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href="#Compliance_costs"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Compliance costs</span> </div> </a> <ul id="toc-Compliance_costs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Tax_evasion" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Tax_evasion"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Tax evasion</span> </div> </a> <ul id="toc-Tax_evasion-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-By_country" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#By_country"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>By country</span> </div> </a> <button aria-controls="toc-By_country-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle By country subsection</span> </button> <ul id="toc-By_country-sublist" class="vector-toc-list"> <li id="toc-Albania" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Albania"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Albania</span> </div> </a> <ul id="toc-Albania-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Argentina" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Argentina"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Argentina</span> </div> </a> <ul id="toc-Argentina-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Australia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Australia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.3</span> <span>Australia</span> </div> </a> <ul id="toc-Australia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Austria" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Austria"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.4</span> <span>Austria</span> </div> </a> <ul id="toc-Austria-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Belarus" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Belarus"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.5</span> <span>Belarus</span> </div> </a> <ul id="toc-Belarus-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Belgium" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Belgium"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.6</span> <span>Belgium</span> </div> </a> <ul id="toc-Belgium-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Brazil" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Brazil"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.7</span> <span>Brazil</span> </div> </a> <ul id="toc-Brazil-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bulgaria" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bulgaria"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.8</span> <span>Bulgaria</span> </div> </a> <ul id="toc-Bulgaria-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Canada" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Canada"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.9</span> <span>Canada</span> </div> </a> <ul id="toc-Canada-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#China"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.10</span> <span>China</span> </div> </a> <ul id="toc-China-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Colombia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Colombia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.11</span> <span>Colombia</span> </div> </a> <ul id="toc-Colombia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Croatia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Croatia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.12</span> <span>Croatia</span> </div> </a> <ul id="toc-Croatia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Cyprus" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Cyprus"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.13</span> <span>Cyprus</span> </div> </a> <ul id="toc-Cyprus-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Czech_Republic" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Czech_Republic"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.14</span> <span>Czech Republic</span> </div> </a> <ul id="toc-Czech_Republic-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Denmark" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Denmark"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.15</span> <span>Denmark</span> </div> </a> <ul id="toc-Denmark-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ecuador" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ecuador"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.16</span> <span>Ecuador</span> </div> </a> <ul id="toc-Ecuador-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Egypt" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Egypt"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.17</span> <span>Egypt</span> </div> </a> <ul id="toc-Egypt-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Estonia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Estonia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.18</span> <span>Estonia</span> </div> </a> <ul id="toc-Estonia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Finland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Finland"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.19</span> <span>Finland</span> </div> </a> <ul id="toc-Finland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-France" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#France"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.20</span> <span>France</span> </div> </a> <ul id="toc-France-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Germany" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Germany"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.21</span> <span>Germany</span> </div> </a> <ul id="toc-Germany-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Greece" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Greece"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.22</span> <span>Greece</span> </div> </a> <ul id="toc-Greece-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hong_Kong" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hong_Kong"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.23</span> <span>Hong Kong</span> </div> </a> <ul id="toc-Hong_Kong-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hungary" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hungary"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.24</span> <span>Hungary</span> </div> </a> <ul id="toc-Hungary-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Iceland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Iceland"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.25</span> <span>Iceland</span> </div> </a> <ul id="toc-Iceland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-India" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#India"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.26</span> <span>India</span> </div> </a> <ul id="toc-India-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Indonesia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Indonesia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.27</span> <span>Indonesia</span> </div> </a> <ul id="toc-Indonesia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ireland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ireland"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.28</span> <span>Ireland</span> </div> </a> <ul id="toc-Ireland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Israel" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Israel"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.29</span> <span>Israel</span> </div> </a> <ul id="toc-Israel-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Italy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Italy"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.30</span> <span>Italy</span> </div> </a> <ul id="toc-Italy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Japan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Japan"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.31</span> <span>Japan</span> </div> </a> <ul id="toc-Japan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Kenya" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Kenya"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.32</span> <span>Kenya</span> </div> </a> <ul id="toc-Kenya-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Latvia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Latvia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.33</span> <span>Latvia</span> </div> </a> <ul id="toc-Latvia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Lithuania" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Lithuania"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.34</span> <span>Lithuania</span> </div> </a> <ul id="toc-Lithuania-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Malaysia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Malaysia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.35</span> <span>Malaysia</span> </div> </a> <ul id="toc-Malaysia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mexico" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mexico"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.36</span> <span>Mexico</span> </div> </a> <ul id="toc-Mexico-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Moldova" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Moldova"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.37</span> <span>Moldova</span> </div> </a> <ul id="toc-Moldova-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Montenegro" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Montenegro"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.38</span> <span>Montenegro</span> </div> </a> <ul id="toc-Montenegro-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Morocco" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Morocco"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.39</span> <span>Morocco</span> </div> </a> <ul id="toc-Morocco-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Nepal" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Nepal"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.40</span> <span>Nepal</span> </div> </a> <ul id="toc-Nepal-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Netherlands" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Netherlands"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.41</span> <span>Netherlands</span> </div> </a> <ul id="toc-Netherlands-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-New_Zealand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#New_Zealand"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.42</span> <span>New Zealand</span> </div> </a> <ul id="toc-New_Zealand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Norway" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Norway"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.43</span> <span>Norway</span> </div> </a> <ul id="toc-Norway-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Philippines" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Philippines"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.44</span> <span>Philippines</span> </div> </a> <ul id="toc-Philippines-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Poland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Poland"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.45</span> <span>Poland</span> </div> </a> <ul id="toc-Poland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Portugal" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Portugal"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.46</span> <span>Portugal</span> </div> </a> <ul id="toc-Portugal-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Romania" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Romania"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.47</span> <span>Romania</span> </div> </a> <ul id="toc-Romania-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Russia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Russia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.48</span> <span>Russia</span> </div> </a> <ul id="toc-Russia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Serbia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Serbia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.49</span> <span>Serbia</span> </div> </a> <ul id="toc-Serbia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Slovakia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Slovakia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.50</span> <span>Slovakia</span> </div> </a> <ul id="toc-Slovakia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Slovenia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Slovenia"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.51</span> <span>Slovenia</span> </div> </a> <ul id="toc-Slovenia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Africa" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Africa"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.52</span> <span>South Africa</span> </div> </a> <ul id="toc-South_Africa-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Korea" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Korea"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.53</span> <span>South Korea</span> </div> </a> <ul id="toc-South_Korea-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Spain" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Spain"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.54</span> <span>Spain</span> </div> </a> <ul id="toc-Spain-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sri_Lanka" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sri_Lanka"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.55</span> <span>Sri Lanka</span> </div> </a> <ul id="toc-Sri_Lanka-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sweden" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sweden"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.56</span> <span>Sweden</span> </div> </a> <ul id="toc-Sweden-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Switzerland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Switzerland"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.57</span> <span>Switzerland</span> </div> </a> <ul id="toc-Switzerland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Taiwan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Taiwan"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.58</span> <span>Taiwan</span> </div> </a> <ul id="toc-Taiwan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Thailand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Thailand"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.59</span> <span>Thailand</span> </div> </a> <ul id="toc-Thailand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Turkey" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Turkey"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.60</span> <span>Turkey</span> </div> </a> <ul id="toc-Turkey-sublist" class="vector-toc-list"> <li id="toc-Individual_taxation" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Individual_taxation"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.60.1</span> <span>Individual taxation</span> </div> </a> <ul id="toc-Individual_taxation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Withholding_tax" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Withholding_tax"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.60.2</span> <span>Withholding tax</span> </div> </a> <ul id="toc-Withholding_tax-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Uganda" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Uganda"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.61</span> <span>Uganda</span> </div> </a> <ul id="toc-Uganda-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ukraine" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ukraine"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.62</span> <span>Ukraine</span> </div> </a> <ul id="toc-Ukraine-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Arab_Emirates" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Arab_Emirates"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.63</span> <span>United Arab Emirates</span> </div> </a> <ul id="toc-United_Arab_Emirates-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.64</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> <li id="toc-History" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.64.1</span> <span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Basics" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Basics"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.64.2</span> <span>Basics</span> </div> </a> <ul id="toc-Basics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Corporate_notes" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Corporate_notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.64.3</span> <span>Corporate notes</span> </div> </a> <ul id="toc-Corporate_notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Background_to_changes_to_18%_rate" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Background_to_changes_to_18%_rate"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.64.4</span> <span>Background to changes to 18% rate</span> </div> </a> <ul id="toc-Background_to_changes_to_18%_rate-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Historical" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Historical"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.64.5</span> <span>Historical</span> </div> </a> <ul id="toc-Historical-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.65</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Deferring_or_reducing_capital_gains_tax" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Deferring_or_reducing_capital_gains_tax"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Deferring or reducing capital gains tax</span> </div> </a> <ul id="toc-Deferring_or_reducing_capital_gains_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" 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class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Treth_enillion_cyfalaf" title="Treth enillion cyfalaf – Welsh" lang="cy" hreflang="cy" data-title="Treth enillion cyfalaf" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target"><span>Cymraeg</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Impuesto_sobre_las_ganancias_de_capital" title="Impuesto sobre las ganancias de capital – Spanish" lang="es" hreflang="es" data-title="Impuesto sobre las ganancias de capital" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%DB%8C%D8%A7%D8%AA_%D8%A8%D8%B1_%D8%B9%D9%88%D8%A7%DB%8C%D8%AF_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87%E2%80%8C%D8%A7%DB%8C" title="مالیات بر عواید سرمایه‌ای – Persian" lang="fa" hreflang="fa" data-title="مالیات بر عواید سرمایه‌ای" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Imp%C3%B4t_sur_les_plus-values" title="Impôt sur les plus-values – French" lang="fr" hreflang="fr" data-title="Impôt sur les plus-values" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%96%91%EB%8F%84%EC%86%8C%EB%93%9D%EC%84%B8" title="양도소득세 – Korean" lang="ko" hreflang="ko" data-title="양도소득세" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Imposta_sui_redditi_da_capitale" title="Imposta sui redditi da capitale – Italian" lang="it" hreflang="it" data-title="Imposta sui redditi da capitale" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%A1_%D7%A8%D7%95%D7%95%D7%97_%D7%94%D7%95%D7%9F" title="מס רווח הון – Hebrew" lang="he" hreflang="he" data-title="מס רווח הון" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Kapit%C4%81la_pieauguma_nodoklis_Latvij%C4%81" title="Kapitāla pieauguma nodoklis Latvijā – Latvian" lang="lv" hreflang="lv" data-title="Kapitāla pieauguma nodoklis Latvijā" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Kamatad%C3%B3" title="Kamatadó – Hungarian" lang="hu" hreflang="hu" data-title="Kamatadó" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%97%E0%A5%81%E0%A4%82%E0%A4%A4%E0%A4%B5%E0%A4%A3%E0%A5%82%E0%A4%95_%E0%A4%95%E0%A4%B0" title="गुंतवणूक कर – Marathi" lang="mr" hreflang="mr" data-title="गुंतवणूक कर" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Vermogenswinstbelasting_en_vermogensaanwasbelasting" title="Vermogenswinstbelasting en vermogensaanwasbelasting – Dutch" lang="nl" hreflang="nl" data-title="Vermogenswinstbelasting en vermogensaanwasbelasting" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%AA%E0%A5%82%E0%A4%81%E0%A4%9C%E0%A5%80%E0%A4%97%E0%A4%A4_%E0%A4%B2%E0%A4%BE%E0%A4%AD_%E0%A4%95%E0%A4%B0" title="पूँजीगत लाभ कर – Nepali" lang="ne" hreflang="ne" data-title="पूँजीगत लाभ कर" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E8%AD%B2%E6%B8%A1%E6%89%80%E5%BE%97" title="譲渡所得 – Japanese" lang="ja" hreflang="ja" data-title="譲渡所得" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Imposto_sobre_ganhos_de_capital" title="Imposto sobre ganhos de capital – Portuguese" lang="pt" hreflang="pt" data-title="Imposto sobre ganhos de capital" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9D%D0%B0%D0%BB%D0%BE%D0%B3_%D0%BD%D0%B0_%D0%BF%D1%80%D0%B8%D1%80%D0%BE%D1%81%D1%82_%D0%BA%D0%B0%D0%BF%D0%B8%D1%82%D0%B0%D0%BB%D0%B0" title="Налог на прирост капитала – Russian" lang="ru" hreflang="ru" data-title="Налог на прирост капитала" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Capital_gains_tax" title="Capital gains tax – Simple English" lang="en-simple" hreflang="en-simple" data-title="Capital gains tax" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/P%C3%A4%C3%A4omavero" title="Pääomavero – Finnish" lang="fi" hreflang="fi" data-title="Pääomavero" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Kapitalvinstskatt" title="Kapitalvinstskatt – Swedish" lang="sv" hreflang="sv" data-title="Kapitalvinstskatt" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AE%E0%AF%82%E0%AE%B2%E0%AE%A4%E0%AE%A9_%E0%AE%86%E0%AE%A4%E0%AE%BE%E0%AE%AF_%E0%AE%B5%E0%AE%B0%E0%AE%BF_(%E0%AE%87%E0%AE%A8%E0%AF%8D%E0%AE%A4%E0%AE%BF%E0%AE%AF%E0%AE%BE)" title="மூலதன ஆதாய வரி (இந்தியா) – Tamil" lang="ta" hreflang="ta" data-title="மூலதன ஆதாய வரி (இந்தியா)" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E8%B5%84%E6%9C%AC%E5%88%A9%E5%BE%97%E7%A8%8E" title="资本利得税 – Chinese" lang="zh" hreflang="zh" data-title="资本利得税" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet 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rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Tax" title="Tax">Taxation</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/100px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png" decoding="async" width="100" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/150px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/200px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 2x" data-file-width="440" data-file-height="496" /></a></span></td></tr><tr><td class="sidebar-above"> An aspect of <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_policy" title="Tax policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></li> <li><a href="/wiki/Property_tax_equalization" title="Property tax equalization">Property tax equalization</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_law" title="Tax law">Tax law</a></li> <li><a href="/wiki/Tax_bracket" title="Tax bracket">Tax bracket</a> <ul><li><a href="/wiki/Flat_tax" title="Flat tax">Flat tax</a></li></ul></li> <li><a href="/wiki/Income_tax_threshold" title="Income tax threshold">Tax threshold</a></li> <li><a href="/wiki/Tax_exemption" title="Tax exemption">Exemption</a></li> <li><a href="/wiki/Tax_credit" title="Tax credit">Credit</a></li> <li><a href="/wiki/Tax_deduction" title="Tax deduction">Deduction</a></li> <li><a href="/wiki/Tax_shift" title="Tax shift">Tax shift</a></li> <li><a href="/wiki/Tax_cut" title="Tax cut">Tax cut</a></li> <li><a href="/wiki/Tax_holiday" title="Tax holiday">Tax holiday</a></li> <li><a href="/wiki/Tax_amnesty" title="Tax amnesty">Tax amnesty</a></li> <li><a href="/wiki/Tax_advantage" title="Tax advantage">Tax advantage</a></li> <li><a href="/wiki/Tax_incentive" title="Tax incentive">Tax incentive</a></li> <li><a href="/wiki/Tax_reform" title="Tax reform">Tax reform</a></li> <li><a href="/wiki/Tax_harmonization" title="Tax harmonization">Tax harmonization</a></li> <li><a href="/wiki/Tax_competition" title="Tax competition">Tax competition</a></li> <li><a href="/wiki/Tax_withholding" title="Tax withholding">Tax withholding</a></li> <li><a href="/wiki/Double_taxation" title="Double taxation">Double taxation</a></li> <li><a href="/wiki/No_taxation_without_representation" title="No taxation without representation">Representation</a></li> <li><a href="/wiki/Taxpayer_groups" title="Taxpayer groups">Unions</a></li> <li><a href="/wiki/Medical_savings_account" title="Medical savings account">Medical savings account</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax#Economic_effects" title="Tax">Economics</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General Theory</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Effect_of_taxes_and_subsidies_on_price" title="Effect of taxes and subsidies on price">Price effect</a></li> <li><a href="/wiki/Excess_burden_of_taxation" title="Excess burden of taxation">Excess burden</a></li> <li><a href="/wiki/Tax_incidence" title="Tax incidence">Tax incidence</a></li> <li><a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a></li> <li><a href="/wiki/Optimal_tax" title="Optimal tax">Optimal tax</a></li> <li><a href="/wiki/Theories_of_taxation" title="Theories of taxation">Theories</a></li> <li><a href="/wiki/Optimal_capital_income_taxation" title="Optimal capital income taxation">Optimal capital income taxation</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Distribution of Tax</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_rate" title="Tax rate">Tax rate</a></li> <li><a href="/wiki/Flat_tax" title="Flat tax">Flat</a></li> <li><a href="/wiki/Progressive_tax" title="Progressive tax">Progressive</a></li> <li><a href="/wiki/Regressive_tax" title="Regressive tax">Regressive</a></li> <li><a href="/wiki/Proportional_tax" title="Proportional tax">Proportional</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_collection" class="mw-redirect" title="Tax collection">Collection</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Revenue_service" title="Revenue service">Revenue service</a></li> <li><a href="/wiki/Revenue_stamp" title="Revenue stamp">Revenue stamp</a></li> <li><a href="/wiki/Tax_assessment" title="Tax assessment">Tax assessment</a></li> <li><a href="/wiki/Taxable_income" title="Taxable income">Taxable income</a></li> <li><a href="/wiki/Tax_lien" title="Tax lien">Tax lien</a></li> <li><a href="/wiki/Tax_refund" title="Tax refund">Tax refund</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Tax_residence" title="Tax residence">Tax residence</a></li> <li><a href="/wiki/Tax_preparation" class="mw-redirect" title="Tax preparation">Tax preparation</a></li> <li><a href="/wiki/Tax_investigation" title="Tax investigation">Tax investigation</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li> <li><a href="/wiki/Tax_collector" title="Tax collector">Tax collector</a></li> <li><a href="/wiki/Privatized_tax_collection" title="Privatized tax collection">Private tax collection</a></li> <li><a href="/wiki/Farm_(revenue_leasing)" title="Farm (revenue leasing)">Tax farming</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_noncompliance" title="Tax noncompliance">Noncompliance</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Tax_avoidance" title="Tax avoidance">Tax avoidance</a> <ul><li><a href="/wiki/Repatriation_tax_avoidance" title="Repatriation tax avoidance">Repatriation tax avoidance</a></li></ul></li> <li><a href="/wiki/Tax_evasion" title="Tax evasion">Tax evasion</a></li> <li><a href="/wiki/Tax_resistance" title="Tax resistance">Tax resistance</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Smuggling" title="Smuggling">Smuggling</a></li> <li><a href="/wiki/Black_market" title="Black market">Black market</a></li> <li><a href="/wiki/Unreported_employment" title="Unreported employment">Unreported employment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Corporate</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Transfer_mispricing" title="Transfer mispricing">Transfer mispricing</a></li> <li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS)</li> <li><a href="/wiki/Double_Irish_arrangement" title="Double Irish arrangement">Double Irish</a></li> <li><a href="/wiki/Dutch_Sandwich" title="Dutch Sandwich">Dutch Sandwich</a></li> <li><a href="/wiki/Double_Irish_arrangement#Replacement_by_single_malt" title="Double Irish arrangement">Single Malt</a></li> <li><a href="/wiki/Double_Irish_arrangement#Backstop_of_capital_allowances" title="Double Irish arrangement">CAIA</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Locations</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a></li> <li><a href="/wiki/Corporate_haven" title="Corporate haven">Corporate havens</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a> (OFCs)</li> <li><a href="/wiki/Offshore_magic_circle" title="Offshore magic circle">Offshore magic circle</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li> <li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Major examples</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Ireland_as_a_tax_haven" title="Ireland as a tax haven">Ireland as a tax haven</a> <ul><li><i><a href="/wiki/Apple%27s_EU_tax_dispute" title="Apple's EU tax dispute">Ireland v. Commission</a></i></li> <li><a href="/wiki/Leprechaun_economics" title="Leprechaun economics">Leprechaun economics</a></li></ul></li> <li><a href="/wiki/2008_Liechtenstein_tax_affair" title="2008 Liechtenstein tax affair">Liechtenstein tax affair</a></li> <li><a href="/wiki/LuxLeaks" title="LuxLeaks">Luxembourg Leaks</a></li> <li><a href="/wiki/Offshore_Leaks" title="Offshore Leaks">Offshore Leaks</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Swiss_Leaks" title="Swiss Leaks">Swiss Leaks</a></li> <li><a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">United States as a tax haven</a></li> <li><a href="/wiki/Panama_as_a_tax_haven" title="Panama as a tax haven">Panama as a tax haven</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/List_of_taxes" title="List of taxes">Types</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Direct_tax" title="Direct tax">Direct</a></li> <li><a href="/wiki/Indirect_tax" title="Indirect tax">Indirect</a></li> <li><a href="/wiki/Per_unit_tax" title="Per unit tax">Per unit</a></li> <li><a href="/wiki/Ad_valorem_tax" title="Ad valorem tax">Ad valorem</a></li> <li><a href="/wiki/Aviation_taxation_and_subsidies" title="Aviation taxation and subsidies">Aviation</a> <ul><li><a href="/wiki/Airport_improvement_fee" title="Airport improvement fee">Airport improvement</a></li> <li><a href="/wiki/Landing_fee" title="Landing fee">Landing</a></li> <li><a href="/wiki/Solidarity_tax_on_airplane_tickets" title="Solidarity tax on airplane tickets">Solidarity</a></li></ul></li> <li><a class="mw-selflink selflink">Capital gains</a> <ul><li><a href="/wiki/Expatriation_tax" title="Expatriation tax">Expatriation</a></li></ul></li> <li><a href="/wiki/Consumption_tax" title="Consumption tax">Consumption</a> <ul><li><a href="/wiki/Departure_tax" title="Departure tax">Departure</a></li> <li><a href="/wiki/Hotel_tax" class="mw-redirect" title="Hotel tax">Hotel</a></li> <li><a href="/wiki/Sales_tax" title="Sales tax">Sales</a></li> <li><a href="/wiki/Stamp_duty" title="Stamp duty">Stamp</a></li> <li><a href="/wiki/Television_licence" title="Television licence">Television</a></li> <li><a href="/wiki/Tourist_tax" title="Tourist tax">Tourist</a></li> <li><a href="/wiki/Value-added_tax" title="Value-added tax">Value-added</a></li></ul></li> <li><a href="/wiki/Dividend_tax" title="Dividend tax">Dividend</a></li> <li><a href="/wiki/Environmental_tax" title="Environmental tax">Environmental tax</a> <ul><li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon</a></li> <li><a href="/wiki/Eco-tariff" title="Eco-tariff">Eco-tariff</a></li> <li><a href="/wiki/Landfill_tax" title="Landfill tax">Landfill</a></li> <li><a href="/wiki/Natural_resources_consumption_tax" title="Natural resources consumption tax">Natural resources consumption</a></li> <li><a href="/wiki/Severance_tax" title="Severance tax">Severance</a></li> <li><a href="/wiki/Steering_tax" title="Steering tax">Steering</a></li> <li><a href="/wiki/Stumpage" title="Stumpage">Stumpage</a></li></ul></li> <li><a href="/wiki/Excise" title="Excise">Excise</a> <ul><li><a href="/wiki/Alcohol_law" title="Alcohol law">Alcohol</a></li> <li><a href="/wiki/Cigarette_taxes_in_the_United_States" title="Cigarette taxes in the United States">Cigarette</a></li> <li><a href="/wiki/Fat_tax" title="Fat tax">Fat</a></li> <li><a href="/wiki/Meat_tax" title="Meat tax">Meat</a></li> <li><a href="/wiki/Sin_tax" title="Sin tax">Sin</a></li> <li><a href="/wiki/Sugary_drink_tax" title="Sugary drink tax">Sugary drink</a></li> <li><a href="/wiki/Tobacco_smoking" title="Tobacco smoking">Tobacco</a></li></ul></li> <li><a href="/wiki/Consolidated_Fund" title="Consolidated Fund">General</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Gift_tax" title="Gift tax">Gift</a></li> <li><a href="/wiki/Gross_receipts_tax" title="Gross receipts tax">Gross receipts</a></li> <li><a href="/wiki/Hypothecated_tax" title="Hypothecated tax">Hypothecated</a></li> <li><a href="/wiki/Income_tax" title="Income tax">Income</a></li> <li><a href="/wiki/Inheritance_tax" title="Inheritance tax">Inheritance (estate)</a></li> <li><a href="/wiki/Land_value_tax" title="Land value tax">Land value</a></li> <li><a href="/wiki/Luxury_tax" title="Luxury tax">Luxury</a></li> <li><a href="/wiki/Payroll_tax" title="Payroll tax">Payroll</a></li> <li><a href="/wiki/Pigouvian_tax" title="Pigouvian tax">Pigouvian</a></li> <li><a href="/wiki/Property_tax" title="Property tax">Property</a></li> <li><a href="/wiki/Resource_rent_tax" title="Resource rent tax">Resource rent</a></li> <li><a href="/wiki/Single_tax" title="Single tax">Single</a></li> <li><a href="/wiki/Surtax" title="Surtax">Surtax</a></li> <li><a href="/wiki/Turnover_tax" title="Turnover tax">Turnover</a></li> <li><a href="/wiki/Use_tax" title="Use tax">Use</a></li> <li><a href="/wiki/User_charge" title="User charge">User charge</a>/<a href="/wiki/User_fee" title="User fee">fee</a> <ul><li><a href="/wiki/Congestion_pricing" title="Congestion pricing">Congestion</a></li> <li><a href="/wiki/Fuel_tax" title="Fuel tax">Fuel</a></li> <li><a href="/wiki/Road_pricing" title="Road pricing">Road</a>/<a href="/wiki/GNSS_road_pricing" title="GNSS road pricing">GNSS</a></li> <li><a href="/wiki/Toll_(fee)" title="Toll (fee)">Toll</a></li> <li><a href="/wiki/Vehicle_miles_traveled_tax" title="Vehicle miles traveled tax">Vehicle miles traveled</a></li></ul></li> <li><a href="/wiki/Corporate_tax" title="Corporate tax">Corporate profit</a></li> <li><a href="/wiki/Excess_profits_tax" title="Excess profits tax">Excess profits</a></li> <li><a href="/wiki/Windfall_tax" title="Windfall tax">Windfall</a></li> <li><a href="/wiki/Negative_income_tax" title="Negative income tax">Negative (income)</a></li> <li><a href="/wiki/Wealth_tax" title="Wealth tax">Wealth</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/International_taxation" title="International taxation">International</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a></li> <li><a href="/wiki/Association_for_the_Taxation_of_Financial_Transactions_and_for_Citizens%27_Action" title="Association for the Taxation of Financial Transactions and for Citizens' Action">ATTAC</a></li> <li><a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></li> <li><a href="/wiki/Common_Consolidated_Corporate_Tax_Base" title="Common Consolidated Corporate Tax Base"><span class="wrap">European Union Common Consolidated Corporate Tax Base</span></a> (CCCTB)</li> <li><a href="/wiki/Global_minimum_corporate_tax_rate" title="Global minimum corporate tax rate">Global minimum corporate tax rate</a></li> <li><a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a></li> <li><a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a></li> <li><a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></li> <li><a href="/wiki/Tax_equalization" title="Tax equalization">Tax equalization</a></li> <li><a href="/wiki/Tax_treaty" title="Tax treaty">Tax treaty</a></li> <li><a href="/wiki/Exchange_of_Information" class="mw-redirect" title="Exchange of Information">Exchange of Information</a></li> <li><a href="/wiki/Permanent_establishment" title="Permanent establishment">Permanent establishment</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li> <li><a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union FTT</a></li> <li><a href="/wiki/Rule_against_foreign_revenue_enforcement" title="Rule against foreign revenue enforcement">Foreign revenue rule</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Trade" title="Trade">Trade</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Customs" title="Customs">Custom</a></li> <li><a href="/wiki/Duty_(economics)" class="mw-redirect" title="Duty (economics)">Duty</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a> <ul><li><a href="/wiki/Import" title="Import">Import</a></li> <li><a href="/wiki/Export" title="Export">Export</a></li></ul></li> <li><a href="/wiki/Trade_war" title="Trade war">Tariff war</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Free-trade_zone" title="Free-trade zone">Free-trade zone</a></li> <li><a href="/wiki/Trade_agreement" title="Trade agreement">Trade agreement</a></li> <li><a href="/wiki/ATA_Carnet" title="ATA Carnet">ATA Carnet</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)">Research</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Academic</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Mihir_A._Desai" title="Mihir A. Desai">Mihir A. Desai</a></li> <li><a href="/wiki/Dhammika_Dharmapala" title="Dhammika Dharmapala">Dhammika Dharmapala</a></li> <li><a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">James R. Hines Jr.</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Joel_Slemrod" title="Joel Slemrod">Joel Slemrod</a></li> <li><a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Advocacy groups</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Institute_on_Taxation_and_Economic_Policy" title="Institute on Taxation and Economic Policy">Institute on Taxation and Economic Policy</a> (ITEP)</li> <li><a href="/wiki/Oxfam" title="Oxfam">Oxfam</a> (UK)</li> <li><a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a> (US)</li> <li><a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> (TJN)</li> <li><a href="/wiki/Tax_Policy_Center" title="Tax Policy Center">Tax Policy Center</a> (US)</li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Religion" title="Religion">Religious</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Church_tax" title="Church tax">Church tax</a></li> <li><a href="/wiki/Eight_per_thousand" title="Eight per thousand">Eight per thousand</a></li> <li><a href="/wiki/Teind" title="Teind">Teind</a></li> <li><a href="/wiki/Tithe" title="Tithe">Tithe</a></li> <li><a href="/wiki/Fiscus_Judaicus" title="Fiscus Judaicus">Fiscus Judaicus</a></li> <li><a href="/wiki/Leibzoll" title="Leibzoll">Leibzoll</a></li> <li><a href="/wiki/Temple_tax" title="Temple tax">Temple tax</a></li> <li><a href="/wiki/Tolerance_tax" title="Tolerance tax">Tolerance tax</a></li> <li><a href="/wiki/Jizya" title="Jizya">Jizya</a></li> <li><a href="/wiki/Kharaj" title="Kharaj">Kharaj</a></li> <li><a href="/wiki/Khums" title="Khums">Khums</a></li> <li><a href="/wiki/Nisab" title="Nisab">Nisab</a></li> <li><a href="/wiki/Zakat" title="Zakat">Zakat</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Category:Taxation_by_country" title="Category:Taxation by country">By country</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> All Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/List_of_countries_by_tax_rates" title="List of countries by tax rates">List of countries by tax rates</a></li> <li><a href="/wiki/List_of_countries_by_tax_revenue_to_GDP_ratio" class="mw-redirect" title="List of countries by tax revenue to GDP ratio">Tax revenue to GDP ratio</a></li> <li><a href="/wiki/Tax_rates_in_Europe" title="Tax rates in Europe">Tax rates in Europe</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Individual Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Taxation_in_Albania" title="Taxation in Albania">Albania</a></li> <li><a href="/wiki/Taxation_in_Algeria" title="Taxation in Algeria">Algeria</a></li> <li><a href="/wiki/Taxation_in_Argentina" title="Taxation in Argentina">Argentina</a></li> <li><a href="/wiki/Taxation_in_Armenia" title="Taxation in Armenia">Armenia</a></li> <li><a href="/wiki/Taxation_in_Australia" title="Taxation in Australia">Australia</a></li> <li><a href="/wiki/Taxation_in_Azerbaijan" title="Taxation in Azerbaijan">Azerbaijan</a></li> <li><a href="/wiki/Taxation_in_Bangladesh" title="Taxation in Bangladesh">Bangladesh</a></li> <li><a href="/wiki/Taxation_in_Bhutan" title="Taxation in Bhutan">Bhutan</a></li> <li><a href="/wiki/Taxation_in_Brazil" title="Taxation in Brazil">Brazil</a></li> <li><a href="/wiki/Taxation_in_Bulgaria" title="Taxation in Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Taxation_in_the_British_Virgin_Islands" title="Taxation in the British Virgin Islands">BVI</a></li> <li><a href="/wiki/Taxation_in_Canada" title="Taxation in Canada">Canada</a></li> <li><a href="/wiki/Taxation_in_China" title="Taxation in China">China</a></li> <li><a href="/wiki/Taxation_in_Colombia" title="Taxation in Colombia">Colombia</a></li> <li><a href="/wiki/Taxation_in_Croatia" title="Taxation in Croatia">Croatia</a></li> <li><a href="/wiki/Taxation_in_Denmark" title="Taxation in Denmark">Denmark</a></li> <li><a href="/wiki/Taxation_in_Finland" title="Taxation in Finland">Finland</a></li> <li><a href="/wiki/Taxation_in_France" title="Taxation in France">France</a></li> <li><a href="/wiki/Taxation_in_Germany" title="Taxation in Germany">Germany</a></li> <li><a href="/wiki/Taxation_in_Greece" title="Taxation in Greece">Greece</a></li> <li><a href="/wiki/Taxation_in_Hong_Kong" title="Taxation in Hong Kong">Hong Kong</a></li> <li><a href="/wiki/Taxation_in_Iceland" title="Taxation in Iceland">Iceland</a></li> <li><a href="/wiki/Taxation_in_India" title="Taxation in India">India</a></li> <li><a href="/wiki/Taxation_in_Indonesia" title="Taxation in Indonesia">Indonesia</a></li> <li><a href="/wiki/Taxation_in_Iran" title="Taxation in Iran">Iran</a></li> <li><a href="/wiki/Taxation_in_the_Republic_of_Ireland" title="Taxation in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Taxation_in_Israel" title="Taxation in Israel">Israel</a></li> <li><a href="/wiki/Taxation_in_Italy" title="Taxation in Italy">Italy</a></li> <li><a href="/wiki/Taxation_in_Japan" title="Taxation in Japan">Japan</a></li> <li><a href="/wiki/Taxation_in_Kazakhstan" title="Taxation in Kazakhstan">Kazakhstan</a></li> <li><a href="/wiki/Taxation_in_Lithuania" title="Taxation in Lithuania">Lithuania</a></li> <li><a href="/wiki/Taxation_in_Malta" title="Taxation in Malta">Malta</a></li> <li><a href="/wiki/Taxation_in_Morocco" title="Taxation in Morocco">Morocco</a></li> <li><a href="/wiki/Taxation_in_Namibia" title="Taxation in Namibia">Namibia</a></li> <li><a href="/wiki/Taxation_in_the_Netherlands" title="Taxation in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Taxation_in_New_Zealand" title="Taxation in New Zealand">New Zealand</a></li> <li><a href="/wiki/Taxation_in_Norway" title="Taxation in Norway">Norway</a></li> <li><a href="/wiki/Taxation_in_Pakistan" title="Taxation in Pakistan">Pakistan</a></li> <li><a href="/wiki/Taxation_in_the_State_of_Palestine" title="Taxation in the State of Palestine">Palestine</a></li> <li><a href="/wiki/Taxation_in_Peru" title="Taxation in Peru">Peru</a></li> <li><a href="/wiki/Taxation_in_the_Philippines" title="Taxation in the Philippines">Philippines</a></li> <li><a href="/wiki/Taxation_in_Poland" title="Taxation in Poland">Poland</a></li> <li><a href="/wiki/Taxation_in_Portugal" title="Taxation in Portugal">Portugal</a></li> <li><a href="/wiki/Taxation_in_Russia" title="Taxation in Russia">Russia</a></li> <li><a href="/wiki/Taxation_in_South_Africa" title="Taxation in South Africa">South Africa</a></li> <li><a href="/wiki/Taxation_in_Sri_Lanka" title="Taxation in Sri Lanka">Sri Lanka</a></li> <li><a href="/wiki/Taxation_in_Sweden" title="Taxation in Sweden">Sweden</a></li> <li><a href="/wiki/Taxation_in_Switzerland" title="Taxation in Switzerland">Switzerland</a></li> <li><a href="/wiki/Taxation_in_Taiwan" title="Taxation in Taiwan">Taiwan</a></li> <li><a href="/wiki/Taxation_in_Tanzania" title="Taxation in Tanzania">Tanzania</a></li> <li><a href="/wiki/Taxation_in_the_United_Arab_Emirates" title="Taxation in the United Arab Emirates">United Arab Emirates</a></li> <li><a href="/wiki/Taxation_in_the_United_Kingdom" title="Taxation in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">United States</a></li> <li><a href="/wiki/Taxation_in_Uruguay" title="Taxation in Uruguay">Uruguay</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-below" style="background-color: #efefef;"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Taxation" title="Template:Taxation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Taxation" title="Template talk:Taxation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Taxation" title="Special:EditPage/Template:Taxation"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>capital gains tax</b> (<b>CGT</b>) is the tax on profits realized on the sale of a non-inventory <a href="/wiki/Asset" title="Asset">asset</a>. The most common <a href="/wiki/Capital_gain" title="Capital gain">capital gains</a> are realized from the sale of <a href="/wiki/Stock" title="Stock">stocks</a>, <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, <a href="/wiki/Precious_metal" title="Precious metal">precious metals</a>, <a href="/wiki/Real_estate" title="Real estate">real estate</a>, and <a href="/wiki/Property" title="Property">property</a>. </p><p>Not all countries impose a capital gains tax, and most have different rates of taxation for individuals compared to corporations. Countries that do not impose a capital gains tax include <a href="/wiki/Bahrain" title="Bahrain">Bahrain</a>, <a href="/wiki/Barbados" title="Barbados">Barbados</a>, <a href="/wiki/Belize" title="Belize">Belize</a>, the <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a>, the <a href="/wiki/Isle_of_Man" title="Isle of Man">Isle of Man</a>,<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Jamaica" title="Jamaica">Jamaica</a>,<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> <a href="/wiki/New_Zealand" title="New Zealand">New Zealand</a>, <a href="/wiki/Sri_Lanka" title="Sri Lanka">Sri Lanka</a>, <a href="/wiki/Singapore" title="Singapore">Singapore</a>, and others. In some countries, such as New Zealand and Singapore, professional traders and those who trade frequently are taxed on such profits as a business income. In <a href="/wiki/Sweden" title="Sweden">Sweden</a>, the Investment Savings Account (ISK – <i>Investeringssparkonto</i>) was introduced in 2012 in response to a decision by Parliament to stimulate saving in funds and equities. There is no tax on capital gains in ISKs; instead, the saver pays an annual standard low rate of tax. Fund savers nowadays mainly choose to save in funds via investment savings accounts. </p><p>Capital gains taxes are payable on most valuable items or assets sold at a profit. Antiques, <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a>, precious metals and second homes could be all subject to the tax if the profit is large enough. This lower boundary of <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profit</a> is set by the government. If the profit is lower than this limit it is <a href="/wiki/Tax_exemption" title="Tax exemption">tax-free</a>. The profit is in most cases the difference between the amount (or value) an asset is sold for and the amount it was bought for. </p><p>The <a href="/wiki/Tax_rate" title="Tax rate">tax rate</a> on capital gains may depend on the sellers income. For example, in the UK the CGT is currently (<a href="/wiki/Fiscal_year#Tax_year" title="Fiscal year">tax year</a> 2021–22) 10% for incomes under £50,270 and 20% for higher incomes. There is an additional tax that adds 8% to the existing tax rate if the profit comes from residential property. If any property or asset is sold at a loss, it is possible to offset it against annual gains. It is also possible to carry forward losses if these are properly registered with HMRC. The CGT allowance for one tax year in the UK is currently £3,000 for an individual and double (£6,000) for a married couple or in a civil partnership. For <a href="/wiki/Equities" class="mw-redirect" title="Equities">equities</a>, national and state legislation often has a large array of fiscal obligations that must be respected regarding capital gains. Taxes are charged by the state over the transactions, <a href="/wiki/Dividend" title="Dividend">dividends</a> and capital gains on the <a href="/wiki/Stock_market" title="Stock market">stock market</a>. However, these fiscal obligations may vary from jurisdiction to jurisdiction. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="As_an_obstacle_to_sale">As an obstacle to sale</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=1" title="Edit section: As an obstacle to sale"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The CGT can be considered a cost of selling which can be greater than, for example, <a href="/wiki/Transaction_cost" title="Transaction cost">transaction costs</a> or <a href="/wiki/Provision_(accounting)" title="Provision (accounting)">provisions</a>. The literature provides information that barriers for trading negatively affects the investors' willingness to trade, which in turn can change <a href="/wiki/Asset" title="Asset">assets</a> prices. </p><p>Companies with tax-sensitive customers are particularly reactive to capital gains tax and its change. CGT and changes to it affect trading and the stock market. Investors must be ready to react sensibly to these changes, taking into account the cumulative capital gains of their customers. They are sales must be delayed due to an unfavorable market conditions caused by capital gains tax. A study by Li Jin (2006) showed that great capital gains discourage selling. On the contrary to this fact, small capital gains stimulate the trade and investors are more likely to sell.<sup id="cite_ref-:1_3-0" class="reference"><a href="#cite_note-:1-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> "It is easy to show that to be willing to sell now the investor must believe that the <a href="/wiki/Stock" title="Stock">stock</a> price will go down permanently. Thus, a capital gains tax can create a potentially large barrier to selling. Of course, the foregoing calculation ignores the possibility that there might be another taxtiming option: Given capital gains tax rates fluctuate over time, it might be worthwhile to time the realization of capital gains and wait until a subsequent regime lowers the capital gains tax rate."<sup id="cite_ref-:1_3-1" class="reference"><a href="#cite_note-:1-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Savings_and_investment_in_open_economy">Savings and investment in open economy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=2" title="Edit section: Savings and investment in open economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A capital tax influences an open economy in many ways. The <a href="/wiki/Global_marketing#International_marketing" title="Global marketing">international capital market</a> that has hugely developed in the past few decades (in the 2nd half of the 20th century) is helping countries to deal with some gaps between investments and <a href="/wiki/Saving" title="Saving">savings</a>. <a href="/wiki/Funding" title="Funding">Funds</a> for borrowing money from abroad are helping to decrease the difference between domestic savings and domestic investments. Borrowing money from foreigners is rising when the capital that flows to another country is taxed. This tax, however, does not influence domestic investment. In the <a href="/wiki/Long_run_and_short_run" title="Long run and short run">long run</a>, the country that has borrowed some money and has a <a href="/wiki/Debt" title="Debt">debt</a>, usually has to pay this debt for example by exporting some products abroad. It affects the <a href="/wiki/Standard_of_living" title="Standard of living">standard of living</a> in this country. That is also why "the foreign capital is not a perfect <a href="/wiki/Substitute_good" title="Substitute good">substitute</a> for domestic savings."<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In 1982, the United States was the world's greatest <a href="/wiki/Creditor" title="Creditor">creditor</a>; however it went from this stage to being the greatest <a href="/wiki/Debtor" title="Debtor">debtor</a> in the world in four years. In 1982, the U.S. owned $147 billion of assets that were excess over and above the value of U.S. assets owned by foreigners. In 1986, this value inverted to negative $250 billion. </p> <div class="mw-heading mw-heading2"><h2 id="Locked-in_effect">Locked-in effect</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=3" title="Edit section: Locked-in effect"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Because capital gains are taxed only upon realization, an individual who owns a security that has increased in value may be less likely to sell it. The seller knows that when sold, tax is levied on the positive difference of the price at which the security was bought and the price at sale. If the seller chooses not to sell, the tax is postponed to later date. Postponing allows more time for the security to grow in value and generate returns. If the seller delays the sale, though the absolute value of the tax is greater than if they had not delayed, the <a href="/wiki/Present_value" title="Present value">present discounted value</a> of the tax is reduced; thus allowing the security to grow undoes the tax. Therefore, the seller has an incentive to hold the securities longer than they would have without capital gains tax. This distortion has been called the locked-in effect or lock-in effect.<sup id="cite_ref-:2_5-0" class="reference"><a href="#cite_note-:2-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Martin_Feldstein" title="Martin Feldstein">Martin Feldstein</a>, former chairman of the <a href="/wiki/Council_of_Economic_Advisers" title="Council of Economic Advisers">Council of Economic Advisers</a> under President <a href="/wiki/Ronald_Reagan" title="Ronald Reagan">Reagan</a> has claimed that the effect is so large that reducing the capital gains tax would lead individuals to sell securities that they previously had refused to sell, to such an extent that government revenues would actually increase. 1994 estimates suggest that a permanent reduction in the capital gains tax rate would have little effect.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Administrative_expenses">Administrative expenses</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=4" title="Edit section: Administrative expenses"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>With collecting of any type of <a href="/wiki/Tax" title="Tax">tax</a> come administrative costs associated with collecting, administering and managing the collection of capital gains taxes. These costs are directly incurred by governments that collect taxes, and ultimately its citizens. Unfortunately, no studies (at least that <a href="/wiki/Fraser_Institute" title="Fraser Institute">Fraser Institute</a> researchers knew of in 2007) specifically analyze the costs associated with capital gains taxes.<sup id="cite_ref-:0_7-0" class="reference"><a href="#cite_note-:0-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Canadian researcher Francois Vailancourt<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> in 1989 examines the administrative costs associated with personal income taxes and two payroll taxes (CPP/QPP and UI). The costs include processing costs, administration and accommodation costs, capital expenses, and litigation costs. These costs represented <i><b>roughly 1% of the gross revenues collected</b></i> by these three tax sources. The paper does not show exactly what costs are incurred by capital gains tax. </p> <div class="mw-heading mw-heading2"><h2 id="Compliance_costs">Compliance costs</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=5" title="Edit section: Compliance costs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Tax compliance costs are incurred when fulfilling the recording and filing requirements associated with paying a tax. These costs include such expenses as bookkeeping, reporting, calculating, and remitting tax payments. A study from 1992, which may be outdated due to technological advancements, found that American taxpayers who received capital gains income incurred higher compliance costs than those who did not.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> From a survey of 2,000 <a href="/wiki/Minnesota" title="Minnesota">Minnesota</a> households, the authors found that having capital gains increased the time individuals spent on paying taxes by 7.9 hours, increased the money they spent on professional tax assistance by about $21, and increased the total cost of compliance by $143 per taxpayer (not adjusted for inflation) per year.<sup id="cite_ref-:0_7-1" class="reference"><a href="#cite_note-:0-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Altogether the study concludes that very few studies measure compliance costs associated with capital gains tax, but those few that do clearly indicate that compliance costs are not insignificant. Therefore, the costs must be taken into consideration when assessing tax policy. </p> <div class="mw-heading mw-heading2"><h2 id="Tax_evasion">Tax evasion</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=6" title="Edit section: Tax evasion"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital gains taxes have also led some taxpayers to evade the payment of the tax. The level of tax evasion is the extent to which actual tax revenue collected by government differs from that which would have been collected if every taxpayer paid exactly what is required by law. Tax evasion has important implications for the <a href="/wiki/Tax_efficiency" title="Tax efficiency">efficiency</a> of taxes, since resources spent on evading the tax could be put to more productive uses.<sup id="cite_ref-:0_7-2" class="reference"><a href="#cite_note-:0-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Professor <a href="/wiki/James_M._Poterba" title="James M. Poterba">James Poterba's</a> work from 1987 in the <a href="/wiki/American_Economic_Review" title="American Economic Review">American Economic Review</a><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> studied the relationship between capital gains taxes and tax evasion: a 1% decrease in capital gains tax rate increases the reported tax base by 0.4% (amounting to a 0.6% decrease in tax collected). </p><p>A more recent study from the <i><a href="/wiki/Journal_of_Public_Economics" title="Journal of Public Economics">Journal of Public Economics</a></i><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> provides support for Poterba's work with evidence from a unique data set of shareholder information from the 1989 leveraged buyout of <a href="/wiki/RJR_Nabisco" title="RJR Nabisco">RJR Nabisco</a>. The study estimates that a one percentage-point increase in the marginal tax rate on capital gains is associated with a 0.42% increase in evasion (amounting to a 0.58% increase in tax collected). In addition, the authors find that the average level of evasion was 11% of the total capital gains. </p> <div class="mw-heading mw-heading2"><h2 id="By_country">By country</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=7" title="Edit section: By country"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Albania">Albania</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=8" title="Edit section: Albania"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Albania" title="Albania">Albania</a>, capital gains on the sale of stocks or shares are taxable at 15%. This tax rate also applies to capital gains made from transfers of ownership of real estate, both land or buildings. Individual income tax rate on dividends is 8%.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Argentina">Argentina</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=9" title="Edit section: Argentina"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is no specific capital gains tax in <a href="/wiki/Argentina" title="Argentina">Argentina</a>; however, there is a 9% to 35% tax for fiscal residents on their world revenues, including capital gains.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2009)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Australia">Australia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=10" title="Edit section: Australia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Capital_gains_tax_in_Australia" title="Capital gains tax in Australia">Capital gains tax in Australia</a></div> <p><a href="/wiki/Australia" title="Australia">Australia</a> collects capital gains tax only upon realized capital gains, except for certain provisions relating to deferred-interest <a href="/wiki/Debt" title="Debt">debt</a> such as <a href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">zero-coupon bonds</a>. The tax is not separate in its own right, but forms part of the <a href="/wiki/Income_tax" title="Income tax">income-tax</a> system. The proceeds of an asset sold less its "cost base" (the original cost plus additions for cost price increases over time) are the capital gain. Discounts and other concessions apply to certain taxpayers in varying circumstances. Capital gains tax is collected from assets anywhere in the world, not only in Australia.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Capital gains tax (CGT) is the levy applied to profits from selling your assets. Despite its designation as ‘capital gains tax,’ it is not a standalone tax but rather a constituent part of Australia’s income tax. When you sell assets (typically upon ceasing ownership), a CGT event is triggered, and you must disclose capital gains and losses in your income tax return. </p><p>From 21 September 1999, after a report by <a href="/wiki/Alan_Reynolds_(economist)" title="Alan Reynolds (economist)">Alan Reynolds</a>, the 50% capital gains tax discount has been in place for individuals and for some trusts that acquired the asset after that time and that have held the asset for more than 12 months, however the tax is levied without any adjustment to the cost base for inflation. The amount left after applying the discount is added to the assessable income of the taxpayer for that financial year. </p><p>For individuals, the most significant exemption is the principal <a href="/w/index.php?title=Family_home&action=edit&redlink=1" class="new" title="Family home (page does not exist)">family home</a> when not used for business purposes such as rental income or home-based business activity. The sale of personal residential property is normally exempt from capital gains tax, except for gains realized during any period in which the property was unused as a personal residence (for example, while leased to other tenants) or portions attributable to business use. Capital gains or losses as a general rule can be disregarded for CGT purposes when assets were acquired before 20 September 1985 (pre-CGT).<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Austria">Austria</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=11" title="Edit section: Austria"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Austria" title="Austria">Austria</a> taxes capital gains at 25% (on checking account and "Sparbuch" interest) or 27.5% (all other types of capital gains). There is an exception for capital gains from the sale of shares of foreign entities (with opaque taxation) if the participation exceeds 10% and shares are held for over one year (so-called "Schachtelprivileg").<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Belarus">Belarus</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=12" title="Edit section: Belarus"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Belarus" title="Belarus">Belarus</a>, capital gains are included in the total income of the individual taxpayer. Income from the sale of one house, apartment, building, land plot, garage and a car parking space within 5 years and more is not taxable. However, income from the second sale and every subsequent sale of an immovable property of the same type within a five-year period is fully taxable. </p><p>Income derived from the disposal of one vehicle within a calendar year is exempted from PIT, but is subject to PIT with standard terms for every subsequent disposal of a vehicle. </p><p>Income derived from the disposal of shares in a statutory capital of a Belarusian company is exempted from PIT as long as the taxpayer was in possession of these shares for a continuous period of no less than three years. </p><p>Income derived from the sale of securities is subject to PIT in compliance with the Tax Code.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>The capital gains tax rate in Belarus is 18% for disposal of stocks/shares. </p> <div class="mw-heading mw-heading3"><h3 id="Belgium">Belgium</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=13" title="Edit section: Belgium"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Under the participation exemption, capital gains realised by a Belgian resident company on shares in a Belgian or foreign company are fully exempt from corporate income tax, provided that the dividends on the shares qualify for the participation exemption. For purposes of the participation exemption for capital gains the minimum participation test is not required. Unrealised capital gains on shares that are recognised in the financial statements (which recognition is not mandatory) are taxable. But a roll-over relief is granted if, and as long as, the gain is booked in a separate reserve account on the balance sheet and is not used for distribution or allocation of any kind. </p><p>As a counterpart to the new exemption of realised capital gains, capital losses on shares, both realised and unrealised, are no longer tax deductible. However, the loss incurred in connection with the liquidation of a subsidiary company remains deductible up to the amount of the paid-up share capital. </p><p>Other capital gains are taxed at the ordinary rate. If the total amount of sales is used for the purchase of depreciable fixed assets within 3 years, the taxation of the capital gains will be spread over the depreciable period of these assets.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Brazil">Brazil</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=14" title="Edit section: Brazil"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital gain taxes are only paid on realized gains. At the current stage, taxes are 15% for transactions longer than one-day-old and 20% for day trading, both transactions are due payable at the following month after selling or closing the position. Dividends are tax free, since the issuer company has already paid to <i><a href="/wiki/Receita_Federal_do_Brasil" title="Receita Federal do Brasil">RECEITA FEDERAL</a></i> (the Brazilian tax office). Derivatives (futures and options) follow the same rules for tax purposes as company stocks. When selling less than R$20.000 (<a href="/wiki/Brazilian_Real" class="mw-redirect" title="Brazilian Real">Brazilian Reais</a>) within a month (and not operating in day trading), the financial operation is considered tax-free. Also, non-residents have no tax on capital gains.<sup id="cite_ref-Brazilian_18-0" class="reference"><a href="#cite_note-Brazilian-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Bulgaria">Bulgaria</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=15" title="Edit section: Bulgaria"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Corporate tax rate is 10%. The personal tax rate is flat at 10%. There is no capital gains tax on equity instruments traded on the BSE. </p> <div class="mw-heading mw-heading3"><h3 id="Canada">Canada</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=16" title="Edit section: Canada"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A Capital Gains tax was first introduced in Canada by <a href="/wiki/Pierre_Trudeau" title="Pierre Trudeau">Pierre Trudeau</a> and his finance minister <a href="/wiki/Edgar_Benson" title="Edgar Benson">Edgar Benson</a> in the <a href="/wiki/1971_Canadian_federal_budget" title="1971 Canadian federal budget">1971 Canadian federal budget</a>.<sup id="cite_ref-:LeaderPost_19-0" class="reference"><a href="#cite_note-:LeaderPost-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>Some exceptions apply, such as selling one's primary residence which may be exempt from taxation.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Capital gains made by investments in a <a href="/wiki/Tax-Free_Savings_Account" class="mw-redirect" title="Tax-Free Savings Account">Tax-Free Savings Account</a> (TFSA) are not taxed. </p><p>Since the <a href="/wiki/2013_Canadian_federal_budget" title="2013 Canadian federal budget">2013 budget</a>, interest can no longer be claimed as a capital gain. The formula is the same for capital losses and these can be carried forward indefinitely to offset future years' capital gains; capital losses not used in the current year can also be carried back to the previous three tax years to offset capital gains tax paid in those years. </p><p>If one's income is primarily derived from capital gains then it may not qualify for the 50% multiplier and will instead be taxed at the full income tax rate.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> CRA has a number of criteria to determine whether this will be the case. </p><p>For corporations as for individuals, 50% of realized capital gains are taxable. The net taxable capital gains (which can be calculated as 50% of total capital gains minus 50% of total capital losses) are subject to income tax at normal corporate tax rates. If more than 50% of a small business's income is derived from specified investment business activities (which include income from capital gains) they are not permitted to claim the small business deduction. </p><p>Capital gains earned on income in a <a href="/wiki/Registered_Retirement_Savings_Plan" class="mw-redirect" title="Registered Retirement Savings Plan">Registered Retirement Savings Plan</a> are not taxed at the time the gain is realized (i.e., when the holder sells a stock that has appreciated inside of their RRSP) but they are taxed when the funds are withdrawn from the registered plan (usually after being converted to a Registered Income Fund at the age of 71.) These gains are then taxed at the individual's full marginal rate. </p><p>Capital gains earned on income in a TFSA are not taxed at the time the gain is realized. Any money withdrawn from a TFSA, including capital gains, are also not taxed. </p><p>Unrealized capital gains are generally not taxed, except for the deemed disposition when emigrating out of Canada or inheritance by a non-spouse.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>In 2022, with price levels surging, some economists have argued that the capital gain tax should be adjusted for inflation, saying that without such adjustment, it taxes "fictional gains", which discourages investment.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="China">China</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=17" title="Edit section: China"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Capital_gains_tax" title="Special:EditPage/Capital gains tax">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">May 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The applicable tax rate for capital gains in <a href="/wiki/China" title="China">China</a> depends upon the nature of the taxpayer (i.e. whether the taxpayer is a person or company) and whether the taxpayer is resident or non-resident for tax purposes. It should however be noted that, unlike common law tax systems, Chinese income tax legislation does not provide a distinction between income and capital. What is commonly referred to by taxpayers and practitioners as capital gain tax is actually within the income tax framework, rather than a separate regime. </p><p>Tax-resident enterprises will be taxed at 25% in accordance with the Enterprise Income Tax Law. Non-resident enterprises will be taxed at 10% on capital gains in accordance with the Implementing Regulations to the Enterprise Income Tax Law. In practice, where a resident of a treaty partner alienates assets situated in China as part of its ordinary course of business the gains so derived will likely be assessed as if it is a capital gain, rather than business profit. This is somewhat contradictory with the basic principles of double taxation treaty. </p><p>The only tax circular specifically addressing the PRC income tax treatment of income derived by QFIIs from the holding and trading of Chinese securities is Guo Shui Han (2009) No.47 ("Circular 47") issued by the State Administration of Taxation ("SAT") on 23 January 2009. The circular addresses the withholding tax treatment of dividends and interest received by QFIIs from PRC resident companies, however, circular 47 is silent on the treatment of capital gains derived by QFIIs on the trading of A-shares. It is generally accepted that Circular 47 is intentionally silent on capital gains and a possible indication that SAT is considering, but still undecided on, whether to grant tax exemption or other concessionary treatment to capital gains derived by QFIIs. Nevertheless, it is noted that there have been cases where QFIIs withdraw capital from China after paying 10% withholding tax on gains derived through share trading over the years on a transaction-by-transaction basis. This uncertainty has caused significant problems for those investment managers investing in A-Shares. Guo Shui Han (2009) No. 698 ("Circular 698") was issued on 10 December 2009 addressing the PRC corporate income tax treatment on the transfer of PRC equity interest by non-PRC tax resident enterprises directly or indirectly, however has not resolved the uncertain tax position with regards A-Shares. With respect to Circular 698 itself, there are views that it is not consistent with the Enterprise Income Tax Law as well as double taxation treaties signed by the Chinese government. The validity of the Circular is controversial, especially in light of recent developments in the international arena, such as the TPG case in Australia and <a href="/wiki/Vodafone" title="Vodafone">Vodafone</a> case in India. </p> <div class="mw-heading mw-heading3"><h3 id="Colombia">Colombia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=18" title="Edit section: Colombia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Under Colombian law, there are different kinds of capital gains subject to taxation: </p> <ul><li>Gains derived from the sale of assets (shares, bonds, etc.) held for a minimum of 2 years.</li> <li>Gains derived from the liquidation of a company that has been in existence for a minimum of 2 years.</li> <li>Gains derived from inheritances, donations or legacies (portion of estate received by spouse or heir)</li> <li>Gains derived from gambling and lotteries</li></ul> <p>The general capital gains tax rate in <a href="/wiki/Colombia" title="Colombia">Colombia</a> is 10%, with the exception of lottery or gambling winnings, which are taxed at 20%.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Croatia">Croatia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=19" title="Edit section: Croatia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The capital gains tax in <a href="/wiki/Croatia" title="Croatia">Croatia</a> is 10%. It was introduced in 2015 at a rate of 12% and reduced to 10% in 2021. </p> <div class="mw-heading mw-heading3"><h3 id="Cyprus">Cyprus</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=20" title="Edit section: Cyprus"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital Gains Tax (CGT) is imposed at the rate of 20% on: </p> <ul><li>The gains from the disposal of immovable property situated in <a href="/wiki/Cyprus" title="Cyprus">Cyprus</a>.</li> <li>The gains from the disposal of shares in companies which own immovable property in Cyprus and that are not listed in any recognized Stock Exchange.</li> <li>The gains from the disposal of shares in companies which directly or indirectly participate in other companies which hold immovable property in Cyprus provided that at least 50% of the market value of the shares sold is derived from property situated in Cyprus (the disposal proceeds subject to CGT in this case are restricted to the market value of the immovable property held directly or indirectly by the company of which the shares are sold).</li> <li>Any trading nature profits derived from the sale of shares of companies which directly or indirectly own immovable property in Cyprus provided that such profit is exempt from taxation under income tax.</li></ul> <p>No CGT is imposed on the subsequent disposal of properties which are acquired in the period from 17 July 2015 up to 31 December 2016.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Czech_Republic">Czech Republic</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=21" title="Edit section: Czech Republic"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital gains in the <a href="/wiki/Czech_Republic" title="Czech Republic">Czech Republic</a> are taxed as income for companies and individuals. The Czech income tax rate for an individual's income in 2010 is a flat 15% rate. Corporate tax in 2024 is 21%. Capital gains from the sale of shares by a company owning 10% or more is entitled to participation exemption under certain terms. For an individual, gain from the sale of a primary private dwelling, held for at least 3<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> years, is tax exempt. Or, when not used as a main residence, if held for more than 5 years. Any capital gains realized on the disposal of securities up to annual gross sale amount of <a href="/wiki/Czech_koruna" title="Czech koruna">CZK</a> 100,000 are tax exempt for the taxpayer.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Denmark">Denmark</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=22" title="Edit section: Denmark"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Share dividends and realized capital gains on shares are charged 27% to individuals of gains up to DKK 48,300 (2013-level, adjusted annually), and at 42% of gains above that.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Carryforward of realized losses on shares is allowed. </p><p>Individuals' interest income from bank deposits and bonds, realized gains on property and other capital gains are taxed up to 59%, however, several exemptions occur, such as on selling one's principal private residence or on gains on selling bonds. Interest paid on loans is deductible, although in case the net capital income is negative, only approx. 33% tax credit applies. </p><p>Companies are taxed at 25%. Share dividends are taxed at 28%. </p> <div class="mw-heading mw-heading3"><h3 id="Ecuador">Ecuador</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=23" title="Edit section: Ecuador"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Capital_gains_tax" title="Special:EditPage/Capital gains tax">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">May 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p><b>Corporate taxation:</b> </p><p>Residence for tax purposes is based on the place of incorporation. </p><p>Resident entities are taxed on worldwide income. Nonresidents are subject to tax only on Ecuador-source income. </p><p>Capital gains are treated as ordinary income and taxed at the normal corporate rate. </p><p>The standard rate is 22%, with a reduced rate of 15% applying where corporate profits are reinvested for the purchase of machinery or equipment and/or the acquisition of new technology. Companies engaged in the exploration or exploitation of hydrocarbon also are subject to the standard corporate tax rate. </p><p><b>Personal taxation:</b> </p><p>Resident individuals are taxed on their worldwide income; nonresidents are taxed only on Ecuadorian-source income. </p><p>An individual is deemed to be resident if they are in <a href="/wiki/Ecuador" title="Ecuador">Ecuador</a> for more than 6 months in a year. </p><p>Capital gains are treated as ordinary income and taxed at the normal rate. </p><p>Rates are progressive from 0% to 35%. </p> <div class="mw-heading mw-heading3"><h3 id="Egypt">Egypt</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=24" title="Edit section: Egypt"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>After the <a href="/wiki/Egyptian_Revolution_of_2011" class="mw-redirect" title="Egyptian Revolution of 2011">Egyptian Revolution</a>, there was a proposal for a 10% capital gains tax. This proposal was implemented on 29 May 2014. Egypt exempt bonus shares from a new 10 percent capital gains tax on profits made on the stock market as the country's Finance Minister Hany Dimian said on 30 May 2014, and distributions of bonus shares will be exempt from the taxes, and the new tax will not be retroactive.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Estonia">Estonia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=25" title="Edit section: Estonia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is no separate capital gains tax in <a href="/wiki/Estonia" title="Estonia">Estonia</a>. For residents of Estonia all capital gains are taxed the same as regular income, the rate of which currently stands at 20%. Resident natural persons that have investment account can realise capital gains on some classes of assets tax free until withdrawal of funds from the investment account. For resident legal persons (includes partnerships) no tax is payable for realising capital gain (or receiving any other type of income), but only on payment of dividends, payments from capital (exceeding contributions to capital) and payments not related to business. The income tax rate for resident legal persons is 20% (payment of 80 units of dividends triggers 20 units of tax due). </p> <div class="mw-heading mw-heading3"><h3 id="Finland">Finland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=26" title="Edit section: Finland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The capital gains tax in <a href="/wiki/Finland" title="Finland">Finland</a> is 30% on realized capital income and 34% if the realized capital income is over 30,000 euros.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> The capital gains tax in 2011 was 28% on realized capital income.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Carryforward of realized losses is allowed for five years. However, capital gains from the sale of residential homes is tax-free after two years of residence, with certain limitations.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>Dividends from a publicly listed company are 85% taxable resulting in the CGT rate to be 25,5% or 28,9%. The company distributing the dividend will apply a 25,5% withholding tax.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="France">France</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=27" title="Edit section: France"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Capital_gains_tax" title="Special:EditPage/Capital gains tax">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">May 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>For residents, there are two options for treating capital gains (shares, bonds, interests, etc.). It was introduced by President <a href="/wiki/Emmanuel_Macron" title="Emmanuel Macron">Emmanuel Macron</a> as a key promise of its campaign and is called the Prélèvement Forfaitaire Unique – PFU. The first option is a flat 30% rate. The second option is to opt for the former treatment whereby gains are taxed at 17.2% for "social contributions" and (if the instrument has been held for at least two years) 60% of the gains are taxed as individual revenue (tax scale between 0–45%). The following year, 6.8% of the gains can be deducted from the tax base. For equities bought after 1 January 2018, the 60% reduction for 2-year long hold does not apply anymore. </p><p>If shares are held in a special account (called a PEA), the gain is subject only to "social contributions" (17.2%) provided that the PEA is held for at least five years. The maximum amount that can be deposited in the PEA is €150,000. </p><p>The gain realized on the sale of a principal residence is not taxable. A gain realized on the sale of other real estate held at least 30 years, however, is not taxable, although this will become subject to 15.5% social security taxes as of 2012. (There is a sliding scale for non-principal residence property owned for between 22 and 30 years.) </p><p>Non-residents are generally taxable on capital gains realized on French real estate and on some French financial instruments, subject to any applicable double tax treaty. Social security taxes, however, are not usually payable by non-residents. A French tax representative will be mandatory for non-residents who sell a property for an amount over 150.000 euros or who own the real estate for more than 15 years. </p> <div class="mw-heading mw-heading3"><h3 id="Germany">Germany</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=28" title="Edit section: Germany"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Capital_gains_tax" title="Special:EditPage/Capital gains tax">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">May 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>In January 2009, <a href="/wiki/Germany" title="Germany">Germany</a> introduced a very strict capital gains tax (called <a href="/wiki/Flat_rate_withholding_tax_(Abgeltungsteuer)" class="mw-redirect" title="Flat rate withholding tax (Abgeltungsteuer)">Abgeltungsteuer</a> in German) for shares, funds, certificates, bank interest rates etc. Capital gains tax only applies to financial instruments (shares, bonds etc.) that have been bought after 31 December 2008. Instruments bought before this date are exempt from capital gains tax (assuming that they have been held for at least 12 months), even if they are sold in 2009 or later, barring a change of law. Certificates are treated specially, and only qualify for tax exemption if they have been bought before 15 March 2007. </p><p>Real estate continues to be exempt from capital gains tax if it has been held for more than ten years. The German capital gains tax is 25% plus <a href="/wiki/Taxation_in_Germany#Solidarity_surcharge" title="Taxation in Germany">Solidarity surcharge</a> (add-on tax initially introduced to finance the five eastern states of Germany – <a href="/wiki/Mecklenburg-Vorpommern" title="Mecklenburg-Vorpommern">Mecklenburg-Western Pomerania</a>, <a href="/wiki/Saxony" title="Saxony">Saxony</a>, <a href="/wiki/Saxony-Anhalt" title="Saxony-Anhalt">Saxony-Anhalt</a>, <a href="/wiki/Thuringia" title="Thuringia">Thuringia</a> and <a href="/wiki/Brandenburg" title="Brandenburg">Brandenburg</a> – and the cost of the reunification, but later kept to finance all kinds of public funded projects in all Germany), plus <a href="/wiki/Kirchensteuer" class="mw-redirect" title="Kirchensteuer">Kirchensteuer</a> (church tax, voluntarily), resulting in an effective tax rate of about 26.4–29%. Deductions of expenses such as custodian fees, travel to annual shareholder meetings, legal and tax advice, interest paid on loans to buy shares, etc., are no longer permitted starting in 2009. </p><p>There is an allowance (Freistellungsauftrag) on capital gains income in Germany of €1000 per person per year of which you do not have to be taxed, if appropriate forms are completed. </p> <div class="mw-heading mw-heading3"><h3 id="Greece">Greece</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=29" title="Edit section: Greece"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Transfer of non-listed shares is subject to capital gain tax at the rate of 15%. Transfer of listed shares is also taxed at 15% unless specific conditions/exemptions apply. A transfer duty of 2‰ is imposed on the gross sale proceeds of listed shares. Other <a href="/wiki/Taxation_in_Greece" title="Taxation in Greece">sources</a> say there is no tax in the case of capital gain from trading in the stock market as long as the individual owns less than 0.5% of the publicly listed company. </p><p>Dividends distributed within taxable periods commencing after 1 January 2020 arising from entities operating under the legal form of Société Anonyme (or Limited Liability) are taxed via corporate withholding taxation at the flat rate of 5% (said rate was set to 10% for the dividends distributed during the year 2019).<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Hong_Kong">Hong Kong</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=30" title="Edit section: Hong Kong"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In general, <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a> has no capital gains tax. However, employees who receive shares or options as part of their <a href="/wiki/Remuneration" title="Remuneration">remuneration</a> are taxed at the normal Hong Kong income tax rate on the value of the shares or options at the end of any vesting period less any amount that the individual paid for the grant. </p><p>If part of the vesting period is spent outside Hong Kong, then the tax payable in Hong Kong is pro-rated based on the proportion of time spent working in Hong Kong.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Hong Kong has very few double tax agreements and hence there is little relief available for double taxation. Therefore, it is possible (depending on the country of origin) for employees moving to Hong Kong to pay full income tax on vested shares in both their country of origin and in Hong Kong. Similarly, an employee leaving Hong Kong can incur double taxation on the unrealized capital gains of their vested shares. </p><p>The Hong Kong taxation of capital gains on employee shares or options that are subject to a vesting period, is at odds with the treatment of unrestricted shares or options which are free of capital gains tax. </p><p>For those who do trading professionally (buying and selling securities frequently to obtain an income for living) as "traders", this will be considered income subject to personal income tax rates. </p> <div class="mw-heading mw-heading3"><h3 id="Hungary">Hungary</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=31" title="Edit section: Hungary"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since 1 January 2016 there is one flat <a href="/wiki/Tax_rate" title="Tax rate">tax rate</a> (15%) on capital income. This includes: selling stocks, bonds, <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a> shares and also interests from bank <a href="/wiki/Deposit_account" title="Deposit account">deposits</a>. Since January 2010, Hungarian citizens can open special "long-term" accounts. The tax rate on capital gains from securities held in such an account is 10% after a three-year holding period, and 0% after the account's maximum five years period is expired. From 1 August 2013 residents also were obligated to pay an additional 6% of health insurance tax ("EHO") on their capital gain. The 6% health insurance tax on capital gains was abolished on 1 January 2017. </p> <div class="mw-heading mw-heading3"><h3 id="Iceland">Iceland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=32" title="Edit section: Iceland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Taxation_in_Iceland" title="Taxation in Iceland">Taxation in Iceland</a></div> <p>From 1 January 2018 the capital gains tax in Iceland is 22%. It was 20% prior to that (for a full year, from 2011 to 2017), which in turn was a result of a progressive raises in the preceding years.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p> <dl><dt>Up to 2008</dt> <dd>10%</dd> <dt>2009 (until 30 June)</dt> <dd>10%</dd> <dt>2009 (from 1 July)</dt> <dd>15%</dd> <dt>2010</dt> <dd>18%</dd> <dt>2011–2017</dt> <dd>20%</dd> <dt>2018</dt> <dd>22%</dd></dl> <div class="mw-heading mw-heading3"><h3 id="India">India</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=33" title="Edit section: India"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As of 2018, equities listed on recognised stock exchange are considered long term capital if the holding period is one year or more. Until 31 January 2017, all Long term capital gains from equities were exempt as per section 10 (38) if shares are sold through recognized stock exchange and <a href="/wiki/Securities_Transaction_Tax" title="Securities Transaction Tax">Securities Transaction Tax</a> (STT) is paid on the sale. STT in India is currently between 0.017% and 0.1% of total amount received on sale of securities through a recognized Indian stock exchange like the <a href="/wiki/National_Stock_Exchange_of_India" title="National Stock Exchange of India">NSE</a> or <a href="/wiki/Bombay_Stock_Exchange" title="Bombay Stock Exchange">BSE</a>. From fiscal year 2018–2019, exemption u/s 10(38) has been withdrawn and section 112A has been introduced. The long term capital gain shall be taxable on equities at 10% if the gain exceeds Rs. 100,000 as per the new section. </p><p>However, if equities are held for less than one year and is sold through recognised stock exchange then short term capital gain is taxable at a flat rate of 15% u/s 111A and other surcharges, educational cess are imposed.(w.e.f. 1 April 2009.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup>) </p><p>In respect of Immovable property, the holding period has been reduced to two years to be eligible for long term capital gain. Whereas, many other capital investments like Jewellery etc. are considered long term if the holding period is three or more years and are taxed at 20% u/s 112.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>After 2024 changes equity sales are taxed at 12.5 percent if held for more than 1 year and 20 percent if held for less than 1 year. Indexation benefit from home capital gains has been removed and the tax rate has been bought down to 12.5 percent from 20 percent.<a rel="nofollow" class="external autonumber" href="https://www.hindustantimes.com/india-news/budget-2024-capital-gains-taxes-hiked-indexation-benefit-discontinued-101721730968342.html">[1]</a> </p><p><b>Capital Gains Tax Rates for Fiscal Year 2017–18 (Assessment Year 2018–19)<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup></b> </p> <table class="wikitable"> <tbody><tr> <th>Assets </th> <th>Duration (Short Term) </th> <th>Duration (Long Term) </th> <th>Short Term capital Gains Tax </th> <th>Long Term capital Gains Tax </th></tr> <tr> <td>Listed Stocks/shares </td> <td>Less than 12 months </td> <td>More than 12 months </td> <td>15% </td> <td>10% exceeding Rs. 100,000 </td></tr> <tr> <td>Equity oriented mutual funds </td> <td>Less than 12 months </td> <td>More than 12 months </td> <td>15% </td> <td>10% exceeding Rs. 100,000 </td></tr> <tr> <td>Debt oriented mutual funds </td> <td>Less than 36 months </td> <td>More than 36 months </td> <td>Slab rate </td> <td>20% with indexation </td></tr> <tr> <td>Bonds </td> <td>Less than 12 months </td> <td>More than 12 months </td> <td>Slab rate </td> <td>10% without indexation </td></tr> <tr> <td>Real estate/property </td> <td>Less than 24 months </td> <td>More than 24 months </td> <td>Slab rate </td> <td>20% with indexation </td></tr> <tr> <td>Gold </td> <td>Less than 36 months </td> <td>More than 36 months </td> <td>Slab rate </td> <td>20% with indexation </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Indonesia">Indonesia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=34" title="Edit section: Indonesia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital gains are generally assessable at standard income rates. The exceptions are: </p> <ul><li>Sale of land and/or buildings located in <a href="/wiki/Indonesia" title="Indonesia">Indonesia</a>. The tax is 5% final tax (or 2.5% from 8 September 2016) on the taxable sale value or the actual proceeds, whichever is higher.</li> <li>Sale of shares traded in the <a href="/wiki/Indonesia_Stock_Exchange" title="Indonesia Stock Exchange">Indonesia Stock Exchange</a>. The tax is 0.1% final tax on the sales proceeds.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Ireland">Ireland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=35" title="Edit section: Ireland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since 5 December 2012, there is a 33% tax on capital gains which generally does not make any allowance for inflation.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> There are several exclusions and deductions (e.g. agricultural land, primary residence, transfers between spouses). Gains made where the asset was originally purchased before 2003 attract indexation relief (the cost of the asset can be multiplied by a published factor to reflect inflation). Costs of purchase and sale are deductible, and every person has an exempt band of €1,270 per year. Purchases made before 1 January 2002 will have been in the Irish currency of the time, the Irish Punt. When indexing such values to present value, they firstly need to be converted to Euro by multiplying by 1.27 and then indexing to present value. </p><p>The absence of indexation relief for transactions on assets acquired since 2003 means that the headline rate of 33% is not directly comparable and is higher than would otherwise be the case in jurisdictions where inflation is taken into account. </p><p>The tax rate is 23% on certain investment policies, and rises to 40% on certain offshore gains when they are not declared in time. </p><p>Tax on capital gains arising in the first eleven months of the year must be paid by 15 December, and tax on capital gains arising in the last month of the year must be paid by the following 31 January. </p> <div class="mw-heading mw-heading3"><h3 id="Israel">Israel</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=36" title="Edit section: Israel"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The capital gains tax in <a href="/wiki/Israel" title="Israel">Israel</a> is set at 25% of the real gains derived from the sale of securities (30% for a substantial shareholder). Non-<a href="/wiki/Inflation-indexed_bond" title="Inflation-indexed bond">inflation indexed</a> bonds are taxed nominally at 15% (or 20% for a substantial shareholder).<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Italy">Italy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=37" title="Edit section: Italy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital gains tax of corporate income tax 27.5% (IRES) on gains derived from disposals of participations and extraordinary capital gains. For individuals (IRPEF), capital gains shall incur a 26% tax. </p> <div class="mw-heading mw-heading3"><h3 id="Japan">Japan</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=38" title="Edit section: Japan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Japan" title="Japan">Japan</a>, from 1989 to 2003, there were two options for paying tax on capital gains from the sale of listed stocks. The first, Withholding Tax<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">源泉課税</span></span>)</span>, taxed all proceeds (regardless of profit or loss) at 1.05%. The second method, declaring proceeds as "taxable income"<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">申告所得</span></span>)</span>, required individuals to declare 26% of proceeds on their income tax statement. Many traders in Japan used both systems, declaring profits on the Withholding Tax system and losses as taxable income, minimizing the amount of income tax paid.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p><p>In 2003, Japan scrapped the system above in favor of a flat 20% tax on gains, though the rate was temporarily halved at 10% and after being postponed a few times the return to the normal rate of 20% is now set for 2014. Losses can be carried forward for three years. Starting in 2009, losses can alternatively be deducted from dividend income declared as "Separate Income" since the tax rate on both categories is equal (i.e., 20% temporarily halved to 10%). Aggregating profits and dividends to reach a single figure taxed at the same rate is fairly innovative. </p> <div class="mw-heading mw-heading3"><h3 id="Kenya">Kenya</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=39" title="Edit section: Kenya"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital gains taxes were abolished in Kenya in 1985 to spur growth in the securities and property market. The <a href="/wiki/National_Assembly_(Kenya)" title="National Assembly (Kenya)">Kenyan Parliament</a> passed a motion in August 2014 to reintroduce capital gains tax in January 2015<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> and "is expected to increase the cost of land transaction as investors pass on the cost to buyers. The tax will also affect those investing in shares and debt in the capital markets."<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> The capital gains tax came into effect on 1 January 2015 with 5% as the general applicable tax rate.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Latvia">Latvia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=40" title="Edit section: Latvia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As of 1 January 2018 the new corporate income tax act is applicable, according to which the company's profit is taxable at a rate of 20% only upon the distribution of profits. In general the capital gain arising on the disposal of a capital asset is treated as an ordinary income and is subject to a 20% corporate income tax only, when the profit is distributed. </p><p>A Latvian company can reduce the tax base by the capital gains the company has earned from the sale of shares, if the Latvian company has held those shares for at least 36 months. If a Latvian holding company sells the shares which it has owned for less than three years, the company should not pay tax at the moment of the sale (but when the capital gain is distributed). However, if the company has held the shares for three years or more, the company can distribute the capital gains as dividends tax-free (except, real estate companies). </p><p>Personal income tax like dividends, interest and income from life insurance contracts and private pension funds are taxed at 10%. <a rel="nofollow" class="external text" href="https://www.liaa.gov.lv/en/invest-latvia/business-guide/taxation">Capital gains</a> on the disposal of capital assets (such as real estate, shares and bonds) are taxed at 20%. </p> <div class="mw-heading mw-heading3"><h3 id="Lithuania">Lithuania</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=41" title="Edit section: Lithuania"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital gains in <a href="/wiki/Lithuania" title="Lithuania">Lithuania</a> are taxed as a general taxable income, therefore <a href="/wiki/Taxation_in_Lithuania#Personal_income_tax" title="Taxation in Lithuania">personal income tax</a> or <a href="/wiki/Taxation_in_Lithuania#Corporate_income_tax" title="Taxation in Lithuania">corporate income tax</a> apply. As of 2021, 15% tax rate is applied for the disposal of securities and sale of property.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Malaysia">Malaysia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=42" title="Edit section: Malaysia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is no capital gains tax for equities in <a href="/wiki/Malaysia" title="Malaysia">Malaysia</a>. Malaysia used to have a capital gains tax on real estate but the tax was repealed in April 2007. However, a real property gains tax (RPGT) has been introduced in 2010 . </p><p>As of 1 January 2019: </p><p>i. For property disposed within 3 years after the date of acquisition, it will incur RPGT of 30% (for citizen/permanent residents, non-citizen/non-permanent residents and companies); ii. For property disposed in the 4th year after the date of acquisition, the RPGT rates are 20% (for citizen/permanent residents and companies) and 30% (for non-citizen/non-permanent residents); iii. For property disposed in the 5th year after the date of acquisition, the RPGT rates are 15% (for citizen/permanent residents and companies) and 30% (for non-citizen/non-permanent residents); and iv. For property disposed in the 6th year after the date of acquisition and thereafter, the RPGT rates are 5% (for citizen/permanent residents and companies) and 10% (for non-citizen/non-permanent residents). </p><p>Malaysia has imposed capital gain tax on share options and share purchase plan received by employee starting year 2007. </p><p>For those trading professionally (buying and selling securities frequently to obtain an income for living) as "traders", this will be considered income subject to personal income tax rates. </p><p>But, for Traders have regular income from salaries and already pay the tax, profit from trading not consider as income and can exempted from the tax. Regardless frequent transaction or amount because it depend on badges of trade. The Badges will fall under different category Personal Trade, Income Trade or Business Purpose </p> <div class="mw-heading mw-heading3"><h3 id="Mexico">Mexico</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=43" title="Edit section: Mexico"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is 10% tax rate for profits in the stock market in <a href="/wiki/Mexico" title="Mexico">Mexico</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Moldova">Moldova</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=44" title="Edit section: Moldova"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Under the Moldovan Tax Code a capital gain is defined as the difference between the acquisition and the disposition price of the capital asset. Only this difference (i.e. the gain) is taxable. The applicable rate is half (1/2) of the income tax rate, which is 12% for individuals and companies after the changes to the tax code from 1 October 2018.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> Thus, the current capital gains tax is 6% for both individuals and companies. Earlier, between 2008 and 2011, this tax stood at 0% for companies, as the corporate income tax rate has been lowered to 0% to attract foreign investments and to boost the economy.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p><p>Not all types of assets are "capital assets". Capital assets include: real estate; shares; stakes in limited liability companies etc. </p> <div class="mw-heading mw-heading3"><h3 id="Montenegro">Montenegro</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=45" title="Edit section: Montenegro"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Montenegro" title="Montenegro">Montenegro</a>, capital gains are included in taxable income and are subject to the standard 9% corporate tax rate. They are calculated in accordance with the tax rules and can only be offset against capital losses.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Morocco">Morocco</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=46" title="Edit section: Morocco"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Morocco" title="Morocco">Morocco</a>, capital gains made from the sale of properties by individuals are taxable with a flat tax rate of 20% of the capital gains. The taxed amount must be higher than 3% of the selling price of the property. </p><p>An exemption from the individual income tax in the case of making capital gains by selling a property is applicable if the property is used as a principal residence for a duration of at least six years.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Nepal">Nepal</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=47" title="Edit section: Nepal"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Nepal" title="Nepal">Nepal</a>, Capital Gain Tax refers to gain occurred on the sale of any assets or properties. Since 17 July 2021, the <a href="/wiki/Government_of_Nepal" title="Government of Nepal">Government of Nepal</a> has introduced the Long Term Tax and Short Term Tax on the gain after sale of shares. For individuals, the Long Term Tax rate is 5% of the gain after deduction of brokerage and commission and the Short Term Tax rate is 7.5% of the gain after deduction of brokerage and commission. </p> <div class="mw-heading mw-heading3"><h3 id="Netherlands">Netherlands</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=48" title="Edit section: Netherlands"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital gains generally are exempt from tax. However, exceptions apply to the following assets: </p> <ul><li>Capital gains realised on the disposal of business assets (including real estate) and on the disposal of other assets that qualify as income from independently performed activities;</li> <li>Capital gains on liquidation of a company;</li> <li>Capital gains derived from the sale of a substantial interest in a company (that is, 5% of the issued share capital).<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup></li></ul> <p>Taxable income under Box 2 category includes dividends and capital gains from a substantial shareholding (inkomsten uit aanmerkelijk belang) (i.e. a shareholding of at least 5%). Income that falls into the Box 2 category is taxed at a flat rate of 25%.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p><p>Box 3: taxable income from savings and investments (viz. real estate). However a "theoretical capital yield" of 4% is taxed at a rate of 30% (so 1.2%) but only if the savings plus stocks of a person exceed a threshold of 25.000 euros. This will be raised to a threshold of 30.000 euros in 2018, together with other changes so that people with less wealth, pay lower taxes.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>In general an individual will not have to pay tax on capital gains. So if the main residence is sold or shares are sold the profit is not taxable. This is different if the transaction(s) exceed(s) normal asset management. In that case the capital gain is treated as income from other activities or even business income. </p><p>Relevant are: </p> <ul><li>the number of transactions – the more transactions the sooner it is assumed that activities exceed normal asset management;</li> <li>specific knowledge of the individual – if the individual is a professional trader, the personal transactions will be seen as taxable income sooner than if the individual does not have specific knowledge or experience;</li> <li>work which is invested in the asset – if maintenance of a property is taken care of by an external party the activities may be seen as normal asset management, if the owner does all the maintenance himself and even the renovations the tax authorities will argue that this is no longer normal asset management.</li></ul> <p>So it depends on the actual facts and circumstances how the capital gain is treated. Even judges do not always decide the same.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="New_Zealand">New Zealand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=49" title="Edit section: New Zealand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>New Zealand has no capital gains tax, however income tax may be charged on profits from the sale of personal property and land that was acquired for the purposes of resale.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> This tax is often avoided and not usually enforced,<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> perhaps due to the difficulty in proving intent at the time of purchase. However, there were a few cases of the IRD enforcing the law; in 2004 the government gathered $106.6 million checking on property sales from Queenstown, Wanaka and some areas of Auckland.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p><p>Generally profits from frequent stock trading will be deemed taxable income.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> </p><p>In a speech delivered on 3 June 2009, New Zealand Treasury Secretary John Whitehead called for a capital gains tax to be included in reforms to New Zealand's taxation system.<sup id="cite_ref-NZ_Herald_10576312_62-0" class="reference"><a href="#cite_note-NZ_Herald_10576312-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> The introduction of a capital gains tax was proposed by the <a href="/wiki/New_Zealand_Labour_Party" title="New Zealand Labour Party">Labour Party</a> as an election campaign strategy in the <a href="/wiki/2011_New_Zealand_general_election" title="2011 New Zealand general election">2011</a> and <a href="/wiki/2014_New_Zealand_general_election" title="2014 New Zealand general election">2014 general elections</a>.<sup id="cite_ref-NZ_Herald_10738434_63-0" class="reference"><a href="#cite_note-NZ_Herald_10738434-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> </p><p>On 17 May 2015, the <a href="/wiki/Fifth_National_Government_of_New_Zealand" title="Fifth National Government of New Zealand">Fifth National Government</a> announced it would tighten rules for taxing profits on the sale of property. From 1 October 2015, any person selling a residential property within two years of purchase would be taxed on the profits at their marginal income tax rate. This is known as the <a href="/wiki/Bright-line_rule#New_Zealand_–_Taxation_(Bright-line_Test_for_Residential_Land)_Act_2015" title="Bright-line rule">bright line test</a>. The seller's main home is exempt, as well as properties inherited from deceased estates or transferred as part of a relationship settlement. To help enforcement, all buyers need to supply their <a href="/wiki/Inland_Revenue_Department_(New_Zealand)" title="Inland Revenue Department (New Zealand)">IRD number</a> at settlement.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> Shortly after taking office in 2017, the new <a href="/wiki/Sixth_Labour_Government_of_New_Zealand" title="Sixth Labour Government of New Zealand">Labour government</a> extended the bright line test threshold first from two years to five years, and later to ten years.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> </p><p>In mid-February 2019, the Labour-led Coalition government's independent <a href="/wiki/Tax_Working_Group" title="Tax Working Group">Tax Working Group</a> recommended implementing a capital gains tax to lower the personal tax rate and to target "polluters". This proposed tax would cover assets such as land, shares, investment properties, business assets and intellectual property but would exclude family homes, cars, boats, and art. The Working Group proposed setting a top tax rate of 33%. The Working Group's chairman Cullen claimed that the capital gains tax would raise NZ$8.3 billion over the next five years, which would be invested into increased social security benefits.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> In mid-April 2019, the Coalition government announced that it would not be implementing a capital gains tax, citing the inability of members of the governing coalition to reach a consensus on capital gains taxation.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Norway">Norway</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=50" title="Edit section: Norway"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The individual capital gains tax in <a href="/wiki/Norway" title="Norway">Norway</a> is 22%<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> (2019). Gains from certain investment vehicles like stocks and bonds are multiplied by 1.44 before calculating tax, resulting in an effective tax rate of 31.68%. In most cases, there is no capital gains tax on profits from sale of one's principal home. This tax was introduced in 2006 through a reform that eliminated the "RISK-system", which intended to avoid the double taxation of capital. The new shareholder model, introduced in 2006, aims to reduce the difference in taxation of capital and labor by taxing dividends beyond a certain level as ordinary income. This means that focus was moved from capital to individuals and their level of income. This system also introduced a deductible allowance equal to the share's acquisition value times the average rate for Treasury bills with a 3-month period adjusted for tax. Shielding interest shall secure financial neutrality in that it returns the taxpayer what he or she alternatively would have achieved in a safe, passive capital placement exempt from additional taxation. The main purpose of the allowance is to prevent adverse shifts in investment and corporate financing structure as a result of the dividend tax. According to the papers explaining the new policy, a dividend tax without such shielding could push up the pressures on the rate of return on equity investments and lead Norwegian investors from equities to bonds, property etc. </p> <div class="mw-heading mw-heading3"><h3 id="Philippines">Philippines</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=51" title="Edit section: Philippines"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Capital_gains_tax" title="Special:EditPage/Capital gains tax">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">May 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>There is a 6% Capital Gains Tax and a 1.5% Documentary Stamps on the disposal of real estate in the <a href="/wiki/Philippines" title="Philippines">Philippines</a>. While the Capital Gain Tax is imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including other forms of conditional sale, the Documentary Stamp Tax is imposed on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, rights, or property incident thereto. These two taxes are imposed on the actual price the property has been sold, or on its current Market Value, or on its Zonal Value whichever is higher. Zonal valuation in the Philippines is set by its tax collecting agency, the Bureau of Internal Revenue. Most often, real estate transactions in the Philippines are being sealed higher than their corresponding Market and Zonal values. As a standard process, the Capital Gain Tax is paid for by the seller, while the Documentary Stamp is paid for by the buyer. However, either of the two parties may pay both taxes depending on the agreement they entered into. </p><p>Tax Rates:<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup><br /> For real property </p> <ul><li>6%, higher of fair market value (zonal or assessed value) and selling price</li></ul> <p>For Shares of Stocks Not Traded in the Stock Exchange </p> <ul><li>15%, net of tax basis and directly attributable cost</li></ul> <div class="mw-heading mw-heading3"><h3 id="Poland">Poland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=52" title="Edit section: Poland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since 2002 there is one flat <a href="/wiki/Tax_rate" title="Tax rate">tax rate</a> (19%) on capital income. It includes: selling stocks, bonds, <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a> shares and also interests from bank <a href="/wiki/Deposit_account" title="Deposit account">deposits</a>. The tax was introduced by <a href="/wiki/Marek_Belka" title="Marek Belka">Marek Belka</a> when acting as the <a href="/wiki/Ministry_of_Finance_(Poland)" title="Ministry of Finance (Poland)">Finance Minister</a> and therefore is informally called the "Belka tax" (<a href="/wiki/Polish_language" title="Polish language">pl.</a> <i>podatek Belki</i>).<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Portugal">Portugal</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=53" title="Edit section: Portugal"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is a capital gains tax on sale of home and property. Any capital gain (<i>mais-valia</i>) arising is taxable as income. For residents this is on a sliding scale from 12 to 40%. However, for residents the taxable gain is reduced by 50%. Proven costs that have increased the value during the last five years can be deducted. For non-residents, the capital gain is taxed at a uniform rate of 25%. The capital gain which arises on the sale of own homes or residences, which are the elected main residence of the taxpayer or his family, is tax free if the total profit on sale is reinvested in the acquisition of another home, own residence or building plot in <a href="/wiki/Portugal" title="Portugal">Portugal</a>. </p><p>In 1986 and 1987 Portuguese corporations changed their capital structure by increasing the weight of <a href="/wiki/Equity_capital" class="mw-redirect" title="Equity capital">equity capital</a>. This was particularly notorious on quoted companies. In these two years, the government set up a large number of tax incentives to promote equity capital and to encourage the quotation on the <a href="/wiki/Lisbon_Stock_Exchange" class="mw-redirect" title="Lisbon Stock Exchange">Lisbon Stock Exchange</a>. Until 2010, for stock held for more than twelve months the capital gain was exempt. The capital gain of stock held for shorter periods of time was taxable on 10%. </p><p>From 2010 onwards, for residents, all capital gain of stock above €500 is taxable on 20%. Investment funds, banks and corporations are exempted of capital gain tax over stock. </p><p>As of 2013, it is 28%. </p> <div class="mw-heading mw-heading3"><h3 id="Romania">Romania</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=54" title="Edit section: Romania"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Romania" title="Romania">Romania</a>, the net capital gain is subject to income tax at the flat rate of 10%. The taxable amount is calculated based on the difference between the sale price and the acquisition price of the shares. In general, broker/transaction fees in connection with the acquisition or sale are tax deductible. </p><p>The individual has to report any sale of shares (i.e. capital gain/loss) through the annual return by 25 May of the year following the one in which the sale was performed and pay the related taxes, based on a self-assessment made considering the information reflected in the annual return, within the same reporting deadline (i.e. 25 May). The health insurance contribution (10%, capped) is also due if the total yearly income from capital gains, alone or together with other categories of income reaches the annual threshold of 12 minimum gross salaries (30600 RON, approx. €6100 as of 2022). </p> <div class="mw-heading mw-heading3"><h3 id="Russia">Russia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=55" title="Edit section: Russia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is no separate tax on capital gains; rather, gains or gross receipt from sale of assets are absorbed into income tax base.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2009)">citation needed</span></a></i>]</sup><sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (December 2009)">clarification needed</span></a></i>]</sup> Taxation of individual and corporate taxpayers is distinctly different: </p> <ul><li>Capital gains of individual taxpayers are tax free if the taxpayer owned the asset for at least three years. If not, gains on sales of real estate and securities are absorbed into their personal income tax base and taxed at 13% (residents) and 30% (non-residents).<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="e.g. Why would it be 13% for Russian citizens (apparently flat), when Russian Federation does not have a flat tax for income-tax rates? Also how would Russian Federation know the income-tax basis of a foreigner? (appears that the 30%, even if correct, could not possibly be correlated to or "base" upon to the foreigner's annual income tax.) (December 2009)">citation needed</span></a></i>]</sup> A tax resident is any individual residing in the Russian Federation for more than 183 days in the past year.</li> <li>Capital gains of resident corporate taxpayers operating under the <i>general tax framework</i> are taxed as ordinary business profits at the common rate of 20%, regardless of the ownership period. Small businesses operating under the <i>simplified tax framework</i> pay tax not on capital gains, but on gross receipts at 6% or 15%.</li> <li><a href="/wiki/Dividend" title="Dividend">Dividends</a> that may be included into gains on disposal of securities are taxed at source at 13% (residents) and 15% (non-residents) for either corporate or individual taxpayers.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Serbia">Serbia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=56" title="Edit section: Serbia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital gains are subject to a 15% tax for residents and 20% for nonresidents (based on the tax assessment).<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Slovakia">Slovakia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=57" title="Edit section: Slovakia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Individuals pay 19% or 25% capital gains tax. They are also required to pay 14% health insurance from capital gains. </p> <div class="mw-heading mw-heading3"><h3 id="Slovenia">Slovenia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=58" title="Edit section: Slovenia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Individuals pay tax at a tax rate of 27.5%. However, for every five years of ownenership, the rate is reduced: 20% (after five years), 15% (after ten years), 10% (after fifteen years); after twenty years there is no tax. Exception is a tax rate of 40% which applies only to profit on the disposal of derivative in less than one year after purchasing it. </p> <div class="mw-heading mw-heading3"><h3 id="South_Africa">South Africa</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=59" title="Edit section: South Africa"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>For legal persons in <a href="/wiki/South_Africa" title="South Africa">South Africa</a>, 80% of their net profit will attract CGT and for natural persons 40%. This portion of the net gain will be taxed at their marginal tax rate. As an effective tax rate this means a maximum effective rate of 18% (45% maximum marginal tax rate) for individuals is payable, and for corporate taxpayers a maximum of 22.4%. The annual individual and special trust exemption is R40 000. </p> <div class="mw-heading mw-heading3"><h3 id="South_Korea">South Korea</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=60" title="Edit section: South Korea"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>For individuals holding less than 3% of listed company, there is only 0.3% trade tax for sales of shares. Exchange traded funds are exempt from any trade tax. For larger than 3% shareholders of listed companies or for sales of shares in any unlisted company, capital gains tax in <a href="/wiki/South_Korea" title="South Korea">South Korea</a> is 11% for tax residents for sales of shares in small- and medium-sized companies. Rates of 22% and 33% apply in certain other situations.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> Those who have been resident in Korea for less than five years are exempt from capital gains tax on foreign assets.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Spain">Spain</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=61" title="Edit section: Spain"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The CGT rate in <a href="/wiki/Spain" title="Spain">Spain</a> (tax year 2023 onwards): </p><p>19% €0 – €6,000: </p><p>21% €6,000 – €50,000: </p><p>23% €50,000 – €200,000: </p><p>27% €200,000 – €300,000 </p><p>28% €300,000 + </p><p>Realised capital losses can be offset against future capital gains for up to 4 years following the year of realisation. <sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Sri_Lanka">Sri Lanka</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=62" title="Edit section: Sri Lanka"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Currently, there is no capital gains tax in <a href="/wiki/Sri_Lanka" title="Sri Lanka">Sri Lanka</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Sweden">Sweden</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=63" title="Edit section: Sweden"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Capital gains tax in <a href="/wiki/Sweden" title="Sweden">Sweden</a> is up to 30% on realized capital income.<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> </p><p>There is no capital gains tax on net capital gains made in an ISK (Investeringssparkonto or "Investor Savings Account"), but no offsetting or writing off of capital losses against other income either. Instead, ISK's are taxed yearly as 30% of the assumed gains which is determined based on the current interest levels. As of 2021, the tax is at the minimum level of 0,375% of the total account balance. </p> <div class="mw-heading mw-heading3"><h3 id="Switzerland">Switzerland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=64" title="Edit section: Switzerland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><i>Securities:</i> </p><p>There is generally no capital gains tax in <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a> for natural persons on trades of securities. </p><p>The exception are persons considered to be <i>professional traders</i>. The decision to classify a person as such is made subjectively on a case-by-case basis by the tax authorities. However, it is rather infrequent and there is a set of safe harbour criteria which guarantee non-professional status:<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> </p> <ul><li>holding each security for at least 6 months,</li> <li>low trading volume: sum of buying prices and sale proceeds is less than 500% of capital at the beginning of the year,</li> <li>realized capital gains make up less than 50% of income during the tax year,</li> <li>no use of foreign capital, or the interest paid on it is less than the dividend income,</li> <li>derivatives (especially options) are used solely to safeguard own portfolio risk.</li></ul> <p>Violating any of them does not automatically result in professional trader status, but may prompt a tax authority to look into individual circumstances and argue for such a status. Professional traders are treated as self-employed persons for tax purposes: realized capital gains are taxed as individual income from self-employment activity and are subject to social contributions (AHV, currently at 10.55% rate for self-employed); capital losses may get deducted from income over the course of up to 7 next years.<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> </p><p>For companies, capital gains are taxed as ordinary income at corporate rates. </p><p><i>Real estate:</i> </p><p>Capital gains tax is levied on the sale of real estate property in all cantons. Taxation rules vary significantly by canton.<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> </p><p>For natural persons, the tax generally follows a separate progression from income taxes, diminishes with number of years held, and often can be postponed in cases like inheritance or for buying a replacement home. The tax is levied by canton or municipality only; there is no tax at the federal level. However, natural persons involved in real estate trading in a professional manner may be treated as self-employed and taxed at higher rates similarly to a company and, additionally, social contributions would then need to be paid.<sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> </p><p>For companies, capital gains are taxed as ordinary income at the federal level, and at the cantonal and municipal level, depending on the canton, either as ordinary income or at a special lower tax progression, as for natural persons. </p> <div class="mw-heading mw-heading3"><h3 id="Taiwan">Taiwan</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=65" title="Edit section: Taiwan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is no separate capital gains tax in <a href="/wiki/Taiwan" title="Taiwan">Taiwan</a>. Capital gains are usually taxed as ordinary income. Prior to 1 January 2016, there was a capital gains tax on securities.<sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> </p><p>No tax is collected from individual investors whose annual transactions are below T$1 billion ($33 million). Transactions above T$1 billion will be charged with a 0.1 percent tax. </p> <div class="mw-heading mw-heading3"><h3 id="Thailand">Thailand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=66" title="Edit section: Thailand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is no separate capital gains tax in <a href="/wiki/Thailand" title="Thailand">Thailand</a>. If capital gains arise outside of Thailand and the gains are not transferred back to Thailand in the same year it is not taxable. All earned income in Thailand from capital gains is taxed the same as regular income. However, if individual earns capital gain from security in the Stock Exchange of Thailand, it is exempted from personal income tax. </p> <div class="mw-heading mw-heading3"><h3 id="Turkey">Turkey</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=67" title="Edit section: Turkey"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Individual_taxation">Individual taxation</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=68" title="Edit section: Individual taxation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable"> <caption>Rates </caption> <tbody><tr> <th>Capital gains tax rate</th> <th>Rate </th></tr> <tr> <td>Up to TRY 22,000 <p>TRY 22,001–TRY 49,000 </p><p>TRY 49,001–TRY 120,000 (for employment income, TRY 49,001–TRY 180,000) </p><p>TRY 120,001–TRY 600,000 (for employment income, TRY 180,001–TRY 600,000) </p><p>Over TRY 600,000 </p> </td> <td>15% <p>20% </p><p>27% </p><p>35% </p><p>40% </p> </td></tr></tbody></table> <p><b>Residence</b>: Individuals who are in Turkey for a continuous period (including temporary absences) of more than six months in any calendar year are deemed to be resident for tax purposes. However, foreign individuals who are on assignment in Turkey for a specific business project or mission, or those in Turkey for holiday, health care, or educational purposes are not regarded as resident, even if they stay for more than six months. </p><p><b>Basis</b>: Residents are taxed on worldwide income; nonresidents are taxed only on Turkish-source income. </p> <div class="mw-heading mw-heading4"><h4 id="Withholding_tax">Withholding tax</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=69" title="Edit section: Withholding tax"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><b>Dividends</b>: No withholding tax is imposed on dividends paid to a resident company. Dividends paid to a resident or nonresident individual, or a nonresident company, are subject to a 15% withholding tax, unless the rate is reduced under a tax treaty. </p><p><b>Interest</b>: No withholding tax is imposed on interest paid to residents. Interest on loans payable to a foreign state, international institution, foreign bank, or a foreign corporation that qualifies as a “financial entity” is subject to a 0% withholding tax. A 10% rate applies to interest paid on loans from other nonresident entities and individuals, unless the rate is reduced under a tax treaty. </p><p><b>Royalties</b>: No withholding tax is imposed on royalties paid to a resident company. A 20% withholding tax is imposed on royalties paid to a resident or nonresident individual, or a nonresident company, unless the rate is reduced under a tax treaty. </p><p><b>Fees for technical services</b>: No withholding tax is imposed on fees paid to a resident company. A 20% withholding tax is levied on fees paid for professional services, such as consulting, supervision, technical assistance, and design fees, paid to a resident or nonresident individual, or a nonresident company, unless the rate is reduced under a tax treaty. Branch remittance tax: A 15% withholding tax is levied on after-tax branch profits remitted by a Turkish branch to a foreign head office, unless the rate is eliminated under a tax treaty. </p><p><b>Other</b>: A 15% withholding tax applies to payments made to nonresidents in exchange for online advertising services, deductible either by the payer or an intermediary.<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Uganda">Uganda</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=70" title="Edit section: Uganda"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Uganda" title="Uganda">Uganda</a> taxes capital gains as part of gross income.<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Ukraine">Ukraine</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=71" title="Edit section: Ukraine"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Ukraine" title="Ukraine">Ukraine</a> introduced capital-gains taxes on property sales from 1 January 2006.<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_Arab_Emirates">United Arab Emirates</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=72" title="Edit section: United Arab Emirates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Authorities in the <a href="/wiki/United_Arab_Emirates" title="United Arab Emirates">UAE</a> have reported considering the introduction of capital-gains taxes on property transactions and on property-based securities.<sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=73" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Capital_gains_tax_in_the_United_Kingdom" title="Capital gains tax in the United Kingdom">Capital gains tax in the United Kingdom</a></div> <div class="mw-heading mw-heading4"><h4 id="History">History</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=74" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Channon observes that one of the primary drivers to the introduction of CGT in the UK was the rapid growth in property values post <a href="/wiki/World_War_II" title="World War II">World War II</a>. This led to property developers deliberately leaving office blocks empty so that a rental income could not be established and greater capital gains made.<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> The capital gains tax system was therefore introduced by chancellor <a href="/wiki/James_Callaghan" title="James Callaghan">James Callaghan</a> in 1965.<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Basics">Basics</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=75" title="Edit section: Basics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Individuals who are residents or ordinarily residents in the United Kingdom (and trustees of various trusts), who are on the basic tax rate are subject to capital gains tax of 18% on profits from residential property, and 10% on gains from all other chargeable assets.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2022)">citation needed</span></a></i>]</sup> </p><p>For higher rate taxpayers, the rate is 28% on profits from residential property, and 20% on everything else.<sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p><p>There are exceptions such as for principal private residences, holdings in <a href="/wiki/Individual_savings_account" title="Individual savings account">individual savings accounts</a> or <a href="/wiki/Gilts" class="mw-redirect" title="Gilts">gilts</a>. Certain other gains are allowed to be rolled over upon re-investment. Investments in some start up enterprises are also exempt from CGT. <a href="/wiki/Entrepreneurs%27_relief" class="mw-redirect" title="Entrepreneurs' relief">Entrepreneurs' relief</a> allows a lower rate of CGT (10%) to be paid by people who have been involved for a year with a trading company and have a 5% or more shareholding. </p><p>Shares in companies with trading properties are eligible for <a href="/wiki/Entrepreneurs%27_relief" class="mw-redirect" title="Entrepreneurs' relief">entrepreneurs' relief</a>, but not investment properties.<sup id="cite_ref-94" class="reference"><a href="#cite_note-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> </p><p>In the 2021–22 tax year, taxpayers can make £12,300 in capital gains before they have to pay any tax – and couples can pool their allowance. This is the same as it was the year before.<sup id="cite_ref-95" class="reference"><a href="#cite_note-95"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Corporate_notes">Corporate notes</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=76" title="Edit section: Corporate notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Update plainlinks metadata ambox ambox-content ambox-Update" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/Ambox_current_red_Americas.svg/42px-Ambox_current_red_Americas.svg.png" decoding="async" width="42" height="34" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/Ambox_current_red_Americas.svg/63px-Ambox_current_red_Americas.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/53/Ambox_current_red_Americas.svg/84px-Ambox_current_red_Americas.svg.png 2x" data-file-width="360" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section needs to be <b>updated</b>.<span class="hide-when-compact"> Please help update this article to reflect recent events or newly available information.</span> <span class="date-container"><i>(<span class="date">August 2018</span>)</i></span></div></td></tr></tbody></table> <p>Companies are subject to <a href="/wiki/United_Kingdom_corporation_tax" title="United Kingdom corporation tax">corporation tax</a> on their "chargeable gains" (the amounts of which are calculated along the lines of capital gains tax in the United Kingdom). Companies cannot claim taper relief, but can claim an indexation allowance to offset the effect of inflation. A corporate <a href="/wiki/Substantial_shareholdings_exemption" title="Substantial shareholdings exemption">substantial shareholdings exemption</a> was introduced on 1 April 2002 for holdings of 10% or more of the shares in another company (30% or more for shares held by a life assurance company's long-term insurance fund). This is effectively a form of UK <a href="/wiki/Participation_exemption" title="Participation exemption">participation exemption</a>. Almost all of the corporation tax raised on chargeable gains is paid by <a href="/wiki/Life_assurance" class="mw-redirect" title="Life assurance">life assurance</a> companies taxed on the <a href="/wiki/I_minus_E_basis" class="mw-redirect" title="I minus E basis">I minus E basis</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2020)">citation needed</span></a></i>]</sup> </p><p>The rules governing the taxation of capital gains in the United Kingdom for individuals and companies are contained in the <a href="/wiki/Taxation_of_Chargeable_Gains_Act_1992" title="Taxation of Chargeable Gains Act 1992">Taxation of Chargeable Gains Act 1992</a>. </p> <div class="mw-heading mw-heading4"><h4 id="Background_to_changes_to_18%_rate"><span id="Background_to_changes_to_18.25_rate"></span>Background to changes to 18% rate</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=77" title="Edit section: Background to changes to 18% rate"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the Chancellor's October 2007 Autumn Statement, draft proposals were announced that would change the applicable rates of CGT as of 6 April 2008. Under these proposals, an individual's annual exemption will continue but taper relief will cease and a single rate of capital gains tax at 18% will be applied to chargeable gains. This new single rate would replace the individual's marginal (Income Tax) rate of tax for CGT purposes. The changes were introduced, at least in part, because the UK government felt that <a href="/wiki/Private_equity" title="Private equity">private equity</a> firms were making excessive profits by benefiting from overly generous taper relief on business assets.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2008)">citation needed</span></a></i>]</sup> </p><p>The changes were criticised by a number of groups including the <a href="/wiki/Federation_of_Small_Businesses" title="Federation of Small Businesses">Federation of Small Businesses</a>, who claimed that the new rules would increase the CGT liability of small businesses and discourage entrepreneurship in the UK.<sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup> At the time of the proposals there was concern that the changes would lead to a bulk selling of assets just before the start of the 2008–09 tax year to benefit from existing taper relief. Capital Gains Tax rose to 28% on 23 June 2010 at 00:00. </p><p>On 6 April 2016, new lower rates of 10% (for basic taxpayers) and 20% (for higher taxpayers) were introduced for non-property disposals.<sup id="cite_ref-97" class="reference"><a href="#cite_note-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Historical">Historical</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=78" title="Edit section: Historical"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Individuals paid capital gains tax at their highest marginal rate of income tax (0%, 10%, 20% or 40% in the <a href="/wiki/Tax_year" class="mw-redirect" title="Tax year">tax year</a> 2007/8) but from 6 April 1998 were able to claim a <i><a href="/w/index.php?title=Taper_relief&action=edit&redlink=1" class="new" title="Taper relief (page does not exist)">taper relief</a></i> which reduced the amount of a gain that is subject to capital gains tax (thus reducing the effective rate of tax) depending on whether the asset is a "business asset" or a "non-business asset" and the length of the period of ownership. Taper relief provided up to a 75% reduction (leaving 25% taxable) in taxable gains for business assets, and 40% (leaving 60% taxable), for non-business assets, for an individual.<sup id="cite_ref-taperrelief_98-0" class="reference"><a href="#cite_note-taperrelief-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> Taper relief replaced indexation allowance for individuals, which could still be claimed for assets held prior to 6 April 1998 from the date of purchase until that date, but was itself abolished on 5 April 2008. </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=79" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Federal_Capital_Gains_Tax_Collections_1954-2009_history_chart.pdf" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3a/Federal_Capital_Gains_Tax_Collections_1954-2009_history_chart.pdf/page1-500px-Federal_Capital_Gains_Tax_Collections_1954-2009_history_chart.pdf.jpg" decoding="async" width="500" height="179" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3a/Federal_Capital_Gains_Tax_Collections_1954-2009_history_chart.pdf/page1-750px-Federal_Capital_Gains_Tax_Collections_1954-2009_history_chart.pdf.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3a/Federal_Capital_Gains_Tax_Collections_1954-2009_history_chart.pdf/page1-1000px-Federal_Capital_Gains_Tax_Collections_1954-2009_history_chart.pdf.jpg 2x" data-file-width="2775" data-file-height="995" /></a><figcaption>US capital gains taxes history</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Capital_gains_tax_in_the_United_States" title="Capital gains tax in the United States">Capital gains tax in the United States</a></div> <p>In the United States, with certain exceptions, individuals and corporations pay <a href="/wiki/Income_tax" title="Income tax">income tax</a> on the net total of all their capital gains. Short-term capital gains are taxed at a higher rate: the <a href="/wiki/Ordinary_income" title="Ordinary income">ordinary income</a> tax rate. The tax rate for individuals on "long-term capital gains", which are gains on assets that have been held for over one year before being sold, is lower than the ordinary income tax rate, and in some tax brackets there is no tax due on such gains. </p><p>The tax rate on long-term gains was reduced in 1997 via the <a href="/wiki/Taxpayer_Relief_Act_of_1997" title="Taxpayer Relief Act of 1997">Taxpayer Relief Act of 1997</a> from 28% to 20% and again in 2003, via the <a href="/wiki/Jobs_and_Growth_Tax_Relief_Reconciliation_Act_of_2003" title="Jobs and Growth Tax Relief Reconciliation Act of 2003">Jobs and Growth Tax Relief Reconciliation Act of 2003</a>, from 20% to 15% for individuals whose highest tax bracket is 15% or more, or from 10% to 5% for individuals in the lowest two income tax brackets (whose highest tax bracket is less than 15%). (See <a href="/wiki/Progressive_tax" title="Progressive tax">progressive tax</a>.) The reduced 15% tax rate on <a href="/wiki/Qualified_dividends" class="mw-redirect" title="Qualified dividends">qualified dividends</a> and capital gains, previously scheduled to expire in 2008, was extended through 2010 as a result of the <a href="/wiki/Tax_Increase_Prevention_and_Reconciliation_Act" class="mw-redirect" title="Tax Increase Prevention and Reconciliation Act">Tax Increase Prevention and Reconciliation Act</a> signed into law by President Bush on 17 May 2006, which also reduced the 5% rate to 0%.<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup> Toward the end of 2010, President Obama signed a law extending the reduced rate on eligible dividends until the end of 2012. </p><p>The law allows for individuals to defer capital gains taxes with tax planning strategies such as the <a href="/wiki/Structured_sale" title="Structured sale">structured sale</a> (ensured installment sale), <a href="/wiki/Charitable_trust" title="Charitable trust">charitable trust</a> (CRT), installment sale, <a href="/wiki/Private_annuity_trust" title="Private annuity trust">private annuity trust</a>, a <a href="/wiki/1031_exchange" class="mw-redirect" title="1031 exchange">1031 exchange</a>, or an <a href="/wiki/Opportunity_zone" title="Opportunity zone">opportunity zone</a>. The United States, unlike almost all other countries, taxes its citizens (with some exceptions)<sup id="cite_ref-100" class="reference"><a href="#cite_note-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup> on their worldwide income no matter where in the world they reside. U.S. citizens therefore find it difficult to take advantage of personal <a href="/wiki/Tax_haven" title="Tax haven">tax havens</a>. Although there are some <a href="/wiki/Offshore_bank" title="Offshore bank">offshore bank</a> accounts that advertise as tax havens, U.S. law requires reporting of income from those accounts, and willful failure to do so constitutes <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Deferring_or_reducing_capital_gains_tax">Deferring or reducing capital gains tax</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=80" title="Edit section: Deferring or reducing capital gains tax"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Taxpayers may defer capital gains taxes by simply deferring the sale of the asset. </p><p>Depending on the specifics of national tax law, taxpayers may be able to defer, reduce, or avoid capital gains taxes using the following strategies: </p> <ul><li>A nation may tax at a lower rate the gains on investments in favored industries or sectors, such as small business.</li> <li>Tax can be reduced when property ownership is transferred to family members in the low-income bracket. In the U.S., if in the year of selling the property your family member falls within the 10% to 12% ordinary income tax bracket, he or she could avoid the capital gains tax entirely.<sup id="cite_ref-101" class="reference"><a href="#cite_note-101"><span class="cite-bracket">[</span>101<span class="cite-bracket">]</span></a></sup></li> <li>There may be accounts with tax-favored status. The most advantageous let gains accumulate in the account without taxes; however, taxes may be owed when the taxpayer withdraws funds from the account.</li> <li>Selling an asset at a loss may create a "tax loss" that can be applied to offset gains realized in the future, and avoid or reduce taxes on those gains. Tax losses are a business asset, but the business must avoid <a href="/wiki/Tax_shelter#Judicial_doctrines_to_combat_tax_shelters" title="Tax shelter">"sham" transactions</a>, such as selling to oneself or a subsidiary for no legitimate purpose other than to create a tax loss.</li> <li>Tax may be waived if the asset is given to a charity.</li> <li>Tax may be deferred if the taxpayer sells the asset but receives payment from the buyer over a period of years. However, the taxpayer bears the risk of a default by the buyer during that period. A <a href="/wiki/Structured_sale" title="Structured sale">structured sale</a> or purchase of an <a href="/wiki/Life_annuity" title="Life annuity">annuity</a> may be ways to defer taxes.</li> <li>In certain transactions, the basis (original cost) of the asset is changed. In the U.S., the basis for an inherited asset becomes its value at the time of the inheritance.</li> <li>Tax may be deferred if the seller of an asset puts the funds into the purchase of a "like-kind" asset. In the U.S., this is called a <a href="/wiki/Internal_Revenue_Code_section_1031" title="Internal Revenue Code section 1031">1031 exchange</a> and is now generally available only for business-related real estate and tangible property.</li> <li>Tax may be deferred if the capital gain income is reinvested into certain geographic areas. In the U.S., the <a href="/wiki/Opportunity_Zone" class="mw-redirect" title="Opportunity Zone">Opportunity Zone</a> program was created to "recycle capital into the economy that would otherwise be 'frozen' in place due to investors' reluctance to trigger capital gains taxes" and "bring investment and development to lower income areas that do not otherwise receive a great deal of attention".<sup id="cite_ref-102" class="reference"><a href="#cite_note-102"><span class="cite-bracket">[</span>102<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=81" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.iomguide.com/taxation.php">"Isle of Man Guide – GOVERNMENT, Taxation"</a>. <i>iomguide.com</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">20 February</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Steuerfreier+Kapitalgewinn+%E2%80%93+Schwierigkeit+der+Abgrenzung%3A+steuerfreier+Kapitalgewinn+versus+steuerbares+Einkommen&rft_id=http%3A%2F%2Fwww.wengervieli.ch%2Fgetattachment%2F2b57d10e-d7ad-4255-af98-a68bf240561c%2FSteuerfreier-Kapitalgewinn.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-86"><span class="mw-cite-backlink"><b><a href="#cite_ref-86">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://taxsummaries.pwc.com/taiwan/individual/income-determination">"Taiwan – Individual – Income determination"</a>. <i>taxsummaries.pwc.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">20 June</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=taxsummaries.pwc.com&rft.atitle=Taiwan+%E2%80%93+Individual+%E2%80%93+Income+determination&rft_id=https%3A%2F%2Ftaxsummaries.pwc.com%2Ftaiwan%2Findividual%2Fincome-determination&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-87"><span class="mw-cite-backlink"><b><a href="#cite_ref-87">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-turkeyhighlights-2021.pdf">"International Tax Turkey Highlights 2021"</a> <span class="cs1-format">(PDF)</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=International+Tax+Turkey+Highlights+2021&rft_id=https%3A%2F%2Fwww2.deloitte.com%2Fcontent%2Fdam%2FDeloitte%2Fglobal%2FDocuments%2FTax%2Fdttl-tax-turkeyhighlights-2021.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-88"><span class="mw-cite-backlink"><b><a href="#cite_ref-88">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKhadka2015" class="citation book cs1">Khadka, Rup (2015). "2: Personal Income Tax". <a rel="nofollow" class="external text" href="https://books.google.com/books?id=OQieCgAAQBAJ"><i>The East African Tax System</i></a>. Mkuki na Nyota law library. Dar es Salaam: Mkuki na Nyota Publishers. p. 41. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9789987753291" title="Special:BookSources/9789987753291"><bdi>9789987753291</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">6 March</span> 2019</span>. <q>Capital gains tax helps maintain stability in the economy, as it plays a counter cyclical role since taxpayers have to pay more tax when the value of an asset appreciates and less when it depreciates. [...] In Uganda, capital gains are included in the gross income of the taxpayer and assessed as a business income.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=2%3A+Personal+Income+Tax&rft.btitle=The+East+African+Tax+System&rft.place=Dar+es+Salaam&rft.series=Mkuki+na+Nyota+law+library&rft.pages=41&rft.pub=Mkuki+na+Nyota+Publishers&rft.date=2015&rft.isbn=9789987753291&rft.aulast=Khadka&rft.aufirst=Rup&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DOQieCgAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-89"><span class="mw-cite-backlink"><b><a href="#cite_ref-89">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarrow2006" class="citation book cs1">Barrow, Colin (2006). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=VhFfBWvQDRkC"><i>Buying a Property in Eastern Europe For Dummies</i></a>. Chichester, West Sussex: John Wiley & Sons. p. 341. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780470034217" title="Special:BookSources/9780470034217"><bdi>9780470034217</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">6 March</span> 2019</span>. <q>As of 1 January 2006 income from disposal of real estate is yaxed as follows [...] .</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Buying+a+Property+in+Eastern+Europe+For+Dummies&rft.place=Chichester%2C+West+Sussex&rft.pages=341&rft.pub=John+Wiley+%26+Sons&rft.date=2006&rft.isbn=9780470034217&rft.aulast=Barrow&rft.aufirst=Colin&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DVhFfBWvQDRkC&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-90"><span class="mw-cite-backlink"><b><a href="#cite_ref-90">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFInternational_Monetary_Fund2010" class="citation book cs1"><a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=WPpGcNft5nYC"><i>United Arab Emirates: 2009 Article IV Consultation: Staff Report; Public Information Notice; and Statement by the Executive Director for United Arab Emirates</i></a>. IMF Country Reports. Washington, D.C.: International Monetary Fund. pp. 24–25. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781451997187" title="Special:BookSources/9781451997187"><bdi>9781451997187</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">6 March</span> 2019</span>. <q>44. The authorities also indicated that they were looking at other options, such as direct limits on corporate borrowing and bank credit growth, and measures to counter renewed speculative pressure in the real estate setor, including: [...] The possible introduction of a capital gains tax on property transactions (registered by the Dubai Land Department) and on securities that derive their value from real property.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=United+Arab+Emirates%3A+2009+Article+IV+Consultation%3A+Staff+Report%3B+Public+Information+Notice%3B+and+Statement+by+the+Executive+Director+for+United+Arab+Emirates&rft.place=Washington%2C+D.C.&rft.series=IMF+Country+Reports&rft.pages=24-25&rft.pub=International+Monetary+Fund&rft.date=2010&rft.isbn=9781451997187&rft.au=International+Monetary+Fund&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DWPpGcNft5nYC&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-91"><span class="mw-cite-backlink"><b><a href="#cite_ref-91">^</a></b></span> <span class="reference-text">Channon, Derek F (1978). <i>The Service Industries</i>. London: The MacMillan Press Ltd. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0841950326" title="Special:BookSources/0841950326">0841950326</a>.</span> </li> <li id="cite_note-92"><span class="mw-cite-backlink"><b><a href="#cite_ref-92">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/personalfinance/capital-gains-tax/7771799/Capital-Gains-Tax-a-brief-history.html">"Telegraph: Capital Gains Tax: a brief history"</a></span>. <i>The Daily Telegraph</i>. 27 May 2010. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/personalfinance/capital-gains-tax/7771799/Capital-Gains-Tax-a-brief-history.html">Archived</a> from the original on 12 January 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">8 January</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Daily+Telegraph&rft.atitle=Telegraph%3A+Capital+Gains+Tax%3A+a+brief+history&rft.date=2010-05-27&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Fpersonalfinance%2Fcapital-gains-tax%2F7771799%2FCapital-Gains-Tax-a-brief-history.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-93"><span class="mw-cite-backlink"><b><a href="#cite_ref-93">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gov.uk/capital-gains-tax/rates/">"Capital Gains Tax rates"</a>. Government of the United Kingdom<span class="reference-accessdate">. Retrieved <span class="nowrap">2 August</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Capital+Gains+Tax+rates&rft.pub=Government+of+the+United+Kingdom&rft_id=https%3A%2F%2Fwww.gov.uk%2Fcapital-gains-tax%2Frates%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-94"><span class="mw-cite-backlink"><b><a href="#cite_ref-94">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.mah.uk.com/residential-property-tax-planning/">"Residential property tax planning"</a>. <i>MAH, Chartered Accountants</i>. 11 August 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">8 November</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=MAH%2C+Chartered+Accountants&rft.atitle=Residential+property+tax+planning&rft.date=2013-08-11&rft_id=http%3A%2F%2Fwww.mah.uk.com%2Fresidential-property-tax-planning%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-95"><span class="mw-cite-backlink"><b><a href="#cite_ref-95">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.which.co.uk/money/tax/capital-gains-tax/capital-gains-tax-on-shares-ambbh8b4kuxt">"Capital gains tax on shares"</a>. April 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Capital+gains+tax+on+shares&rft.date=2010-04&rft_id=https%3A%2F%2Fwww.which.co.uk%2Fmoney%2Ftax%2Fcapital-gains-tax%2Fcapital-gains-tax-on-shares-ambbh8b4kuxt&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-96"><span class="mw-cite-backlink"><b><a href="#cite_ref-96">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJean_Eaglesham_and_John_Willman2008" class="citation news cs1">Jean Eaglesham and John Willman (23 January 2008). <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/0/bea3509e-c920-11dc-9807-000077b07658.html">"Final showdown on CGT reforms"</a>. <i>Financial Times</i>. Archived from <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/0/bea3509e-c920-11dc-9807-000077b07658.html">the original</a></span> on 10 December 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">23 January</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Final+showdown+on+CGT+reforms&rft.date=2008-01-23&rft.au=Jean+Eaglesham+and+John+Willman&rft_id=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fbea3509e-c920-11dc-9807-000077b07658.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-97"><span class="mw-cite-backlink"><b><a href="#cite_ref-97">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRoss_Martin_Tax_Consultancy_Limited2018" class="citation news cs1">Ross Martin Tax Consultancy Limited (16 April 2018). <a rel="nofollow" class="external text" href="https://www.rossmartin.co.uk/private-client-a-estate-planning/capital-gains-tax/110-capital-gains-tax-rates-a-allowances">"CGT Capital Gains Tax rates and bands"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">2 August</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=CGT+Capital+Gains+Tax+rates+and+bands&rft.date=2018-04-16&rft.au=Ross+Martin+Tax+Consultancy+Limited&rft_id=https%3A%2F%2Fwww.rossmartin.co.uk%2Fprivate-client-a-estate-planning%2Fcapital-gains-tax%2F110-capital-gains-tax-rates-a-allowances&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-taperrelief-98"><span class="mw-cite-backlink"><b><a href="#cite_ref-taperrelief_98-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/guidance/cgt-introduction.pdf">"An Introduction to Capital Gains Tax"</a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/HM_Revenue_and_Customs" title="HM Revenue and Customs">HM Revenue and Customs</a>. p. 94<span class="reference-accessdate">. Retrieved <span class="nowrap">22 April</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=An+Introduction+to+Capital+Gains+Tax&rft.pages=94&rft.pub=HM+Revenue+and+Customs&rft_id=http%3A%2F%2Fwww.hmrc.gov.uk%2Fguidance%2Fcgt-introduction.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-99"><span class="mw-cite-backlink"><b><a href="#cite_ref-99">^</a></b></span> <span class="reference-text">Public Law No. 109-222.</span> </li> <li id="cite_note-100"><span class="mw-cite-backlink"><b><a href="#cite_ref-100">^</a></b></span> <span class="reference-text">An example of an exception is the exemption from U.S. federal income tax for a limited amount of foreign earned income of a citizen or resident of the United States who is living abroad, under <a href="/wiki/Internal_Revenue_Code" title="Internal Revenue Code">26 U.S.C.</a> <a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/26/911">§ 911</a>.</span> </li> <li id="cite_note-101"><span class="mw-cite-backlink"><b><a href="#cite_ref-101">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBoyte-White" class="citation web cs1">Boyte-White, Claire. <a rel="nofollow" class="external text" href="http://www.investopedia.com/articles/personal-finance/101515/comparing-longterm-vs-shortterm-capital-gain-tax-rates.asp/">"Understanding Long-Term vs. Short-Term Capital Gains"</a>. <i>investopedia.com</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=investopedia.com&rft.atitle=Understanding+Long-Term+vs.+Short-Term+Capital+Gains&rft.aulast=Boyte-White&rft.aufirst=Claire&rft_id=http%3A%2F%2Fwww.investopedia.com%2Farticles%2Fpersonal-finance%2F101515%2Fcomparing-longterm-vs-shortterm-capital-gain-tax-rates.asp%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> <li id="cite_note-102"><span class="mw-cite-backlink"><b><a href="#cite_ref-102">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrezski" class="citation web cs1">Brezski, Jan. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201112002429/https://www.arixacapital.com/opportunity-zone-investment-vs-1031-exchange/">"Opportunity Zone Investment vs 1031 Exchanges"</a>. <i>arixacapital.com/</i>. Archived from <a rel="nofollow" class="external text" href="https://www.arixacapital.com/opportunity-zone-investment-vs-1031-exchange">the original</a> on 12 November 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">15 January</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=arixacapital.com%2F&rft.atitle=Opportunity+Zone+Investment+vs+1031+Exchanges&rft.aulast=Brezski&rft.aufirst=Jan&rft_id=https%3A%2F%2Fwww.arixacapital.com%2Fopportunity-zone-investment-vs-1031-exchange&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_gains_tax&action=edit&section=82" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlack2011" class="citation journal cs1">Black, Stephen (2011). "A Capital Gains Anomaly: Commissioner v. Banks and the Proceeds from Lawsuits". <i>St. Mary's Law Journal</i>. <b>43</b>: 113. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1858776">1858776</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=St.+Mary%27s+Law+Journal&rft.atitle=A+Capital+Gains+Anomaly%3A+Commissioner+v.+Banks+and+the+Proceeds+from+Lawsuits&rft.volume=43&rft.pages=113&rft.date=2011&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1858776%23id-name%3DSSRN&rft.aulast=Black&rft.aufirst=Stephen&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+gains+tax" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a 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