News & Blog
- Business Registration/Company Incorporation
- Tweaking the New Inland Revenue Act
Capital Gains Tax (CGT)
The CGT has been reintroduced under the new Act with the overarching objective of increasing tax revenue. It drew criticism over its perceived impact on the sale/realisation of individual properties. However, the Commissioner General of Inland Revenue (CGIR), subsequently issued a gazette specifying that only the gains from the realisation of ‘investment assets’ shall be subject to CGT. Nevertheless, there are still some confusing points regarding the CGT, which especially relate to a business.
Read more: DailyFT