Government to Impose 45% Capital Gains Tax on Non-Filers

TAX

The government plans to impose a Capital Gains Tax (CGT) of 15% on securities for filers and 45% for non-filers, regardless of the holding period.

According to the Finance Bill 2024, the tax rate on securities acquired on or after July 1, 2024, will be 15% for individuals listed on the Active Taxpayers’ List (ATL) at both the acquisition and disposal dates. For those not on the ATL, the tax rate will follow the specified rates for individuals, associations of persons, and companies in Division I and Division II.

For securities acquired between July 1, 2022, and June 30, 2024, the tax rates based on the holding period are as follows:

Holding PeriodRate of Tax
1 year15%
1-2 years12.5%
2-3 years10%
3-4 years7.5%
4-5 years5%
5-6 years2.5%
More than 6 years5%

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