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Published: 10 December 2022

Last updated: 29 January 2023

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1

Krever, Richard, and Kerrie Sadiq. "Non-Residents and Capital Gains Tax in Australia." Canadian Tax Journal/Revue fiscale canadienne 67, no. 1 (April 2019): 1–22. http://dx.doi.org/10.32721/ctj.2019.67.1.krever.

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The evolution of capital gains taxation in Australia parallels that in Canada in many respects. Federal income taxes were adopted in both countries during the First World War, and in both jurisdictions the courts interpreted the term "income," the subject of taxation, using United Kingdom judicial concepts that excluded capital gains from the tax base. In the last quarter of the 20th century, both countries amended their income tax laws to capture capital gains, and in both countries concessional rates apply. Initially, the Australian capital gains tax regime had rules that paralleled those in Canada in respect of the application of capital gains tax measures to non-residents, and the list of assets that might generate a capital gains tax liability for non-residents was similar in both countries. Australia changed course just over a decade ago with a decision to limit the income tax liability of non-residents in respect of capital gains to gains on land and land-rich companies alone, albeit with an extended definition of land to capture directly related interests such as exploration and mining rights. Consequently, until this decade, reform of Australia's regime imposing capital gains tax on non-residents focused on the concept of source as a primary driver, with the categories of taxable assets being gradually reduced. However, after more than a decade of unprecedented increases in housing prices in Australia, reform has moved away from addressing source to integrity matters. In Australia, as in Canada, there has been considerable investment in property, particularly residential property, by non-residents in recent years, and the government has sought ways to enhance the enforcement and integrity of the capital gains tax rules applying to non-residents disposing of Australian real property. Since 2013, Australia has proposed three separate measures to ensure integrity within this regime: removal of a concessional rate, introduction of a withholding tax, and removal of the principal residence exemption for non-residents. This article considers the history and development of Australia's capital gains tax regime as it applies to non-residents and examines the recent shift in focus from what is captured in the capital gains source rules to integrity provisions adopted to achieve both compliance and geopolitical objectives.

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2

Minas, John, Youngdeok Lim, Chris Evans, and François Vaillancourt. "Policy Forum: The Australian Experience with Preferential Capital Gains Tax Treatment—Possible Lessons for Canada." Canadian Tax Journal/Revue fiscale canadienne 69, no. 4 (2021): 1213–30. http://dx.doi.org/10.32721/ctj.2021.69.4.pf.minas.

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This article compares the preferential tax treatment of capital gains in Australia and in Canada, with a view to determining whether there are any lessons from the Australian experience that may be of relevance to Canada. The tax treatment of capital gains is similar in the two jurisdictions in that both apply a 50 percent inclusion rate or the equivalent. Several aspects of the taxation of capital gains in Australia might be considered cautionary from the Canadian perspective. The Australian experience indicates that winning support for an increase in the capital gains inclusion rate can prove difficult, as demonstrated by the unsuccessful proposal by the Australian Labor Party, during the 2019 federal election campaign, to effectively raise the inclusion rate to 75 percent.

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3

Sherris, M. "Reserving for deferred capital gains tax (an application of option pricing theory)." Journal of the Institute of Actuaries 119, no. 1 (1992): 45–67. http://dx.doi.org/10.1017/s0020268100019685.

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AbstractThis paper sets out a framework, based on option pricing theory, that can be used to assess the value of deferred unrealised capital gains tax. In the U.K. and Australia, capital gains tax is paid on realisation of assets and the basis for determining the tax allows for inflation indexation of the cost base of the asset. Capital gains tax payments under these circumstances are shown to resemble those of a complex option. A number of theoretical approaches to the valuation of this option are discussed in the paper.

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4

Breckenridge, S. "CAPITAL GAINS TAX IN THE PETROLEUM INDUSTRY." APPEA Journal 26, no. 1 (1986): 23. http://dx.doi.org/10.1071/aj85002.

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Eleven years after a previous abortive attempt, another Federal Labor Government has announced its intention to incorporate into the Australian fiscal scene a capital gains tax. The tax is to be levied at marginal and corporate income tax rates on 100 per cent of inflation adjusted gains realised on assets acquired on and after 20 September 1985.Whilst the Government expects its revenue yield to be low even at the end of five years of operation, the cost of protective administration and compliance to be incurred by taxpayers will be substantial.There are substantial areas of uncertainty in the capital gains tax proposals generally, and in particular as they relate to the petroleum industry. These issues, coupled with the prospect of significant legislative delay, will detract further from Australia's appeal as a focal point for essential exploration dollars.The capital gains tax proposals outlined to date deal, superficially, with basic and very tangible property. However, they do not come to grips with issues such as the potential duplication of this tax and resource rent tax, the need to protect the position of non-residents from double taxation, the basis for imposition of capital gains tax upon changes in licence and permit interest through direct or indirect transfers, to avoid bunching distortions, and to more fully provide for rollover relief.The capital gains tax proposals will exacerbate the substantial stress upon the Australian Taxation Office and, coupled with the forthcoming requirement of the Income Tax Assessment Act to accommodate the proposed resource rent tax, will only serve to highlight the fact that in reality the petroleum industry has not been a winner in this area of the tax reform process.The scope for unexpected capital gains tax exposures to arise is marked and will require a clear analysis of several long-established legal concepts to ensure that even reasonable results are obtained.

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Mangioni, Vince. "Value capture taxation: alternate sources of revenue for Sub-Central government in Australia." Journal of Financial Management of Property and Construction 24, no. 2 (August 5, 2019): 200–216. http://dx.doi.org/10.1108/jfmpc-11-2018-0065.

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Purpose Australia’s Future Tax System (2009) among its recommendations identified the need for realignment of tax revenue across the tiers of government in Australia, as well as the need to raise additional revenue from land-based taxes. In achieving these objectives, this paper aims to examine the revenues generated from land and how capital gains tax may be reconceptualised as a value capture tax resulting from the rapid urbanisation of Australia’s cities. The development of a theoretical framework realigns the emerging rationale of a value capture tax, as a means for revenue to be divested from central government in the form of capital gains, to sub-central government as a value capture tax. Design/methodology/approach A qualitative research methodology comprising grounded theory and phenomenological research is used in undertaking the review of tax revenue collection from state land tax, conveyance stamp duty, local government rating and Commonwealth capital gains tax. Grounded theory is applied for constant comparison of the data with the objectives of maximising similarities and differences in these revenues with an analytical construct as defined by Strauss and Corbin (1990, p. 61). Findings The paper finds that realigning revenue from land-based taxes against the principles of good tax design provides greater opportunity to raise additional revenue to fund public infrastructure while decentralising revenue from central government. It provides an alternate mechanism for revenue transfer from central to sub-central government while conceptually improving own source revenue from value capture taxation as a new revenue source. Research limitations/implications The limitation of this paper is the ability to quantify the potential increase that would be generated in the form of value capture revenue. It is demonstrated in the paper that capital gains tax took over 15 years for revenue generation to crystallise, a factor that would likely occur in the potential introduction of a value capture tax for funding transport infrastructure. Practical implications The pathway to introducing a value capture tax is through re-innovating capital gains tax as a value capture tax directly hypothecated to funding transport infrastructure that results in the uplift in values of the surrounding property from which revenue is raised. Originality/value This paper provides a new approach in contributing to funding the capital outlay of public infrastructure in lieu of central government consolidated revenue allocated through the Commonwealth Grants Commission. It provides a much-needed approach to decentralising revenue from the Commonwealth to sub-central government in Australia which has one of the most centralised tax systems in the OECD.

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6

Black, Ervin L., Joseph Legoria, and Keith F. Sellers. "Capital Investment Effects of Dividend Imputation." Journal of the American Taxation Association 22, no. 2 (September 1, 2000): 40–59. http://dx.doi.org/10.2308/jata.2000.22.2.40.

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We examine the effects of dividend imputation on corporate capital investment in New Zealand and Australia. The empirical findings indicate that: (1) dividend imputation stimulated corporate capital investment in both countries; (2) the positive impact of dividend imputation on capital investment overshadowed any negative effects arising from the new capital gains tax imposed in Australia; and (3) the dividend imputation effects on capital investment are most pronounced for highdividend-paying firms. In summary, we demonstrate the positive impact of dividend imputation on corporate capital investment. Our findings support the conclusions of the U.S. Treasury that the “traditional” double tax on corporate distributions increases the cost of equity capital to the corporate sector and creates a bias against investment by the corporate sector.

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7

Wilson, Peter A. "CAPITAL GAINS TAX — ASPECTS OF CERTAIN FINANCING TRANSACTIONS." APPEA Journal 28, no. 1 (1988): 382. http://dx.doi.org/10.1071/aj87033.

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The Australian Income Tax Assessment Act, 1936 (the Act) has recently been amended by the inclusion of a full capital gains tax system.This system is particularly applicable to various aspects of financing transactions into which petroleum exploration and development companies may enter.In the light of recent changes to the means by which petroleum companies can access the capital markets, it becomes necessary to consider these issues. This paper is designed to provide petroleum company executives with additional information on the capital gains tax aspects of:creating royalty, net profit interests and production payments;conventional security management matters;bankruptcy/liquidation matters;allotment of ordinary and preference share issues;allotment of convertible notes;drawing down of conventional loans; andgroup reorganisations.The paper also sets out some recommendations for amendments to the Act designed to correct capital gains driven financing problems.These aspects and many other relevant planning points require consideration of complex legislation. In the absence of direct legal precedent, proper and full consideration is warranted if all intended financial problems are to be firstly, recognised and secondly, to the extent possible, overcome.

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8

Maxim, Maruf Rahman, and Kerstin Zander. "Green Tax Reform and Employment Double Dividend in Australia Should Australia Follow Europe’s Footsteps? A CGE Analysis." Margin: The Journal of Applied Economic Research 14, no. 4 (November 2020): 454–72. http://dx.doi.org/10.1177/0973801020953310.

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Australia has one of the highest per capita carbon emissions, and its energy sector contributes significantly to the country’s carbon emissions. Renewable energy and climate change call for a shift from fossil fuels to low-carbon technologies for energy production. Policies aiming to reduce carbon emissions are perceived by many people as leading to higher living costs, but changes in energy policies can also lead to economic gains in the presence of revenue recycling. This article applies a computable general equilibrium approach to study the effect of energy tax in the Australian economy. Four different scenarios of green tax reform (GTR) are simulated to test the employment double dividend (EDD) potential. All four scenarios simulate changes in energy tax and one of four tax revenue recycling policies including (a) value added tax reduction, (b) payroll tax reduction, (c) goods and services tax (GST) reduction and (d) a mixture of all three recycling policies. The results show strong EDD potential of GST and payroll tax reduction when used along with energy tax in a revenue-neutral GTR approach. The study also presents a comparison of an optimal EDD inducive policy design between the European and Australian GTR approaches. JEL classifications: H23, C68, H21, Q48

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9

Dixon, Chad. "Tax issues impacting acquisitions in the Australian oil and gas industry." APPEA Journal 51, no. 2 (2011): 669. http://dx.doi.org/10.1071/aj10049.

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Understanding the tax implications and structuring options of a transaction is critical when assessing and comparing new opportunities. When undertaking any transaction involving Australian oil and gas assets, the applicable taxation regime should be carefully explored and understood. From an Australian perspective, taxes such as corporate income tax, petroleum resource rent tax, capital gains tax, and goods and services tax have significant potential to influence the investment decision. This presentation will focus on the tax implications applicable to the acquisition and disposal of Australian oil and gas assets, providing valuable insights for both Australian companies and inbound investors.

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10

Allen, J., and M. Williamson. "LEGAL AND TAXATION IMPLICATIONS FOR THE ACQUISITION AND DISPOSAL OF OFFSHORE PETROLEUM PRODUCTION AND EXPLORATION TENEMENTS—A PRACTICAL VIEW AND UPDATE." APPEA Journal 26, no. 1 (1986): 7. http://dx.doi.org/10.1071/aj85001.

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The administrative aspects of petroleum mining and exploration companies have become more complex of recent years. One area where this is particularly so is in relation to the livelihood of the industry, i.e. access to tenements.While exploration and development activity onshore has hotted up in particular, offshore activity has been fervent but limited largely to bringing into production fields on the North West Shelf, at Jabiru and new areas in Bass Strait. Generally it is held that the likelihood for discoveries of large fields will be offshore Australia rather than onshore and that present exploration activities offshore are inadequate to maintain Australia's oil self-sufficiency.Recent amendments to the Petroleum (Submerged Lands) Act, a plethora of associated Acts, and proposed new tax imposts (e.g. cash bonus bids, retention licence fees, resource rent tax, and capital gains tax) in relation to the offshore segment of the industry have added significantly to the complexities in planning the acquisition and disposal and ongoing control of tenements. Each of these is examined individually and in conjunction for the benefit of planners and executives administering tenements within their organisations.Both sides of the transaction are viewed with emphasis on their tax positions providing opportunities to control the directions and funding mechanisms for the transaction.

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11

Hanlon, Dean, and Sean Pinder. "An empirical investigation of whether Australian capital gains tax reforms influence individual investor behaviour." Pacific-Basin Finance Journal 15, no. 5 (November 2007): 481–93. http://dx.doi.org/10.1016/j.pacfin.2006.12.001.

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12

Raphael, David K. L. "Extending the life of a trust estate (“the trust estate”): an Australian viewpoint for UK readers." Trusts & Trustees 26, no. 4 (April 13, 2020): 347–71. http://dx.doi.org/10.1093/tandt/ttaa017.

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Abstract Variation of a trust deed in any of the States and Territories of Australia by extending its period of operation does not cause the instrument of change to be exigible to ad valorem stamp duty, even if the instrument in question is a resettlement. Likewise, it is also not a resettlement for capital gains tax purposes and, in this respect, it is submitted that the same statements of principle apply in the United Kingdom. Australian law owes much to the laws of the United Kingdom as is made abundantly clear in such Australian texts as Hill on the Duties Act and Jacobs Law of Trusts, Ford & Lee on Trusts, Dal Pont on Trusts and Ong on Trusts. The English texts such as Lewin on Trusts, Underhill & Hayton Law of Trusts and Trustees, and Thomas & Hudson on Trusts are equally helpful to persons seeking knowledge, as also remains the respective 3rd and 4th editions of Scott on Trusts and Scott & Ascher on Trusts. This paper seeks to establish its themes with the aid of extracts from both Australian and United Kingdom decisions. If some seem lengthy, then, in this commentator’s opinion, that length is justified.

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13

Cheng, Alvin, Keith Hooper, and Howard Davey. "A Capital Gains Tax for New Zealand: A Comparative Study of the UK and Australian Models." Asian Review of Accounting 8, no. 2 (February 2000): 43–59. http://dx.doi.org/10.1108/eb060728.

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14

Thomas, Colin G., and Catherine A. Hayne. "THE IMPACT OF TAXATION LEGISLATION DEVELOPMENTS ON NON- RESIDENTS INVESTING IN AUSTRALIAN PETROLEUM PROJECTS." APPEA Journal 29, no. 1 (1989): 63. http://dx.doi.org/10.1071/aj88010.

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Australian legislation has recently undergone further developments which affect non- residents investing in Australian petroleum projects. The comments in this paper reflect our understanding of the law at November 1988.These legislative developments have occurred in foreign investment rules and primary tax areas such as the thin capitalisation and debt creation rules for nonresident investors, Australian capital gains tax including the new involuntary roll- over provisions, the Australian dividend imputation system, and secondary taxes such as state royalties and excises and petroleum resource rent tax.The purpose of this paper is to analyse some of the recent legislative developments from the viewpoint of a non- resident investing in Australian petroleum projects. Changes in most cases are incorporated in complex legislation, and full and proper consideration of the changes is warranted for taxpayers both to comply with the law and maximise shareholders' financial returns.

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15

Applebach, Richard O. "The Capital Gains Tax Penalty?" Journal of Portfolio Management 21, no. 4 (July 31, 1995): 99–103. http://dx.doi.org/10.3905/jpm.1995.409531.

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16

LOMBARD, MARC. "WHO PAYS CAPITAL GAINS TAX?" Economic Papers: A journal of applied economics and policy 9, no. 4 (December 1990): 71–77. http://dx.doi.org/10.1111/j.1759-3441.1990.tb00620.x.

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17

Couzin, Robert. "Capital Gains: Tax Policy Alternatives." Canadian Public Policy / Analyse de Politiques 21 (October 1995): S225. http://dx.doi.org/10.2307/3551871.

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18

BLACK, PA. "Capital Gains Tax: Critical Notes." South African Journal of Economics 68, no. 4 (December 2000): 352–54. http://dx.doi.org/10.1111/j.1813-6982.2000.tb01279.x.

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19

Williamson, M. L. "CAPITAL GAINS TAX — PRACTICAL ISSUES." APPEA Journal 28, no. 1 (1988): 372. http://dx.doi.org/10.1071/aj87032.

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This paper is directed at the capital gains tax implications arising on the day-to-day transactions and events occurring within our industry.After explaining in very basic terms how CGT can be applied in our industry, I lead the oilman to an examination of more specific transactions, such as splitting tenements, renewals, extensions, subleasing and farm-outs.Some alarming issues arise that must be recognised by every 'dealsman' today. Parameters for deals are indicated along with thought processes to solve the problems to the extent they are solvable.As 19 September 1985 fades faster into the past, the CGT legislation is becoming more relevant as old pre- assets are converted into post-assets. The traps are there, and many people have already fallen - to their horror. The conversions are subtle but are there waiting.In this era of self-assessment and absurd tax penalties, tax audits and guilt until proven innocent, penalty minimisation is the name of the game, not tax avoidance.

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20

Auten, Gerald E., and Joseph J. Cordes. "Policy Watch: Cutting Capital Gains Taxes." Journal of Economic Perspectives 5, no. 1 (February 1, 1991): 181–92. http://dx.doi.org/10.1257/jep.5.1.181.

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From 1922 to 1986, long-term capital gains were taxed at lower rates than other income, generally by allowing a portion of long-term capital gains to be excluded from taxable income. While taxing capital gains at the same rates as other income has been hailed by some as a major accomplishment of tax reform, it has been criticized by others as one of its main flaws. As a result, there have been proposals each year since 1986 to restore some type of capital gains preference. These proposals have sparked a lively debate centered on three main questions: Would reducing the capital gains tax lower or raise federal revenues? Who benefits most from cutting the capital gains tax? Would lower tax rates on capital gains improve economic performance?

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21

Kosidłowska, Anna. "Fiscal Function of Capital Gains Tax." Annales Universitatis Mariae Curie-Skłodowska, sectio H, Oeconomia 50, no. 1 (April 19, 2016): 93. http://dx.doi.org/10.17951/h.2016.50.1.93.

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22

AUERBACH, ALAN J. "CAPITAL GAINS TAXATION AND TAX REFORM." National Tax Journal 42, no. 3 (September 1, 1989): 391–401. http://dx.doi.org/10.1086/ntj41788807.

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23

POTERBA, JAMES M. "CAPITAL GAINS TAX POLICY TOWARD ENTREPRENEURSHIP." National Tax Journal 42, no. 3 (September 1, 1989): 375–89. http://dx.doi.org/10.1086/ntj41788806.

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24

Severn, Alan K., James Charles Mills, and Basil L. Copeland. "Capital gains taxes after tax reform." Journal of Portfolio Management 13, no. 3 (April 30, 1987): 69–75. http://dx.doi.org/10.3905/jpm.1987.409104.

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25

Jacob, Martin. "Tax Regimes and Capital Gains Realizations." European Accounting Review 27, no. 1 (July 14, 2016): 1–21. http://dx.doi.org/10.1080/09638180.2016.1203811.

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26

KING, J. R. "What Future for Capital Gains Tax?" Fiscal Studies 6, no. 2 (May 1985): 71–77. http://dx.doi.org/10.1111/j.1475-5890.1985.tb00519.x.

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27

Lodhi, Khalid Mahmood. "Impact of Capital Gains Tax on Stock Investment in Pakistan." Information Management and Business Review 5, no. 7 (July 30, 2013): 360–68. http://dx.doi.org/10.22610/imbr.v5i7.1063.

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This study analyzes the impact of capital gains tax on stocks investment in Pakistan. Whenever there is an increase in the value of a capital asset realized over its cost it is termed as capital gain and the tax imposed thereof is called Capital Gains Tax. The study finds that levy of Capital Gains Tax results in lower volume of stock investment and lesser growth in assets/securities whereas the revenues have also declined as further investments have declined due to the fears of documentation of small investors by the tax authorities.

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28

Advani, Arun. "Policy Forum: The Taxation of Capital Gains—Principles, Practice, and Directions for Reform." Canadian Tax Journal/Revue fiscale canadienne 69, no. 4 (2021): 1231–50. http://dx.doi.org/10.32721/ctj.2021.69.4.pf.advani.

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The taxation of capital gains is particularly complex given their relatively infrequent receipt, the different ways in which they are generated, and worries about harming productivity. There are theoretical arguments in support of policies ranging from zero rates to high rates of tax on capital. In this article, the author first discusses the impact of capital gains on inequality, which often motivates discussions about how gains should be taxed. He then sets out the principles that determine how gains should be taxed—in particular, how the tax rate should relate to tax rates on labour income. The author proposes that capital gains tax rates should be equalized with income tax rates, subject to provisions to allow gains to be "smoothed" over time and to remove inflation from the tax base. He highlights key transitional issues in moving to such a tax structure. Finally, he discusses specific lessons for Canada.

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Kemmeren, Eric C. C. M. "A Global Framework for Capital Gains Taxes." Intertax 46, Issue 4 (April 1, 2018): 268–77. http://dx.doi.org/10.54648/taxi2018029.

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Globally, tax systems are continuously discussed. That is more than a good thing! Taxes are in the midst of society and should, therefore, also be discussed in and by societies. Tax research can contribute to these discussions. In a number of countries, such as New Zealand, the Netherlands and the United States, it is debated in society whether capital gains should be included in the income tax base and, if so, how this should be done. In this context, the author will discuss whether, as a matter of principle, taxation of capital gains should be part of a comprehensive tax system that taxes a comprehensive concept of real net income and, if so, what are the key issues in the design of capital gains tax regimes. Attention will be paid not only to general aspects, but also to some international aspects of capital gains taxes. This article will ultimately present a global framework for capital gains taxes based on the developed benchmark. In the author’s view, this framework should be taken into account globally when designing a capital gains tax regime. It will contribute to creating a level playing field and to enhancing horizontal and vertical equality and equity.

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30

Lally, Martin, and Tony van Zijl. "Capital gains tax and the capital asset pricing model." Accounting and Finance 43, no. 2 (July 2003): 187–210. http://dx.doi.org/10.1111/1467-629x.00088.

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31

Ayers, Benjamin C., Craig E. Lefanowicz, and John R. Robinson. "The Effect of Shareholder-Level Capital Gains Taxes on Acquisition Structure." Accounting Review 79, no. 4 (October 1, 2004): 859–87. http://dx.doi.org/10.2308/accr.2004.79.4.859.

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This study investigates the effect of shareholder capital gains taxes on the structure of corporate acquisitions. We analyze a sample of large publicly traded firms acquired in taxable cash-for-stock and tax-free stock-for-stock acquisitions from 1975 to 2000. We model acquisition structure (i.e., taxable cash-for-stock acquisitions versus tax-free stock-for-stock acquisitions) as a function of target shareholder capital gains taxes and other economic factors believed to influence acquisition structure. Consistent with expectations, we find a positive association between the capital gains tax rate for individual investors and the use of tax-free stock-for-stock acquisitions. In addition, we find that the effect of the capital gains tax rate for individuals decreases with target institutional ownership (a proxy that represents the likelihood the price-setting shareholder is not subject to the individual capital gains tax rate). We reconcile our analyses with previous studies and identify a plausible explanation for the lack of results in prior research. In supplemental analysis, we also report evidence that corporations “time” the completion of taxable acquisitions around major tax rate changes to minimize shareholder capital gains taxes. In sum, results suggest that shareholder-level taxes have a significant effect on the choice of taxable cash-for-stock versus tax-free stock-for-stock acquisitions, and this effect varies with the tax status of target shareholders.

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Schanz, Deborah, and Christoph Maier. "Convergence of Dividend and Capital Gains Taxation in the European Union from 1990 to 2015." Intertax 44, Issue 12 (December 1, 2016): 913–37. http://dx.doi.org/10.54648/taxi2016086.

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The common regulatory framework and the European integration process determine the taxation of corporate distributions in the European Union (EU). Against the background of EU law and jurisdiction, we examine the development of the domestic tax rules and tax burdens on distributions in the form of dividend payments and capital gains in fourteen EU Member States from 1990 to 2015. We find that tax burdens differ for individual and corporate shareholders, particularly at the beginning of the observation period. Individual shareholders face higher tax burdens on dividend payments than on capital gains. For distributions to corporate shareholders, tax systems provide opposed tax incentives due to higher tax burdens on capital gains than on dividend payments. Despite the overall lack of EU harmonization regulation for direct taxes, our results reveal implicit convergence of the tax systems. Hence, tax reforms in the EU Member States show a trend toward equally taxed dividends and capital gains for both shareholder groups.

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COYNE, CHRISTOPHER, FRANK J. FABOZZI, and UZI YAARI. "EFFECTIVE CAPITAL GAINS TAX RATES: A REPLY." National Tax Journal 44, no. 1 (March 1, 1991): 105–7. http://dx.doi.org/10.1086/ntj41788882.

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34

OHSAWA, TOSHIKAZU. "Effects of “Japanese-Type” Capital Gains Tax." Studies in Regional Science 33, no. 2 (2003): 41–60. http://dx.doi.org/10.2457/srs.33.2_41.

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35

Bracewell-Milnes, Barry. "Capital gains tax: the case for competition." Intertax 20, Issue 11 (November 1, 1992): 608. http://dx.doi.org/10.54648/taxi1992084.

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36

JIN, LI. "Capital Gains Tax Overhang and Price Pressure." Journal of Finance 61, no. 3 (May 16, 2006): 1399–431. http://dx.doi.org/10.1111/j.1540-6261.2006.00876.x.

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37

Feenberg, Daniel, and Lawrence Summers. "Who Benefits from Capital Gains Tax Reductions?" Tax Policy and the Economy 4 (January 1990): 1–24. http://dx.doi.org/10.1086/tpe.4.20061790.

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38

Susko, Peter M. "Capital Gains and the Alternative Minimum Tax." Journal of Wealth Management 4, no. 4 (January 31, 2002): 82–90. http://dx.doi.org/10.3905/jwm.2002.320428.

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39

Jacob, Martin. "Cross-base tax elasticity of capital gains." Applied Economics 48, no. 28 (December 29, 2015): 2611–24. http://dx.doi.org/10.1080/00036846.2015.1125438.

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40

GROTE, M., and K. FLETCHER. "Capital Gains Tax in South Africa*(1)." South African Journal of Economics 68, no. 4 (December 2000): 343–47. http://dx.doi.org/10.1111/j.1813-6982.2000.tb01277.x.

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STEENEKAMP, TJ. "Good Tax Practice and Taxing Capital Gains." South African Journal of Economics 68, no. 4 (December 2000): 348–51. http://dx.doi.org/10.1111/j.1813-6982.2000.tb01278.x.

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Joy, Anthony. "Capital gains tax V. the venture capitalist." Economic Affairs 12, no. 5 (September 1992): 16–17. http://dx.doi.org/10.1111/j.1468-0270.1992.tb00019.x.

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43

Spindler, Zane A. "The political economy of capital gains taxation in South Africa - Part I: The public finance of capital gains taxation." South African Journal of Economic and Management Sciences 4, no. 1 (March 31, 2001): 1–25. http://dx.doi.org/10.4102/sajems.v4i1.2628.

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Public Finance and Public Choice principles are used to analyze the ideological and practical basis for the proposed introduction of a Capital Gains Tax into the income tax system of South Africa. The paper concludes that this is a flawed tax whose time has passed - especially for countries like South Africa.

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Smart, Michael, and Sobia Hasan Jafry. "Policy Forum: Inequity and Inefficiency in the Tax Treatment of Capital Gains." Canadian Tax Journal/Revue fiscale canadienne 69, no. 4 (2021): 1157–74. http://dx.doi.org/10.32721/ctj.2021.69.4.pf.smart.

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This article makes the case for increasing tax rates on capital gains income under Canada's Income Tax Act. The current tax preference for capital gains costs $35 billion annually in forgone government revenues, with much of the benefit accruing to high-income families. To address the inequity of the present system, and to reduce tax non-neutralities, the 50 percent inclusion rate for capital gains should be raised to 80 percent. This would constitute a simpler, more efficient way of taxing high-wealth individuals than recent proposals for a novel tax on wealth, and would likely generate far more revenue as well.

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Anagnostopoulos, Alexis, Orhan Erem Atesagaoglu, and Eva Cárceles-Poveda. "Financing corporate tax cuts with shareholder taxes." Quantitative Economics 13, no. 1 (2022): 315–54. http://dx.doi.org/10.3982/qe1167.

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We study the aggregate and distributional consequences of replacing corporate profit taxes with shareholder taxes, namely taxes on dividends and capital gains, in a setting with incomplete markets and heterogeneity at both the household and the firm level. The reform yields distributional gains with a large majority of households benefiting. Moreover, if dividend and capital gains are taxed at the same rate, the reform is also efficiency‐enhancing and the implied optimal corporate income tax rate is zero. In contrast, an asymmetric tax treatment of dividend and capital gains induces a trade‐off between efficiency and distributional concerns that is optimally resolved at a positive optimal corporate tax rate, implying double taxation.

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Digumber, Sharvesh, Hemavadi Soondram, and Bhavish Jugurnath. "Tax Policy and Foreign Direct Investment: Empirical Evidence from Mauritius." International Business Research 10, no. 3 (February 8, 2017): 42. http://dx.doi.org/10.5539/ibr.v10n3p42.

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This study demonstrates, through the use both qualitative and quantitative data, that there are several factors determining Foreign Direct Investment flows between two countries. A total of 180 accountants were surveyed in this study, whereby the majority of respondents agreed that Capital Gains Tax is an important factor determining FDI flow within a tax treaty but is not the only significant factor. The study also used regression analysis through a gravity equation to confirm the survey’s conclusion. Using Mauritius and a host of its tax treaty partners as proxies, it was found that Gross Domestic Product per capita, Capital Gains Tax, common language and distance were major factors affecting Foreign Direct Investment flow in a bilateral tax treaty. This study gives a good insight on the reasons why foreign investors use the Mauritian tax treaty network as a platform for investment. The main rationale for such investments was attributed to Mauritius offering a 0% Capital Gains Tax rate and being a low tax jurisdiction. However, this study sheds new light on this reasoning and provides evidence that investment does not depend solely on Capital Gains Tax levy but also a host of other important factors.

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Dai, Zhonglan, Douglas A. Shackelford, and Harold H. Zhang. "Capital Gains Taxes and Stock Return Volatility." Journal of the American Taxation Association 35, no. 2 (May 1, 2013): 1–31. http://dx.doi.org/10.2308/atax-50509.

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ABSTRACT This paper presents an empirical investigation of the impact of capital gains taxes on stock return volatility. We predict that the more stock returns are subject to capital gains taxation, the greater the increase in return volatility following a capital gains tax rate cut due to reduced risk-sharing in firms' cash flows between shareholders and the government. Consistent with this prediction, we find larger increases in the return volatility for more appreciated stocks than for less appreciated stocks and for non-dividend-paying stocks than for dividend-paying stocks after both 1978 and 1997 capital gains tax rate reductions. The findings imply that capital gains taxes convey a heretofore overlooked benefit of lower stock return volatility.

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Sikes, Stephanie A., and Robert E. Verrecchia. "Capital Gains Taxes and Expected Rates of Return." Accounting Review 87, no. 3 (January 1, 2012): 1067–86. http://dx.doi.org/10.2308/accr-50129.

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ABSTRACT Prior literature predicts a positive relation between firms' expected pre-tax rates of return and investor-level capital gains tax rates. We show that this relation is more nuanced than suggested by prior literature and that in three circumstances the relation can actually be negative. The first circumstance is when a firm's systematic risk is very high. The second circumstance is when the market risk premium is very high. The third circumstance is when the risk-free rate of return is very low. The circumstances arise because, in addition to reducing investors' expected after-tax cash proceeds, capital gains taxes reduce the risk that investors associate with the expected after-tax cash proceeds.

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Agersnap, Ole, and Owen Zidar. "The Tax Elasticity of Capital Gains and Revenue-Maximizing Rates." American Economic Review: Insights 3, no. 4 (December 1, 2021): 399–416. http://dx.doi.org/10.1257/aeri.20200535.

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This paper uses a direct-projections approach to estimate the effect of capital gains taxation on realizations at the state level and then develops a framework for determining revenue-maximizing rates at the federal level. We find that the elasticity of revenues with respect to the tax rate over a 10-year period is −0.5 to −0.3, indicating that capital gains tax cuts do not pay for themselves and that a 5 percentage point rate increase would yield $18 to $30 billion in annual federal tax revenue. Our long-run estimates yield revenue-maximizing capital gains tax rates of 38 to 47 percent. (JEL E62, H25, H71)

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AGBONIKA, JOHN ALEWO MUSA, and JOSEPHINE ALADI ACHOR AGBONIKA. "AN OVERVIEW OF THE PERSONAL INCOME TAX AND CAPITAL GAINS TAX REGIME IN NIGERIA." American Journal of Law 3, no. 1 (December 23, 2021): 1–37. http://dx.doi.org/10.47672/ajl.881.

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In Nigeria, the Personal Income Tax is a tax charged on the income of individuals and is imposed on different sources of income like labour, pensions, interest and dividends. Revenues from the Personal Income Tax constitute an important source of income for three tiers of government in Nigeria. Capital gains tax administration in Nigeria is regulated by the Capital Gains Tax Act.[1] The Act is administered by both Federal Inland Revenue Service and the States Internal Revenue Service. Federal Inland Revenue Service deals with the taxation of capital gains arising from the deposal of property by corporate entities while the State Internal Revenue deal with gains on deposal by individual sole traders. The Tax rate is 10% on capital gains. The capital gain is the difference between the sale proceeds from sale of the assets. Expenses that are incidental to the deposal are allowed as a deduction from the sales proceeds. The objective is to provide better understanding of the different ways of assessing and collection of taxes with a view to providing and ensuring improved compliance by the tax payers. The paper further examines the issues relating to persons subject to tax, resident, the key legislation governing imposition of tax in Nigeria including the authorities charged with the responsibility to administer it. In carrying out this research we adopted a theoretical framework by looking at other literature on the subject as basis for our findings and recommendations. Findings revealed that tax has positive significant impact on government revenue in Nigeria. It is therefore recommended that there should be increased tax awareness and campaign in order to enable government generate more revenue from tax to boost its gross domestic products.

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