Julau MP Larry Sng says it’s illogical to retroactively impose the capital gains tax on gains accumulated by companies over the years prior to the implementation of the tax.
Julau MP Larry Sng sought clarification on whether foreign entities would be subject to capital gains tax when divesting shares in private limited companies.
Larry Sng said some corporate groups might engage in restructuring activities before March 1, 2024, to mitigate potential tax implications that did not add value to their businesses. “It doesn’t seem logical that the CGT should be applied retroactively to the gains accumulated in the years .”
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