Second Delay on the Implementation of Capital Gains Tax
On 9 March 2022, the General Department of Taxation (“GDT”) at the Ministry of Economy and Finance (“MEF”) issued Notification No. 4577 on delaying the implementation of Capital Gains Tax. The decision was made by the MEF and approved by the Prime Minister on 21 February 2022.
This decision delays the implementation of Capital Gains Tax until 1 January 2024. The delay is for the purpose of implementing the “Strategic Framework and Programs for Economy Recovery in the New Normal of Living with COVID-19 for 2021-2023” and for promoting investment.
This is the second postponement of the Capital Gains Tax, following GDT Notification No. 24094 which delayed the Capital Gains Tax implementation from 1 January 2021 to 1 January 2022 (See here).
If you are interested to have a brief understanding of the Capital Gains Tax, please see here.
This alert is for general information only and is not a substitute for legal advice.