Is this Income tax or CGT?
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davidde
Apprentice
Joined: 22 Jul 2006
Posts: 1
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 Posted: 04/12/08 - 09:50 Post subject: |
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| I don’t think that there is any difference, since I’ll have to pay for it anyway, but I’m curious to understand the true difference between income and capital gain tax. I have earned last year an important share which I’ve invested in growth of my business, and this year I’m leaving country, so I’ve decided to sell my company. I have already paid my income tax, that’s what I’ve been told, but now I am irritated by the fact that they will calculate this CGT for me, even though the same amount has already been taxed. Is this possible? |
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jeno
Apprentice
Joined: 29 Aug 2007
Posts: 2
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| Posted: 05/11/08 - 21:29 Post subject: |
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| It is an interesting question. I have no idea if they should do that, but I know that, when you got your earnings, when you received the cash for whatever you were doing, you probably weren’t supposed to pay for income tax, because you were planning to invest in growth of your business. That’s where you’ve made a mistake. You should invest directly. |
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