’s centuries-old trust regime are looming as HMRC is concerned that trusts are letting some families pay less inheritance tax than those who do not pay accountants to set up the complex arrangements. To look at if the law should be changed, HMRC has published wide-ranging research of… – Continue reading

Anti-Tax Avoidance Package / Capital gains / Capital Gains Tax / Compliant / Corporate Tax / EU / Ireland / Legislation / Offshore / Permanent establishment / Tax Avoidance / Tax Laws

Ireland Implements New Exit Tax Regime

Posted On: October 19, 2018

Ireland’s 2018 Finance Bill legislates for a new exit tax regime compliant with the EU’s Anti-Tax Avoidance Directive. The exit tax charge was introduced via financial resolution on Budget night, October 9, 2018, and applies to certain events occurring on or after October 10. Finance Bill 2018 formally legislates for… – Continue reading

Capital Gains Tax / Exemptions / Flipkart / Gaar / Income Tax / Investments / Singapore / Walmart

Walmart-Flipkart Deal: Income Tax Dept Rejects Plea For Capital Gains Exemption

Posted On: September 1, 2018

Income Tax department is also inquiring into some alleged suspicious transactions and investment flow into Flipkart Authorities have demanded a valuation report from Flipkart The international taxation division of the I-T department is currently studying the valuation of Indian assets of Flipkart Singapore At the time when ecommerce company Flipkart… – Continue reading

Capital gains / Capital Gains Tax / Exemptions / India / Property / Residence

Capital Gain Exemption can be allowed to House Property acquired in Foreign Countries: ITAT [Read Order]

Posted On: August 23, 2018

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee is entitled for capital gain exemption under section 54F of the Income Tax Act in respect of the properties acquired outside India. In the instant case, the Revenue approached the Tribunal contending that for granting benefit… – Continue reading

Capital gains / Capital Gains Tax / Common Reporting Standard / HMRC / Investments / Legislation / Offshore / Offshore Accounts / Tax Evasion / United Kingdom

Warning to declare foreign income before September deadline

Posted On: August 6, 2018

UK taxpayers who receive any foreign income or profits from offshore assets have been urged to contact HMRC and disclose this income before 30th September 2018 to avoid being hit by higher penalties. David Redfern, tax preparation specialist and director of DSR Tax Claims, warned those affected to contact HMRC… – Continue reading

Capital Gains Tax / Common Reporting Standard / HMRC / Income Tax / Inheritance Tax / Investments / Non Compliant / Offshore / Offshore Tax Evasion / Property / United Kingdom

HMRC warn UK taxpayers it’s time to declare offshore assets

Posted On: July 31, 2018

HM Revenue and Customs (HMRC) is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties New legislation called “Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK… – Continue reading

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