Capital gains tax

written by Onipede Ibidunni Seun on Capital Gains Tax in Nigeria Introduction Discussing capital gain tax without first presenting a general overview of the entire concept of taxation will be tantamount to putting a cart before a horse. It is therefore very important that justice be done by explaining taxation and various types of taxes. Taxation: A General overview Tax and taxation has been variously defined by different authors. Oyegbile (1996) defines tax as a sum of money paid by citizens of

What does capital gain tax mean and how it will impact the thriving Singapore companies in particular and the peoples in general? Singapore is deprived of capital gains tax till now which actually attracts the investors to setup their companies or to have their regional branches in this country. The profit gained out of selling any capital assets is called capital gains. In such cases, there is a substantial difference between the selling and purchasing price. The selling price comes to be more

BRIEFING NOTE FOR THE FINANCE MINISTER INCREASING THE CAPITAL GAINS TAX FROM 50% TO 100% Purpose: The purpose of this briefing note is to provide the finance minister, Bill Morneau, with insight on the merits of an increase, from 50% to 100%, in the tax on capital gains. Statement of the Issue: The federal government is currently running a large budget deficit. “By the end of the current fiscal year, the country will be almost $31 billion in the red…$1.3 billion beyond the $29.4 billion deficit

Tax began in America during the Civil War when congressed passed the Revenue Act of 1861. This was a tax on personal incomes to help pay the wages of the ongoing war. From this time different acts have been included and repealed on capital gain and taxes. From the past to current, the United States has shown the importance capital gains tax. This paper will give a brief history of how capital gains tax began in America, where the United State is now, pros and cons for arguments for and against capital

TAX ASSIGNMENIT ACC5TAX Semester 1 2016 Individual Assignment Introduction What is Capital Gains Tax? A capital gain or loss is basically the difference between the what is the cost to acquire an asset and what is received when that asset is sold. Everyone is entitled to pay tax on the gains made from the sale of the asset. The capital gain tax is a part of the income tax and is not to be considered as a separate tax though it has been given a separate name as Capital Gains Tax (CGT). If a capital

Capital gains taxes are due whenever you sell an asset for a profit. For 2015 and 2016, the capital gains tax rate is 15% for people who fall into the 25%, 33% and 35% income tax brackets. People in the 39.6% tax bracket pay 20%. Many people employ a strategy called tax loss harvesting at the end the year, to reduce the amount they owe from stock gains; but it can also be used for rental real estate property. That’s because the Internal Revenue Service lets you pair gains with losses to lower the

in the UK and Capital Gains Tax Capital gains tax (CGT) by definition means a tax levied on any gains accrued as a sale of any asset. The assets include, but not limited to, inheritance, certain gifts, shares, heirloom, a sale of business, owing to the dissolution of a civil partnership or divorce transfer or a second property. In this article, we shall focus on the CGT from the perspective of residential property. CGT – Some preambles: The CGT levied depends both on the gains from the asset

INSTRUCTIONS FROM COUSEL Tax implications on a sale of land and an intended gift of the sale of proceeds Counsel is asked to advise Mr Reginald Green who wishes to challenge an assessment of Capital Gains Tax by the HMRC. Mr Green contends that the gain benefits from the relief in section 222 of the Capital Gains Act 1992 (TCGA 1992), which states that no tax is payable if an individual disposes of his private residence. Summary of Facts Mr Reginald Green sold a parcel of land 12 months ago

CGA-CANADA ADVANCED PERSONAL & CORPORATE TAXATION [TX2] EXAMINATION June 2009 Marks Time: 4 Hours Notes: 1. 2. 3. 4. 20 This examination is based on the Canadian Income Tax Act (ITA) and its Regulations consolidated to July 2008. To clarify your answers, you may reference them to the applicable provisions of the ITA and its Regulations (except for Question 1, which is a multiple-choice question). Round all calculations to the nearest dollar. All calculations must be shown in

his initial investment of $25,000 in 1959. The team is now worth $870 million. If the team was sold today, the successors to his fortune would have to pay capital gain taxes which would be the difference between the team value when he died and whatever the eventual sale