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Draft legislation abolishing non-resident capital gains tax ("CGT") for most investors was recently introduced into Parliament. Under the proposed new rules, a capital gain or loss made by a foreign resident is to be subject to CGT only if it relates to assets that are "taxable Australian property". Currently, non-residents are taxed on a broad range of Australian assets, including shares in private companies and trusts.
Also in this issue:
· Australia
- Non-resident capital gains tax to be abolished
- Share capital tainting provisions – reintroduced
· India
- Debts written off – not required to be proved to be "bad”
· Korea
- List of tax haven countries announced
- Transfer pricing provisions – revisions proposed
· Mauritius
- 2006 budget
· New Zealand
- General and limited partnerships – tax changes proposed
· Taiwan
- Dividends remitted via branches – subject to withholding
· Thailand
- Tax exemption for restructuring of financial institutions
- Gains derived from trading of futures in agricultural products and other derivatives – exempt
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