Supreme Court clarifies application of real estate income tax following insolvency

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Following the 2012 introduction of a tax on capital gains realised from the sale of real estate by individuals, one issue remained unclear – the question of who must pay if the property owner is insolvent, the property is sold in connection with the insolvency proceedings and the sale proceeds are transferred to pledgees. A recent Supreme Court decision provides clarification in this regard. 

ILO Newsletter, July 12, 2013


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