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REAL PROPERTY COMPANY, TAX ADMINISTRATION, A=no of sh acquired
B=total…
REAL PROPERTY COMPANY
Tax implication
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When shares RPC disposed, disposal regarded as disposal of chargeable asset
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Definition
RPC
- a controlled co (co having =<50SH & controlled by =<5 persons
- owns real property and/or shares in RPC which =>75% of value of TTA
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TAX ADMINISTRATION
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Tax withheld by acquirer
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Disposer citizen/PR
Lower of :
- 3% total consideration
- whole of cash consideration received
within 60 days after date of disposal
Failure to comply will result in 10% penalty imposed on WT, debt due to Gov
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- A=no of sh acquired
- B=total no of sh in relevant co at date of acq
- C=DV of RP and/or shares in another RPC owned by relevant co at date acq