RPGT: Amendment to Para 34A of Schedule 2 – Acquisition and Disposal of Shares in RPC
Para 34A of Schedule 2 establishes rules for taxing the acquisition and disposal of shares in a real property company. This ensures that such transactions are subject to Real Property Gains Tax, even if the company’s status changes over time. The calculations are based on specific criteria and formulas outlined in the section. Finance (No. […]
RPGT: Amendment of Schedule 2 – Interpretation
Schedule 2 to the Real Property Gains Tax Act 1976 is amended by inserting two new definitions as follows:- “co-operative society” means any co-operative society registered under Co-operative Societies Act 1993 [Act 502]; ‘ “trust body” has the meaning assigned to it under the Income Tax Act 1967.’. The amendment to Schedule 2 of the […]
RPGT: Amendment of Section 57A – Electronic Medium
“Section 57A – Electronic Medium” s read as follows:- 57A(1) [Furnished in an electronic medium] The Director General may allow any form prescribed under this Act to be furnished by any person or by any class of persons in an electronic medium or by way of an electronic transmission. 57A(2) [Determine by the Director General] […]
RPGT: New Sections 28A, 28B and 28C
The Finance (No. 2) Bill 2023 introduces three new Sections—28A, 28B, and 28C—into the Real Property Gains Tax Act 1976. These sections empower the Director General to gather specific information related to financial accounts and disposals of chargeable assets. They also impose obligations on individuals to maintain and provide certain documents to determine chargeable gains […]
RPGT: Amendment of Section 21 – Payment of the Tax
“Section 21 – Payment of the Tax” is read as follows:- Section 21(1) [Tax due upon service of notice] Subject to this section, the tax payable under an assessment shall, on the service of the notice of assessment on the person assessed, be due and payable at the place specified in that notice whether or […]
RPGT: Amendment of Section 20 – Finality of Assessment
“Section 20 – Finality of Assessment” is read as follows:- Section 20(1) [When assessment becomes final and conclusive] Subject to this section, an assessment shall become final and conclusive for all the purposes of this Act as regards the amount of the tax assessed under it or the allowable losses indicated in it, as the […]
RPGT: New Section 19A – Relief other than in respect of Error or Mistake
Finance (No. 2) Bill 2023 proposes the Real Property Gains Tax Act 1976 is amended by inserting a new section 19A after section 19 as follows:- “Relief other than in respect of error or mistake section 19A(1) Where any person, who has furnished to the Director General a return in respect of a chargeable asset […]
RPGT: Amendment of Section 19 – Error or Mistake
“Section 19 – Error or Mistake” is read as follows:- Section 19(1) [Revision of assessment] A person upon whom a notice of assessment is served may within five years after the end of the year of assessment in which the assessment was made, apply in writing to the Director General for a revision of the […]
RPGT: Amendment of section 17 – Notice of Assessment
“Section 17 Notice of Assessment” is read as follows: Section 17(1) The Director General shall cause to be served on every person assessed a notice of assessment indicating— Section 17(2) (Deleted) Basic Understanding Section 17 of the Real Property Gains Tax Act 1976 outlines the process of notifying persons about their property gains tax assessment. […]
RPGT: New Section 16A – Discharge of Double Assessments
The Real Property Gains Tax Act 1976 is amended by inserting the following section after section 16: “Discharge of double assessments” 16A. Where two or more assessments have been made with respect to a person on the same gain in respect of the same chargeable asset for a year of assessment, the Director General may […]
