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The Biden administration’s proposal to hike capital gains tax to 43% for high-income earners (for those earning over US$1 million annually) has sent shockwaves through the investment world, and the cryptocurrency market is no exception. Here are the possible outcomes for investors in the US, but first, let’s define what exactly is Capital Gains Tax.
What is capital gains tax?
Capital gains tax is a levy on the profit you make when you sell an asset, such as a stock, bond, piece of real estate, or even a collectable, for more than you purchased it for. It’s essentially a tax on your investment earnings.
Here’s a breakdown of the key points:
Taxed on profits
Capital gains tax applies only to the profit you make from the sale, not the total amount you receive. This profit is calculated by subtracting the purchase price (including any acquisition costs) from the selling price.
Rates vary
The tax rate you pay on capital gains can vary depending on several factors, including:
Holding period
In many countries, assets held for a longer period (long-term) typically qualify for lower tax rates compared to those sold shortly after purchase (short-term).
Income level
Your overall taxable income may also influence the capital gains tax rate you are subject to. Some countries have tiered rates where higher income earners pay more capital gains tax.
Asset type
Certain assets, like collectables, may be taxed at different rates than stocks or bonds.
Exemptions and allowances
Many countries have exemptions or allowances that reduce your capital gains tax burden. These can apply to specific types of assets, such as your primary residence, or maybe a set amount of profit you can earn each year tax-free.
The capital gains tax hike in a nutshell
Currently, long-term capital gains (assets held for over a year) in the US are taxed at a lower rate than ordinary income. For high-income earners, this rate can be as low as 15%. The proposal would effectively triple this rate to 43.4%, bringing it closer to the tax rate on income from wages and salaries.
Impact on crypto investors
Cryptocurrencies are considered capital assets by the IRS, so this tax increase would directly apply to any gains made from selling crypto holdings. Here’s a breakdown of the potential consequences:
Increased selling costs
A higher tax burden could disincentivize investors from selling their crypto, potentially leading to decreased liquidity in the market. This could dampen volatility but also hinder growth.
Short-term trading shift
Investors might adjust their strategies, favoring short-term trades taxed at their ordinary income tax rate (potentially lower than 43.4%) over long-term investments aiming for bigger gains. This could increase short-term price fluctuations.
Tax-haven migration
Some crypto investors, particularly high-net-worth individuals, might relocate to countries with more favorable capital gains tax structures. This could drain liquidity from US crypto markets.
Is it all doom and gloom?
Not necessarily. Here are some counterpoints to consider:
Only applies to high earners
The 43% rate would only affect taxpayers exceeding a certain income threshold. Many crypto investors might not fall into this bracket.
Potential for industry growth
The increased tax revenue could be directed towards regulations and infrastructure development, potentially strengthening the overall crypto industry in the long run.
Innovation breeds opportunity
The tax change could spur innovation in tax-optimisation strategies within the crypto space.
The future remains unwritten
The proposed capital gains tax increase is still under debate and may not be implemented in its current form. Regardless, it’s a significant development that crypto investors in the US should be aware of.
Here are some final thoughts:
- Stay Informed: Keep yourself updated on the latest developments regarding the tax proposal.
- Consider Tax Strategies: Consult with a tax professional to explore strategies to minimize your capital gains tax burden.
- Diversification is Key: Don’t let this proposal deter you from a well-diversified investment strategy.
The crypto market is known for its adaptability. While a significant tax change like this could bring challenges, it’s also likely to create new opportunities. By staying informed and adjusting your strategies accordingly, crypto investors can navigate this potential change and continue to participate in this ever-evolving market.
Additional reading:
- US: Internal Revenue Service (IRS) https://www.irs.gov/taxtopics/tc409
- UK: GOV.UK https://www.gov.uk/capital-gains-tax
- Investopedia: https://www.investopedia.com/terms/c/capital_gains_tax.asp
Remember, tax laws can be complex and vary depending on your location. It’s always best to consult with a tax professional for personalised advice regarding your capital gains tax situation.
A 43% capital gains tax on cryptocurrencies in the US would undoubtedly reshape the industry. While it could deter short-term investors and dampen volatility, it might also legitimise crypto in the eyes of regulators and traditional financial institutions. This, in turn, could attract long-term investors and foster a more stable environment for growth.
Regardless of the tax implications, navigating the complexities of crypto taxes can be daunting. This is where Rocket Tax comes in. Rocket Tax offers a user-friendly platform specifically designed to simplify crypto tax filing. Its intuitive interface guides users through the process, ensuring they claim all their deductions and credits. Additionally, Rocket Tax provides access to tax experts who can answer any questions and ensure users navigate the ever-changing tax landscape with confidence. With Rocket Tax, you can be sure you’re filing your crypto taxes accurately and efficiently, even in the face of potential tax regulation changes.
Individual and corporate capital gains tax rates around the word in alphabetical order.
| Territory | Headline corporate capital gains tax rate (%) | Headline individual capital gains tax rate (%) |
| Albania (Last reviewed 12 January 2024) | 15 | 15 |
| Algeria (Last reviewed 01 January 2024) | Capital gains are subject to the normal CIT rate. | Resident: 15; Non-residents: 20 |
| Angola (Last reviewed 12 January 2024) | Capital gains arising from the disposal of financial instruments: 10% | Generally, the Investment Income Tax for capital gains is 10%. |
| Argentina (Last reviewed 22 September 2023) | Capital gains are subject to the normal CIT rate. | 15 |
| Armenia (Last reviewed 14 December 2023) | Capital gains are subject to the normal CIT rate. | 10 or 20 (depending on the type of property and whether sold to a tax agent or individual) |
| Australia (Last reviewed 12 December 2023) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Austria (Last reviewed 14 March 2024) | Capital gains are subject to the normal CIT rate. | 27.5 |
| Azerbaijan (Last reviewed 21 February 2024) | Capital gains are subject to the normal profit tax rate. | 25 |
| Bahrain (Last reviewed 20 March 2024) | NA | NA |
| Barbados (Last reviewed 28 February 2024) | NA | NA |
| Belgium (Last reviewed 12 March 2024) | Capital gains are subject to the normal CIT rate (except capital gains on shares under certain conditions). | In general, exempted (except in some specific cases) |
| Bermuda (Last reviewed 01 April 2024) | NA | NA |
| Bolivia (Last reviewed 17 January 2024) | Capital gains are subject to the normal CIT rate. | NA |
| Bosnia and Herzegovina (Last reviewed 08 February 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Botswana (Last reviewed 19 April 2024) | Capital gains are subject to the normal CIT rate. | 25 |
| Brazil (Last reviewed 28 November 2023) | Resident: 34 for legal entities (considered as part of regular income and subject to regular CIT rates); Non-resident: 15 to 22.5 (WHT); Non-resident in tax haven countries: 25 (WHT). | 22.5 |
| Bulgaria (Last reviewed 05 March 2024) | Capital gains are subject to the normal CIT rate. | 10 |
| Cabo Verde (Last reviewed 01 March 2024) | Capital gains are subject to the normal CIT rate. | Disposal of immovable property, intellectual property, shareholdings: 1; Gambling, lottery, betting, prizes awarded in sweepstakes, contests: 20 |
| Cambodia (Last reviewed 19 March 2024) | Capital gains are subject to the standard CIT rate. | 20 (being postponed until the end of 2024). |
| Cameroon, Republic of (Last reviewed 28 February 2024) | Capital gains are subject to the normal CIT rate. | Stocks and shares: 16.5; Real property: 30 |
| Canada (Last reviewed 15 December 2023) | Half of a capital gain constitutes a taxable capital gain, which is included in the corporation’s income and taxed at ordinary rates. | Half of a capital gain constitutes a taxable capital gain, which is included in the individual’s income and taxed at ordinary rates. |
| Cayman Islands (Last reviewed 04 December 2023) | NA | NA |
| Chad (Last reviewed 28 February 2024) | 20 | 20 |
| China, People’s Republic of (Last reviewed 15 January 2024) | Capital gains are subject to the normal CIT rate. | 20 |
| Colombia (Last reviewed 28 February 2024) | 15 | If the assets were held for two or more years, the gain will be taxed as a capital gain at a 15% flat rate (recapture rules are applicable). If the assets were held for less than two years, the gain will be taxed as ordinary capital income (up to 39% for FY 2023). |
| Congo, Democratic Republic of the (Last reviewed 28 February 2024) | Capital gains are subject to the normal CIT rate. | NA |
| Congo, Republic of (Last reviewed 23 January 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Costa Rica (Last reviewed 27 February 2024) | 15 (2.25 under certain conditions) | 15 (2.25 under certain conditions) |
| Croatia (Last reviewed 02 January 2024) | Capital gains are subject to the normal CIT rate. | 12 |
| Cyprus (Last reviewed 21 December 2023) | 20 | 20 |
| Czech Republic (Last reviewed 09 February 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Denmark (Last reviewed 15 March 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Dominican Republic (Last reviewed 04 December 2023) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Ecuador (Last reviewed 04 March 2024) | Capital gains generated by the transfer of equity rights (i.e. shares) are subject to a 10% income tax rate. | Capital gains generated by the transfer of equity rights (i.e. shares) are subject to a 10% income tax rate. |
| Egypt (Last reviewed 19 March 2024) | 0, 10, or 22.5 | 0, 10, or 25 |
| El Salvador (Last reviewed 24 January 2024) | 10 or 30 (see El Salvador’s Corporate tax summary for more information). | 10 or 30 (see El Salvador’s Individual tax summary for more information). |
| Equatorial Guinea (Last reviewed 07 May 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Estonia (Last reviewed 15 January 2024) | NA | Capital gains are subject to the normal PIT rate. |
| Eswatini (Last reviewed 22 January 2024) | NA | NA |
| Ethiopia (Last reviewed 17 November 2023) | Class A taxable assets relate to immovable assets, and the CGT rate is 15%. Class B taxable assets relate to shares and bonds, which attract CGT at the rate of 30%. | Class A taxable assets relate to immovable assets, and the CGT rate is 15%. Class B taxable assets relate to shares and bonds, which attract CGT at the rate of 30%. |
| Fiji (Last reviewed 14 February 2024) | 10 | 10 |
| Finland (Last reviewed 10 January 2024) | Capital gains are subject to the normal CIT rate. | 30 (and 34 on income exceeding EUR 30,000 annually). |
| France (Last reviewed 18 March 2024) | Capital gains are subject to the normal CIT rate. | 30, plus exceptional income tax for high earners at 4% |
| Gabon (Last reviewed 04 March 2024) | Capital gains are subject to a discharge levy at the rate of 20% due by the Gabonese company whose rights are transferred. | 20 |
| Georgia (Last reviewed 31 January 2024) | Capital gains are subject to the normal CIT rate. | General capital gain tax rate is 20%. Tax rate is reduced to 5% in case of supply of residential apartment and the land attached to it or a supply of a vehicle. |
| Germany (Last reviewed 23 December 2023) | Capital gains are subject to the normal corporation tax rate. | 25, plus 5.5% solidarity surcharge on tax paid (in total 26.375% plus church tax if applicable) |
| Ghana (Last reviewed 08 March 2024) | Capital gains are included as part of income and taxed at the applicable corporate income tax rate. | Capital gains are included as part of income and taxed at the individual’s marginal/graduated tax rate for residents (highest of 35%) and 25% for non-residents; or 25% (upon election and the gains are as a result of the realisation of investment assets). |
| Gibraltar (Last reviewed 05 December 2023) | NA | NA |
| Greece (Last reviewed 18 January 2024) | Capital gains are subject to the normal CIT rate unless the participation exemption is applicable. | 15 |
| Greenland (Last reviewed 06 December 2023) | 26.5 (i.e. 25% + 6% surcharge) | NA |
| Guatemala (Last reviewed 04 December 2023) | 10 | 10 |
| Guernsey, Channel Islands (Last reviewed 20 December 2023) | NA | NA |
| Guyana (Last reviewed 01 February 2024) | 20 | 20 |
| Honduras (Last reviewed 09 February 2024) | 10 | 10 |
| Hong Kong SAR (Last reviewed 29 December 2023) | NA | NA |
| Hungary (Last reviewed 24 January 2024) | Capital gains are subject to the normal CIT rate (9%); however, the participation exemption regime may apply. | Capital gains are subject to the normal PIT rate (15%). If certain conditions are not met, an additional 15.5% social tax is also payable. |
| Iceland (Last reviewed 21 February 2024) | Capital gains are subject to the normal CIT rate. | 22 |
| India (Last reviewed 14 December 2023) | 10%/20% (applicable surcharge and cess) long-term and 15%/40% (applicable surcharge and cess) short-term (may be exempt under Double Taxation Avoidance Agreement). Please refer to Capital gains in the Income determination section for more details. | Long-term capital gain: 10 (on sale of equity shares/ units of equity oriented funds/units of business trust in excess of INR 100,000 and security transaction tax is paid). 10 for non-residents without cost inflation adjustment or 20 for residents/ non-residents with cost inflation adjustment (on sale of any other asset). Short-term capital gain: 15 (if securities transaction tax paid on sale of equity shares/ units of equity oriented funds/ units of business trust) or normal slab rates (on sale of any other asset). |
| Indonesia (Last reviewed 19 December 2023) | Capital gains are subject to the normal CIT rate, except for certain tax objects subject to final income tax (see the Withholding taxes section). | Capital gains are subject to the normal PIT rate, except for certain tax objects subject to final income tax (see the Individual tax summary). |
| Iraq (Last reviewed 04 December 2023) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Ireland (Last reviewed 06 February 2024) | 33 | 33 |
| Isle of Man (Last reviewed 28 February 2024) | NA | NA |
| Israel (Last reviewed 10 March 2024) | Capital gains are subject to the normal CIT rate. | 25 |
| Italy (Last reviewed 05 February 2024) | Capital gains are subject to the normal CIT rate. For financial investments, the PEX regime at 95% exemption may be applied, provided that the conditions set by the law are met. | Capital gains are subject to separate taxation at 26% (normal PIT rate applies in certain instances). |
| Ivory Coast (Côte d’Ivoire) (Last reviewed 20 June 2023) | Capital gains are subject to the normal CIT rate. | NA |
| Jamaica (Last reviewed 04 March 2024) | No capital gain tax regime. Transfer tax at 2% on transfers of Jamaican real estate and securities. | No capital gain tax regime. Transfer tax at 2% on transfers of Jamaican real estate and securities. |
| Japan (Last reviewed 23 January 2024) | Capital gains are subject to the normal CIT rate. | Gains arising from sale of stock are taxed at a total rate of 20.315% (15.315% for national tax purposes and 5% local tax). Gains arising from sale real property are taxed at a total rate of up to 39.63% (30.63% for national tax purposes and 9% local tax) depending on various factors. |
| Jersey, Channel Islands (Last reviewed 15 January 2024) | NA | NA |
| Jordan (Last reviewed 04 February 2024) | 20 | 30 |
| Kazakhstan (Last reviewed 02 February 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to income tax at the rate of 15%. |
| Kenya (Last reviewed 13 February 2024) | 15 | 15 |
| Korea, Republic of (Last reviewed 27 February 2024) | 24 (same as the normal CIT rates). | 45 for registered business-purpose real property held for two years or more (varying depending on the type of asset, holding period, etc.). |
| Kosovo (Last reviewed 22 January 2024) | Capital gains are subject to the normal CIT rate (10%). | Capital gains are subject to the normal PIT rate (10%). |
| Kuwait (Last reviewed 24 January 2024) | Capital gains are subject to the normal CIT rate. | NA |
| Kyrgyzstan (Last reviewed 12 February 2024) | Capital gains are subject to the normal profit tax rate (10%). | Capital gains are subject to the normal PIT rate (10%). |
| Lao PDR (Last reviewed 23 January 2024) | 2% for sale price for share capital, use of right. The exemption is for capital gain from sale stock in Lao Securities Exchange. | 2% for sale price for share capital. The exemption is for capital gain from sale stock in Lao Securities Exchange. |
| Latvia (Last reviewed 09 February 2024) | Capital gains are subject to the normal CIT rate. | 20 |
| Lebanon (Last reviewed 04 April 2024) | 15 | 15 |
| Libya (Last reviewed 03 December 2023) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Liechtenstein (Last reviewed 01 April 2024) | Capital gains derived from the sale of shares are tax-exempt. Capital gains from the sale of real estate are subject to a separately assessed real estate profit tax of up to 24%. | Capital gains derived from the sale of shares are tax-exempt. Capital gains from the sale of real estate are subject to a separately assessed real estate profit tax of up to 24%. |
| Lithuania (Last reviewed 19 February 2024) | Capital gains are subject to the normal CIT rate. | 20 |
| Luxembourg (Last reviewed 02 January 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Macau SAR (Last reviewed 16 January 2024) | Capital gains are subject to the normal complementary tax rate. | NA |
| Madagascar (Last reviewed 16 February 2024) | 20 | 20 |
| Malawi (Last reviewed 21 April 2023) | Capital gains are subject to the normal corporate rate. | Capital gains are subject to the normal PIT rate. |
| Malaysia (Last reviewed 06 December 2023) | Generally, gains on capital assets are not subject to tax, except for gains arising from the disposal of real property situated in Malaysia, which is subject to RPGT (up to 30%). | Generally, gains on capital assets are not subject to tax, except for gains arising from the disposal of real property situated in Malaysia, which is subject to RPGT (up to 30%). |
| Malta (Last reviewed 27 February 2024) | See Malta’s corporate tax summary for tax rates on capital gains. | See Malta’s individual tax summary for tax rates on capital gains. |
| Mauritania (Last reviewed 11 March 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Mauritius (Last reviewed 04 March 2024) | NA | NA |
| Mexico (Last reviewed 18 January 2024) | 30% for a Mexican resident, accrued as regular taxable income. 25% on the gross proceeds, or 35% on the net gain, for non-residents. | See the Mexico individual tax summary for capital gain rates. |
| Moldova (Last reviewed 17 January 2024) | Capital gains are subject to the standard CIT rate. | Capital gains are subject to the normal PIT rate (taxable gain basis represent 50% from the capital gain). |
| Mongolia (Last reviewed 22 December 2023) | See Mongolia’s corporate tax summary for capital gain rates. | See Mongolia’s individual tax summary for capital gain rates. |
| Montenegro (Last reviewed 21 April 2023) | Capital gains are subject to the normal CIT rate. | 15 |
| Morocco (Last reviewed 04 April 2023) | Capital gains are subject to the normal CIT rate. | 20 |
| Mozambique (Last reviewed 28 February 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Myanmar (Last reviewed 14 February 2024) | 10% for non-oil and gas sector; 40% to 50% for oil and gas sector | 10 |
| Namibia, Republic of (Last reviewed 18 December 2023) | NA | NA |
| Netherlands (Last reviewed 09 January 2024) | Capital gains are subject to the normal CIT rate (25.8%). Capital gains on qualifying participations are tax exempt under the participation exemption. | NA |
| New Caledonia (Last reviewed 16 April 2024) | The net amount of long-term capital gains is taxed at a 15% CIT rate, with the exception of capital gains from the sale of building land and similar assets (as well as securities of companies whose assets are mainly constituted by this type of assets), the amount of which is taxed at a 25% CIT rate. | Capital gains derived by individuals are generally not taxable. However, the New Caledonian government has recently implemented a taxation on capital gain deriving from real properties. The tax on private real estate capital gains (PVI) is 20% of the amount of the capital gain, to which must be added 4% of the CCS, or 24% in total. |
| New Zealand (Last reviewed 16 January 2024) | New Zealand does not have a comprehensive capital gains tax. However, capital gains derived by a company will generally be taxed as dividends on distribution to shareholders, subject to certain exceptions. | New Zealand does not have a comprehensive capital gains tax. |
| Nicaragua (Last reviewed 23 January 2024) | 15 | 15 |
| Nigeria (Last reviewed 09 February 2024) | 10 | 10 |
| North Macedonia (Last reviewed 28 February 2024) | Capital gains are part of the regular profit for the year, thus subject to the normal CIT rate. | Capital gains are subject to the flat PIT rate at 10%. See the Income determination section. |
| Norway (Last reviewed 23 January 2024) | Capital gains are subject to the ordinary CIT rate. | Capital gains are subject to the normal PIT rate. |
| Oman (Last reviewed 11 February 2024) | Gains on sales of securities listed on the Muscat Securities Market are exempt from taxation. Gains on transfers of other assets are taxable as ordinary income. | NA |
| Pakistan (Last reviewed 23 January 2024) | See Pakistan’s corporate tax summary for capital gain rates. | See Pakistan’s individual tax summary for capital gain rates. |
| Palestinian territories (Last reviewed 25 January 2024) | Income tax is imposed on capital gains. | Income tax is imposed on capital gains. |
| Panama (Last reviewed 23 January 2024) | See Panama’s corporate tax summary for capital gain rates. | See Panama’s individual tax summary for capital gain rates. |
| Papua New Guinea (Last reviewed 29 February 2024) | PNG does not currently tax capital gains. | PNG does not currently tax capital gains. |
| Paraguay (Last reviewed 16 April 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Peru (Last reviewed 09 January 2024) | Capital gains are subject to the normal CIT rate. | 5 |
| Philippines (Last reviewed 22 February 2024) | See the Philippines corporate tax summary for capital gain rates. | See the Philippines individual tax summary for capital gain rates. |
| Poland (Last reviewed 05 March 2024) | Capital gains are subject to the normal CIT rate. | Transfer of real property: Subject to the normal PIT rate. Transfer of shares: 19. |
| Portugal (Last reviewed 19 February 2024) | See Portugal’s corporate tax summary for capital gain rates. | See Portugal’s individual tax summary for capital gain rates. |
| Puerto Rico (Last reviewed 10 November 2023) | 20 | See Puerto Rico’s individual tax summary for capital gain rates. |
| Qatar (Last reviewed 03 April 2024) | Same as CIT rate. | NA |
| Romania (Last reviewed 25 April 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. There are also exceptions from the standard rule. |
| Rwanda (Last reviewed 28 February 2024) | 5 | 5 |
| Saint Lucia (Last reviewed 01 December 2023) | NA | NA |
| Saudi Arabia (Last reviewed 05 March 2024) | Capital gains are subject to the normal income tax rate applicable to the taxpayer. Non-resident capital gains tax rate is 20%. | NA |
| Senegal (Last reviewed 24 February 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Serbia (Last reviewed 01 April 2024) | 15 | 15 |
| Singapore (Last reviewed 04 May 2023) | NA | NA |
| Slovak Republic (Last reviewed 28 November 2023) | Capital gains are subject to the normal CIT rate. | 19 |
| Slovenia (Last reviewed 13 February 2024) | Capital gains are subject to the normal CIT rate (19%). | 25 |
| South Africa (Last reviewed 08 December 2023) | 21.6 | 18 |
| Spain (Last reviewed 01 January 2024) | Capital gains are subject to the normal CIT rate. | Residents: 26; Non-residents: Capital gains generated as a result of a transfer of assets are taxed at 19%. |
| Sweden (Last reviewed 24 January 2024) | See Sweden’s corporate tax summary for capital gain rates. | 30 |
| Switzerland (Last reviewed 16 January 2024) | The effective tax rate (ETR) depends on the company’s location of corporate residency in Switzerland. The ETR of a company resident at the capital cities of the Swiss cantons varies between 11.9% and 21.0%. Exceptions to be considered relate to the participation relief and capital gains on real estate. | Movable assets: Exempt. Non-movable assets: Exempt for federal tax, and cantonal tax rate varies per canton. |
| Taiwan (Last reviewed 02 February 2024) | Capital gains are subject to the normal CIT rate, except for marketable securities and real properties. | Capital gains are subject to the normal PIT rate, except for securities and real properties. |
| Tajikistan (Last reviewed 26 December 2023) | Resident: Capital gains are subject to the normal CIT rate (18% or 13% for entities producing goods or 20% for the activities of financial institutions and mobile companies); Non-resident: Capital gains are treated as other income subject to 15% rate. | Resident: 15 (exempt for certain property if established requirements are met); Non-resident: 15 |
| Tanzania (Last reviewed 02 January 2024) | Capital gains are subject to the normal CIT rate. | Residents: 10; Non-residents: 30; Sale of mineral or petroleum rights: 30 |
| Thailand (Last reviewed 13 February 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Timor-Leste (Last reviewed 19 March 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Trinidad and Tobago (Last reviewed 01 February 2024) | NA | NA |
| Tunisia (Last reviewed 26 March 2024) | Capital gains are subject to the normal CIT rate. | See Tunisia’s individual tax summary for capital gain rates. |
| Turkey (Last reviewed 02 May 2024) | Capital gains are subject to the normal CIT rate. | 40 |
| Turkmenistan (Last reviewed 08 January 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Uganda (Last reviewed 25 March 2024) | Capital gains are subject to the normal CIT rate. | 40 |
| Ukraine (Last reviewed 29 December 2023) | Capital gains are subject to the standard CIT rate of 18%. | Taxable as ordinary income. |
| United Arab Emirates (Last reviewed 16 February 2024) | Same as UAE CT rates, where participation exemption is not available. | NA |
| United Kingdom (Last reviewed 12 February 2024) | Capital gains are subject to the normal corporation tax rate. | See the United Kingdom’s individual tax summary for capital gain rates. |
| United States (Last reviewed 07 February 2024) | 21 | 20 |
| Uruguay (Last reviewed 12 March 2024) | Capital gains are subject to CIT, taxed at 25% (there is no corporate capital gains tax in Uruguay). | There is no individual capital gains tax in Uruguay. Capital gains are subject to IRPF or IRNR, taxed at 12% (with some exceptions). |
| Uzbekistan, Republic of (Last reviewed 06 February 2024) | Residents: Capital gains are subject to the normal CIT rate; Non-residents: 20 | Residents: Capital gains are subject to the normal PIT rate; Non-residents: 12 |
| Venezuela (Last reviewed 24 January 2024) | Capital gains are subject to the normal CIT rate. | Capital gains are subject to the normal PIT rate. |
| Vietnam (Last reviewed 15 February 2024) | See Vietnam’s Corporate tax summary for capital gains tax. | See Vietnam’s Individual tax summary for capital gains tax. |
| Zambia (Last reviewed 29 June 2023) | NA | NA |
| Zimbabwe (Last reviewed 28 February 2024) | 20 | 20 |
Source: https://taxsummaries.pwc.com/quick-charts/capital-gains-tax-cgt-rates
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