title: The Holy Mountain (1973 film)

text: The DVD's extra segment includes a deleted scene in which we see two children, one of them a naked girl, watching a cross made from television sets. In his commentary, Jodorowsky explains how the scene was deleted because the girl's mother threatened to sue for potential pedophilia because of the young girl's nudity.


title: The Holy Mountain (1973 film)

text: The film was not given a wide release until over 30 years following its original premiere, except for two heavily censored Japanese LaserDisc releases. A restored print was shown in Cannes on 23 May 2006. It toured the United States, screening with "El Topo". It was released in DVD format on 1 May 2007, and a Blu-ray was released on 26 April 2011.


title: The Holy Mountain (1973 film)

text: On review aggregator Rotten Tomatoes, "The Holy Mountain" holds an approval rating of 84%, based on 25 reviews, and an average rating of 7.2/10. Its consensus reads, "A visual treat rich in symbolism, "The Holy Mountain" adds another defiantly idiosyncratic chapter to Jodorowsky's thoroughly unique filmography."


title: Primordial nuclide

text: In geochemistry, geophysics and nuclear physics, primordial nuclides, also known as primordial isotopes, are nuclides found on Earth that have existed in their current form since before Earth was formed. Primordial nuclides were present in the interstellar medium from which the solar system was formed, and were formed in, or after, the Big Bang, by nucleosynthesis in stars and supernovae followed by mass ejection, by cosmic ray spallation, and potentially from other processes. They are the stable nuclides plus the long-lived fraction of radionuclides surviving in the primordial solar nebula through planet accretion until the present; 286 such nuclides are known.


title: Primordial nuclide

text: All of the known 251 stable nuclides, plus another 35 nuclides that have half-lives long enough to have survived from the formation of the Earth, occur as primordial nuclides. These 35 primordial radionuclides represent isotopes of 28 separate elements.


title: Primordial nuclide

text: Cadmium, tellurium, xenon, neodymium, samarium, osmium, and uranium each have two primordial radioisotopes (, ; , ; , ; , ; , ; , ; and , ).


title: Primordial nuclide

text: Because the age of the Earth is (4.6 billion years), the half-life of the given nuclides must be greater than about (100 million years) for practical considerations. For example, for a nuclide with half-life (60 million years), this means 77 half-lives have elapsed, meaning that for each mole () of that nuclide being present at the formation of Earth, only 4 atoms remain today.


title: Primordial nuclide

text: The four shortest-lived primordial nuclides (i.e., the nuclides with the shortest half-lives) to have been experimentally verified are (), (), (), and ().


title: Primordial nuclide

text: These are the four nuclides with half-lives comparable to, or somewhat less than, the estimated age of the universe. (Th has a half life slightly longer than the age of the universe.) For a complete list of the 35 known primordial radionuclides, including the next 30 with half-lives much longer than the age of the universe, see the complete list below. For practical purposes, nuclides with half-lives much longer than the age of the universe may be treated as if they were stable. Th and U have half-lives long enough that their decay is limited over geological time scales; K and U have shorter half-lives and are hence severely depleted, but are still long-lived enough to persist significantly in nature.


title: Primordial nuclide

text: The next longest-living nuclide after these is , with a half-life of . It has been reported to exist in nature as a primordial nuclide, although a later study did not detect it. The second-longest-lived isotope not proven to be primordial is , which has a half-life of , about double that of the third-longest-lived such isotope (). Taking into account that all these nuclides must exist for at least , Pu must survive 57 half-lives (and hence be reduced by a factor of 2 ≈ ), Sm must survive 67 (and be reduced by 2 ≈ ), and Nb must survive 130 (and be reduced by 2 ≈ ). Mathematically, considering the likely initial abundances of these nuclides, primordial Pu and Sm should persist somewhere within the Earth today, even if they are not identifiable in the relatively minor portion of the Earth's crust available to human assays, while Nb and all shorter-lived nuclides should not. Nuclides such as Nb that were present in the primordial solar nebula but have long since decayed away completely are termed extinct radionuclides if they have no other means of being regenerated.


title: Primordial nuclide

text: Because primordial chemical elements often consist of more than one primordial isotope, there are only 83 distinct primordial chemical elements. Of these, 80 have at least one observationally stable isotope and three additional primordial elements have only radioactive isotopes (bismuth, thorium, and uranium).


title: Primordial nuclide

text: Some unstable isotopes which occur naturally (such as , , and ) are not primordial, as they must be constantly regenerated. This occurs by cosmic radiation (in the case of cosmogenic nuclides such as and ), or (rarely) by such processes as geonuclear transmutation (neutron capture of uranium in the case of and ). Other examples of common naturally occurring but non-primordial nuclides are isotopes of radon, polonium, and radium, which are all radiogenic nuclide daughters of uranium decay and are found in uranium ores. The stable argon isotope Ar is actually more common as a radiogenic nuclide than as a primordial nuclide, forming almost 1% of the earth's atmosphere, which is regenerated by the beta decay of the extremely long-lived radioactive primordial isotope K, whose half-life is on the order of a billion years and thus has been generating argon since early in the Earth's existence. (Primordial argon was dominated by the alpha process nuclide Ar, which is significantly rarer than Ar on Earth.)


title: Primordial nuclide

text: A similar radiogenic series is derived from the long-lived radioactive primordial nuclide Th. These nuclides are described as geogenic, meaning that they are decay or fission products of uranium or other actinides in subsurface rocks. All such nuclides have shorter half-lives than their parent radioactive primordial nuclides. Some other geogenic nuclides do not occur in the decay chains of Th, U, or U but can still fleetingly occur naturally as products of the spontaneous fission of one of these three long-lived nuclides, such as Sn, which makes up about 10 of all natural tin.


title: Primordial nuclide

text: A primordial element is a chemical element with at least one primordial nuclide. There are 251 stable primordial nuclides and 35 radioactive primordial nuclides, but only 80 primordial stable "elements"—hydrogen through lead, atomic numbers 1 to 82, with the exceptions of technetium (43) and promethium (61)—and three radioactive primordial "elements"—bismuth (83), thorium (90), and uranium (92). Bismuth's half-life is so long that it is often classed with the 80 primordial stable elements instead, since its radioactivity is not a cause for serious concern. The number of elements is smaller than the number of nuclides, because many of the primordial elements are represented by multiple isotopes. See chemical element for more information.


title: Primordial nuclide

text: As noted, these number about 251. For a list, see the article list of elements by stability of isotopes. For a complete list noting which of the "stable" 251 nuclides may be in some respect unstable, see list of nuclides and stable nuclide. These questions do not impact the question of whether a nuclide is primordial, since all "nearly stable" nuclides, with half-lives longer than the age of the universe, are also primordial.


title: Primordial nuclide

text: Although it is estimated that about 35 primordial nuclides are radioactive (list below), it becomes very difficult to determine the exact total number of radioactive primordials, because the total number of stable nuclides is uncertain. There exist many extremely long-lived nuclides whose half-lives are still unknown. For example, it is predicted theoretically that all isotopes of tungsten, including those indicated by even the most modern empirical methods to be stable, must be radioactive and can decay by alpha emission, but this could only be measured experimentally for . Similarly, all four primordial isotopes of lead are expected to decay to mercury, but the predicted half-lives are so long (some exceeding 10 years) that this can hardly be observed in the near future. Nevertheless, the number of nuclides with half-lives so long that they cannot be measured with present instruments—and are considered from this viewpoint to be stable nuclides—is limited. Even when a "stable" nuclide is found to be radioactive, it merely moves from the "stable" to the "unstable" list of primordial nuclides, and the total number of primordial nuclides remains unchanged. For practical purposes, these nuclides may be considered stable for all purposes outside specialized research.


title: Primordial nuclide

text: These 35 primordial nuclides represent radioisotopes of 28 distinct chemical elements (cadmium, neodymium, osmium, samarium, tellurium, uranium, and xenon each have two primordial radioisotopes). The radionuclides are listed in order of stability, with the longest half-life beginning the list. These radionuclides in many cases are so nearly stable that they compete for abundance with stable isotopes of their respective elements.


title: Primordial nuclide

text: For three chemical elements, indium, tellurium, and rhenium, a very long-lived radioactive primordial nuclide is found in greater abundance than a stable nuclide.


title: Primordial nuclide

text: The longest-lived radionuclide, Te, has a half-life of , which is 160 trillion times the age of the Universe. Only four of these 35 nuclides have half-lives shorter than, or equal to, the age of the universe. Most of the remaining 30 have half-lives much longer. The shortest-lived primordial isotope, U, has a half-life of 703.8 million years, about one sixth of the age of the Earth and the Solar System. Many of these nuclides decay by double beta decay, although some like Bi decay by other methods such as alpha decay.


title: Primordial nuclide

text: At the end of the list, two more nuclides have been added: Pu and Sm. They have not been confirmed as primordial, but their half-lives are long enough that minute quantities should persist today.


title: Capital gains tax

text: A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, bonds, precious metals, real estate, and property.


title: Capital gains tax

text: Not all countries impose a capital gains tax and most have different rates of taxation for individuals versus corporations. Countries that do not impose a capital gains tax include Bahrain, Barbados, Belize, Cayman Islands, Isle of Man, Jamaica, New Zealand, Sri Lanka, Singapore, and others. In some countries, such as New Zealand and Singapore, professional traders and those who trade frequently are taxed on such profits as a business income. In Sweden, the Investment Savings Account (ISK – "Investeringssparkonto") was introduced in 2012 in response to a decision by Parliament to stimulate saving in funds and equities. There is no tax on capital gains in ISKs; instead, the saver pays an annual standard low rate of tax. Fund savers nowadays mainly choose to save in funds via investment savings accounts.


title: Capital gains tax

text: Capital gains tax can be payable on valuable items or assets sold at a profit. Antiques, shares, precious metals and second homes could be all subject to the tax if you make enough money from them. How much tax is payable can differ. The lower boundary of profit that is big enough to have a tax imposed on it is set by the government. If the profit is lower than this limit it is tax-free. The profit is in most cases the difference between the amount (or value) an asset is sold and the amount it was bought for.


title: Capital gains tax

text: The tax rate of the capital gains tax depends on how much profit you gained and also on how much money you make annually. For example, in the UK the CGT is currently (tax year 2021–22) 10% of the profit if your income is under £50,000, then it is 20% if your income exceeds this limit. There is an additional tax that adds 8% to the existing tax rate if the profit comes from residential property. If any property is sold with loss, it is possible to offset it against annual gains. The CGT allowance for one tax year in the UK is currently £12,300 for an individual and double (£24,600) if you are a married couple or in a civil partnership. For equities, an example of a popular and liquid asset, national and state legislation often has a large array of fiscal obligations that must be respected regarding capital gains. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market. However, these fiscal obligations may vary from jurisdiction to jurisdiction.


title: Capital gains tax

text: The CGT can be considered a cost of selling which can be greater than for example transaction costs or provisions. The literature provides information that barriers for trading negatively affects the investors' willingness to trade, which in turn can change assets prices.


title: Capital gains tax

text: Companies especially with tax-sensitive customers react to capital gains tax and its change. CGT and its changes affect trading and selling stocks on the market. Investors have to be ready to react in a sensible way to these changes, taking into account the cumulative capital gains of their customers. Sometimes they are forced to delay the sale due to an unfavorable situation. A study by Li Jin (2006) showed that great capital gains discourage selling. On the contrary to this fact, small capital gains stimulate the trade and investors are more likely to sell.


title: Capital gains tax

text: "It is easy to show that to be willing to sell now the investor must believe that the stock price will go down permanently. Thus, a capital gains tax can create a potentially large barrier to selling. Of course, the foregoing calculation ignores the possibility that there might be another taxtiming option: Given capital gains tax rates fluctuate over time, it might be worthwhile to time the realization of capital gains and wait until a subsequent regime lowers the capital gains tax rate."


title: Capital gains tax

text: How does the situation with imposed capital tax influence other aspects of economy? The international capital market that has hugely developed in the past few decades (in the 2nd half of the 20th century) is helping countries to deal with some gaps between investments and savings. Funds for borrowing money from abroad are helping to decrease the difference between domestic savings and domestic investments. Borrowing money from foreigners is rising when the capital that flows to another country is taxed. This tax, however, does not influence domestic investment. In the long run, the country that has borrowed some money and has a debt, usually has to pay this debt for example by exporting some products abroad. It affects the standard of living in this country. That is also why "the foreign capital is not a perfect substitute for domestic savings."


title: Capital gains tax

text: In 1982, the United States was the world's greatest creditor; however it went from this stage to being the greatest debtor in the world in four years. In 1982, the U.S. owned $147 billion of assets that were excess over and above the value of U.S. assets owned by foreigners. In 1986, this value inverted to negative $250 billion.


title: Capital gains tax

text: Investors and entrepreneurs have to take some risks while doing their jobs, and these risks can be influenced by taxes. Taxes on capital drive away the entrepreneurs from the trade because the taxes create an "additional risk burden". "The fruits of risk taking undertaken by entrepreneurs are all around us. major inventions like the automobile, the airplane, and the computer were, in part, the result of investors and firms deciding to gamble their wealth on a new idea." The government takes the money from successful projects but when a business fails the government does not help it with the costs of failure. There is an absence of insurance markets. However, even if there were more solid conditions in the sector of investment, there would still be a small percentage of entrepreneurs taking the risk.


title: Capital gains tax

text: It is possible for some capital gains taxes to boost risk taking. Consider an investor with two investment options – one safe with almost no return and one risky that can cause a big return or a loss with a 50% chance of either result. If the investor decides to split up investments to both alternatives, even if the risky one ends up being a loss, he can through the income tax in combination with full loss deductibility gain most of his lost money back, incentivizing investors to take the risk. "If the return on safe assets were zero and the government taxed gains and subsidized losses at the same rate, then capital taxation would encourage risk taking; the government would be, in effect, a silent partner."


title: Capital gains tax

text: Because capital gains are taxed only upon realization, an individual who owns a security that has increased in value may be reluctant to sell it. The seller knows that when sold, tax is levied on the positive difference of the price at which the security was bought and the price at which the security was sold. If the seller chooses not to sell, the tax is postponed to later date. The present discounted value of the tax liabilities is reduced by the postponement of the tax. Therefore, the seller has an incentive to hold the securities longer. And this distortion caused by the capital gains tax has been called the locked-in effect or lock-in effect.


title: Capital gains tax

text: Martin Feldstein, former chairman of the Council of Economic Advisers under President Reagan has claimed that the effect is so large that reducing the capital gains tax would lead individuals to sell securities that they previously had refused to sell, to such an extent that government revenues would actually increase. More recent estimates suggest that a permanent reduction in the capital gains tax rate would have little effect.


title: Capital gains tax

text: With collecting of any type of tax come administrative costs associated with collecting, administering and managing the collection of capital gains taxes. These costs are directly incurred by governments that collect taxes, ultimately the one who pays the costs is its citizen. Unfortunately, no studies (at least that Fraser Institute researchers knew of in 2007) specifically analyze the costs associated with capital gains taxes.


title: Capital gains tax

text: Canadian researcher Francois Vailancourt in 1989 examines the administrative costs associated with personal income taxes and two payroll taxes (CPP/QPP and UI). The costs include processing costs, administration and accommodation costs, capital expenses, and litigation costs. These costs represented roughly 1% of the gross revenues collected by these three tax sources. The paper does not show exactly what costs are incurred by capital gains tax. This number gives us a very rough estimate. But Vailancourt published the paper in 1989 and many technological inventions, changes came to fruition. Also the Internet became widespread. Moreover, more people live on the planet Earth right now. These are some reasons why our estimate could differ significantly.


title: Capital gains tax

text: Tax compliance costs are incurred when fulfilling the recording and filing requirements associated with paying a tax. These costs include such expenses as bookkeeping, reporting, calculating, and remitting tax payments. A study from 1992, which may be outdated due to technological advancements, found that American taxpayers who received capital gains income incurred higher compliance costs than those who did not. From a survey of 2,000 Minnesota households, the authors found that having capital gains increased the time individuals spent on paying taxes by 7.9 hours, increased the money they spent on professional tax assistance by about $21, and increased the total cost of compliance by $143 per taxpayer (not adjusted for inflation) per year.


title: Capital gains tax

text: Altogether the study concludes that very few studies measure compliance costs associated with capital gains tax, but those few that do clearly indicate that compliance costs are not insignificant. Therefore, the costs must be taken into consideration when assessing tax policy.


title: Capital gains tax

text: Capital gains taxes have also led some taxpayers to evade the payment of the tax. The level of tax evasion is the extent to which actual tax revenue collected by government differs from that which would have been collected if every taxpayer paid exactly what is required by law. Tax evasion has important implications for the efficiency of taxes, since resources spent on evading the tax could be put to more productive uses.


title: Capital gains tax

text: Professor James Poterba's work from 1987 in the American Economic Review studied the relationship between capital gains taxes and tax evasion: a 1% decrease in capital gains tax rate increases the reported tax base by 0.4%.


title: Capital gains tax

text: A more recent study from the "Journal of Public Economics" provides support for Poterba's work with evidence from a unique data set of shareholder information from the 1989 leveraged buyout of RJR Nabisco.They estimate that a one percentage-point increase in the marginal tax rate on capital gains is associated with a 0.42% increase in evasion. In addition, the authors find that the average level of evasion was 11% of the total capital gains.


title: Capital gains tax

text: In Albania, capital gains on the sale of stocks or shares are taxable at 15%. This tax rate also applies to capital gains made from transfers of ownership of real estate, both land or buildings.


title: Capital gains tax

text: There is no specific capital gains tax in Argentina; however, there is a 9% to 35% tax for fiscal residents on their world revenues, including capital gains.


title: Capital gains tax

text: Australia collects capital gains tax only upon realized capital gains, except for certain provisions relating to deferred-interest debt such as zero-coupon bonds. The tax is not separate in its own right, but forms part of the income-tax system. The proceeds of an asset sold less its "cost base" (the original cost plus additions for cost price increases over time) are the capital gain. Discounts and other concessions apply to certain taxpayers in varying circumstances. Capital gains tax is collected from assets anywhere in the world, not only in Australia.


title: Capital gains tax

text: From 21 September 1999, after a report by Alan Reynolds, the 50% capital gains tax discount has been in place for individuals and for some trusts that acquired the asset after that time and that have held the asset for more than 12 months, however the tax is levied without any adjustment to the cost base for inflation. The amount left after applying the discount is added to the assessable income of the taxpayer for that financial year.


title: Capital gains tax

text: For individuals, the most significant exemption is the principal family home when not used for business purposes such as rental income or home-based business activity. The sale of personal residential property is normally exempt from capital gains tax, except for gains realized during any period in which the property was unused as a personal residence (for example, while leased to other tenants) or portions attributable to business use. Capital gains or losses as a general rule can be disregarded for CGT purposes when assets were acquired before 20 September 1985 (pre-CGT).


title: Capital gains tax

text: Austria taxes capital gains at 25% (on checking account and "Sparbuch" interest) or 27.5% (all other types of capital gains). There is an exception for capital gains from the sale of shares of foreign entities (with opaque taxation) if the participation exceeds 10% and shares are held for over one year (so-called "Schachtelprivileg").


title: Capital gains tax

text: In Belarus, capital gains are included in the total income of the individual taxpayer. Income from the sale of one house, apartment, building, land plot, garage and a car parking space within 5 years and more is not taxable. However, income from the second sale and every subsequent sale of an immovable property of the same type within a five-year period is fully taxable.


title: Capital gains tax

text: Income derived from the disposal of one vehicle within a calendar year is exempted from PIT, but is subject to PIT with standard terms for every subsequent disposal of a vehicle.


title: Capital gains tax

text: Income derived from the disposal of shares in a statutory capital of a Belarusian company is exempted from PIT as long as the taxpayer was in possession of these shares for a continuous period of no less than three years.


title: Capital gains tax

text: Under the participation exemption, capital gains realised by a Belgian resident company on shares in a Belgian or foreign company are fully exempt from corporate income tax, provided that the dividends on the shares qualify for the participation exemption. For purposes of the participation exemption for capital gains the minimum participation test is not required.


title: Capital gains tax

text: Unrealised capital gains on shares that are recognised in the financial statements (which recognition is not mandatory) are taxable. But a roll-over relief is granted if, and as long as, the gain is booked in a separate reserve account on the balance sheet and is not used for distribution or allocation of any kind.


title: Capital gains tax

text: As a counterpart to the new exemption of realised capital gains, capital losses on shares, both realised and unrealised, are no longer tax deductible. However, the loss incurred in connection with the liquidation of a subsidiary company remains deductible up to the amount of the paid-up share capital.


title: Capital gains tax

text: Other capital gains are taxed at the ordinary rate. If the total amount of sales is used for the purchase of depreciable fixed assets within 3 years, the taxation of the capital gains will be spread over the depreciable period of these assets.


title: Capital gains tax

text: Capital gain taxes are only paid on realized gains. At the current stage, taxes are 15% for transactions longer than one-day-old and 20% for day trading, both transactions are due payable at the following month after selling or closing the position. Dividends are tax free, since the issuer company has already paid to "RECEITA FEDERAL" (the Brazilian tax office). Derivatives (futures and options) follow the same rules for tax purposes as company stocks. When selling less than R$20.000 (Brazilian Reais) within a month (and not operating in day trading), the financial operation is considered tax-free. Also, non-residents have no tax on capital gains.


title: Capital gains tax

text: A Capital Gains tax was first introduced in Canada by Pierre Trudeau and his finance minister Edgar Benson in the 1971 Canadian federal budget.


title: Capital gains tax

text: Some exceptions apply, such as selling one's primary residence which may be exempt from taxation. Capital gains made by investments in a Tax-Free Savings Account (TFSA) are not taxed.


title: Capital gains tax

text: Since the 2013 budget, interest can no longer be claimed as a capital gain. The formula is the same for capital losses and these can be carried forward indefinitely to offset future years' capital gains; capital losses not used in the current year can also be carried back to the previous three tax years to offset capital gains tax paid in those years.


title: Capital gains tax

text: If one's income is primarily derived from capital gains then it may not qualify for the 50% multiplier and will instead be taxed at the full income tax rate. CRA has a number of criteria to determine whether this will be the case.


title: Capital gains tax

text: For corporations as for individuals, 50% of realized capital gains are taxable. The net taxable capital gains (which can be calculated as 50% of total capital gains minus 50% of total capital losses) are subject to income tax at normal corporate tax rates. If more than 50% of a small business's income is derived from specified investment business activities (which include income from capital gains) they are not permitted to claim the small business deduction.


title: Capital gains tax

text: Capital gains earned on income in a Registered Retirement Savings Plan are not taxed at the time the gain is realized (i.e., when the holder sells a stock that has appreciated inside of their RRSP) but they are taxed when the funds are withdrawn from the registered plan (usually after being converted to a Registered Income Fund at the age of 71.) These gains are then taxed at the individual's full marginal rate.


title: Capital gains tax

text: Capital gains earned on income in a TFSA are not taxed at the time the gain is realized. Any money withdrawn from a TFSA, including capital gains, are also not taxed.


title: Capital gains tax

text: Unrealized capital gains are generally not taxed, except for the deemed disposition when emigrating out of Canada or inheritance by a non-spouse.


title: Capital gains tax

text: In 2022, with price levels surging, some economists have argued that the capital gain tax should be adjusted for inflation, saying that without such adjustment, it taxes "fictional gains", which discourages investment.


title: Capital gains tax

text: The applicable tax rate for capital gains in China depends upon the nature of the taxpayer (i.e. whether the taxpayer is a person or company) and whether the taxpayer is resident or non-resident for tax purposes. It should however be noted that, unlike common law tax systems, Chinese income tax legislation does not provide a distinction between income and capital. What is commonly referred to by taxpayers and practitioners as capital gain tax is actually within the income tax framework, rather than a separate regime.


title: Capital gains tax

text: Tax-resident enterprises will be taxed at 25% in accordance with the Enterprise Income Tax Law. Non-resident enterprises will be taxed at 10% on capital gains in accordance with the Implementing Regulations to the Enterprise Income Tax Law. In practice, where a resident of a treaty partner alienates assets situated in China as part of its ordinary course of business the gains so derived will likely be assessed as if it is a capital gain, rather than business profit. This is somewhat contradictory with the basic principles of double taxation treaty.


title: Capital gains tax

text: The only tax circular specifically addressing the PRC income tax treatment of income derived by QFIIs from the holding and trading of Chinese securities is Guo Shui Han (2009) No.47 ("Circular 47") issued by the State Administration of Taxation ("SAT") on 23 January 2009. The circular addresses the withholding tax treatment of dividends and interest received by QFIIs from PRC resident companies, however, circular 47 is silent on the treatment of capital gains derived by QFIIs on the trading of A-shares. It is generally accepted that Circular 47 is intentionally silent on capital gains and a possible indication that SAT is considering, but still undecided on, whether to grant tax exemption or other concessionary treatment to capital gains derived by QFIIs. Nevertheless, it is noted that there have been cases where QFIIs withdraw capital from China after paying 10% withholding tax on gains derived through share trading over the years on a transaction-by-transaction basis. This uncertainty has caused significant problems for those investment managers investing in A-Shares. Guo Shui Han (2009) No. 698 ("Circular 698") was issued on 10 December 2009 addressing the PRC corporate income tax treatment on the transfer of PRC equity interest by non-PRC tax resident enterprises directly or indirectly, however has not resolved the uncertain tax position with regards A-Shares. With respect to Circular 698 itself, there are views that it is not consistent with the Enterprise Income Tax Law as well as double taxation treaties signed by the Chinese government. The validity of the Circular is controversial, especially in light of recent developments in the international arena, such as the TPG case in Australia and Vodafone case in India.


title: Capital gains tax

text: The general capital gains tax rate in Colombia is 10%, with the exception of lottery or gambling winnings, which are taxed at 20%.


title: Capital gains tax

text: The capital gains tax in Croatia is 10%. It was introduced in 2015 at a rate of 12% and reduced to 10% in 2021.


title: Capital gains tax

text: No CGT is imposed on the subsequent disposal of properties which are acquired in the period from 17 July 2015 up to 31 December 2016.


title: Capital gains tax

text: Capital gains in the Czech Republic are taxed as income for companies and individuals. The Czech income tax rate for an individual's income in 2010 is a flat 15% rate. Corporate tax in 2010 is 19%. Capital gains from the sale of shares by a company owning 10% or more is entitled to participation exemption under certain terms. For an individual, gain from the sale of a primary private dwelling, held for at least 3 years, is tax exempt. Or, when not used as a main residence, if held for more than 5 years. Any capital gains realized on the disposal of securities up to annual gross sale amount of CZK 100,000 are tax exempt for the taxpayer.


title: Capital gains tax

text: Share dividends and realized capital gains on shares are charged 27% to individuals of gains up to DKK 48,300 (2013-level, adjusted annually), and at 42% of gains above that. Carryforward of realized losses on shares is allowed.


title: Capital gains tax

text: Individuals' interest income from bank deposits and bonds, realized gains on property and other capital gains are taxed up to 59%, however, several exemptions occur, such as on selling one's principal private residence or on gains on selling bonds. Interest paid on loans is deductible, although in case the net capital income is negative, only approx. 33% tax credit applies.


title: Capital gains tax

text: Resident entities are taxed on worldwide income. Nonresidents are subject to tax only on Ecuador-source income.


title: Capital gains tax

text: The standard rate is 22%, with a reduced rate of 15% applying where corporate profits are reinvested for the purchase of machinery or equipment and/or the acquisition of new technology. Companies engaged in the exploration or exploitation of hydrocarbon also are subject to the standard corporate tax rate.


title: Capital gains tax

text: Resident individuals are taxed on their worldwide income; nonresidents are taxed only on Ecuadorian-source income.


title: Capital gains tax

text: Egypt exempt bonus shares from a new 10 percent capital gains tax on profits made on the stock market as the country's Finance Minister Hany Dimian said on 30 May 2014, and distributions of bonus shares will be exempt from the taxes, and the new tax will not be retroactive.


title: Capital gains tax

text: There is no separate capital gains tax in Estonia. For residents of Estonia all capital gains are taxed the same as regular income, the rate of which currently stands at 20%. Resident natural persons that have investment account can realise capital gains on some classes of assets tax free until withdrawal of funds from the investment account. For resident legal persons (includes partnerships) no tax is payable for realising capital gain (or receiving any other type of income), but only on payment of dividends, payments from capital (exceeding contributions to capital) and payments not related to business. The income tax rate for resident legal persons is 20% (payment of 80 units of dividends triggers 20 units of tax due).


title: Capital gains tax

text: The capital gains tax in Finland is 30% on realized capital income and 34% if the realized capital income is over 30,000 euros. The capital gains tax in 2011 was 28% on realized capital income. Carryforward of realized losses is allowed for five years. However, capital gains from the sale of residential homes is tax-free after two years of residence, with certain limitations.


title: Capital gains tax

text: Dividends from a publicly listed company are 85% taxable resulting in the CGT rate to be 25,5% or 28,9%. The company distributing the dividend will apply a 25,5% withholding tax.


title: Capital gains tax

text: It was introduced by President Emmanuel Macron as a key promise of its campaign and is called the Prélèvement Forfaitaire Unique – PFU. The first option is a flat 30% rate. The second option is to opt for the former treatment whereby gains are taxed at 17.2% for "social contributions" and (if the instrument has been held for at least two years) 60% of the gains are taxed as individual revenue (tax scale between 0–45%). The following year, 6.8% of the gains can be deducted from the tax base. For equities bought after 1 January 2018, the 60% reduction for 2-year long hold does not apply anymore.


title: Capital gains tax

text: If shares are held in a special account (called a PEA), the gain is subject only to "social contributions" (17.2%) provided that the PEA is held for at least five years. The maximum amount that can be deposited in the PEA is €150,000.


title: Capital gains tax

text: The gain realized on the sale of a principal residence is not taxable. A gain realized on the sale of other real estate held at least 30 years, however, is not taxable, although this will become subject to 15.5% social security taxes as of 2012. (There is a sliding scale for non-principal residence property owned for between 22 and 30 years.)


title: Capital gains tax

text: Non-residents are generally taxable on capital gains realized on French real estate and on some French financial instruments, subject to any applicable double tax treaty. Social security taxes, however, are not usually payable by non-residents. A French tax representative will be mandatory for non-residents who sell a property for an amount over 150.000 euros or who own the real estate for more than 15 years.


title: Capital gains tax

text: In January 2009, Germany introduced a very strict capital gains tax (called Abgeltungsteuer in German) for shares, funds, certificates, bank interest rates etc. Capital gains tax only applies to financial instruments (shares, bonds etc.) that have been bought after 31 December 2008. Instruments bought before this date are exempt from capital gains tax (assuming that they have been held for at least 12 months), even if they are sold in 2009 or later, barring a change of law. Certificates are treated specially, and only qualify for tax exemption if they have been bought before 15 March 2007.


title: Capital gains tax

text: Real estate continues to be exempt from capital gains tax if it has been held for more than ten years.


title: Capital gains tax

text: The German capital gains tax is 25% plus Solidarity surcharge (add-on tax initially introduced to finance the five eastern states of Germany – Mecklenburg-Western Pomerania, Saxony, Saxony-Anhalt, Thuringia and Brandenburg – and the cost of the reunification, but later kept to finance all kinds of public funded projects in all Germany), plus Kirchensteuer (church tax, voluntarily), resulting in an effective tax rate of about 28–29%.


title: Capital gains tax

text: Deductions of expenses such as custodian fees, travel to annual shareholder meetings, legal and tax advice, interest paid on loans to buy shares, etc., are no longer permitted starting in 2009.


title: Capital gains tax

text: There is an allowance (Freistellungsauftrag) on capital gains income in Germany of €801 per person per year of which you do not have to be taxed, if appropriate forms are completed.


title: Capital gains tax

text: Transfer of non-listed shares is subject to capital gain tax at the rate of 15%. Transfer of listed shares is again taxed at 15% unless specific conditions/exemptions apply. A transfer duty of 2‰ is imposed on the gross sale proceeds of listed shares.


title: Capital gains tax

text: Other sources say there is no tax in the case of capital gain from trading in the stock market as long as the individual owns less than 0.5% of the publicly listed company.


title: Capital gains tax

text: Dividends distributed within taxable periods commencing after 1 January 2020 arising from entities operating under the legal form of Société Anonyme (or Limited Liability) are taxed via corporate withholding taxation at the flat rate of 5% (said rate was set to 10% for the dividends distributed during the year 2019).


title: Capital gains tax

text: In general, Hong Kong has no capital gains tax. However, employees who receive shares or options as part of their remuneration are taxed at the normal Hong Kong income tax rate on the value of the shares or options at the end of any vesting period less any amount that the individual paid for the grant.


title: Capital gains tax

text: If part of the vesting period is spent outside Hong Kong, then the tax payable in Hong Kong is pro-rated based on the proportion of time spent working in Hong Kong. Hong Kong has very few double tax agreements and hence there is little relief available for double taxation. Therefore, it is possible (depending on the country of origin) for employees moving to Hong Kong to pay full income tax on vested shares in both their country of origin and in Hong Kong. Similarly, an employee leaving Hong Kong can incur double taxation on the unrealized capital gains of their vested shares.


title: Capital gains tax

text: The Hong Kong taxation of capital gains on employee shares or options that are subject to a vesting period, is at odds with the treatment of unrestricted shares or options which are free of capital gains tax.


title: Capital gains tax

text: For those who do trading professionally (buying and selling securities frequently to obtain an income for living) as "traders", this will be considered income subject to personal income tax rates.


title: Capital gains tax

text: Since 1 January 2016 there is one flat tax rate (15%) on capital income. This includes: selling stocks, bonds, mutual funds shares and also interests from bank deposits. Since January 2010, Hungarian citizens can open special "long-term" accounts. The tax rate on capital gains from securities held in such an account is 10% after a three-year holding period, and 0% after the account's maximum five years period is expired. From 1 August 2013 residents also were obligated to pay an additional 6% of health insurance tax ("EHO") on their capital gain. The 6% health insurance tax on capital gains was abolished on 1 January 2017.


title: Capital gains tax

text: From 1 January 2018 the capital gains tax in Iceland is 22%. It was 20% prior to that (for a full year, from 2011 to 2017), which in turn was a result of a progressive raises in the preceding years.


title: Capital gains tax

text: As of 2018, equities listed on recognised stock exchange are considered long term capital if the holding period is one year or more. Until 31 January 2017, all Long term capital gains from equities were exempt as per section 10 (38) if shares are sold through recognized stock exchange and Securities Transaction Tax (STT) is paid on the sale. STT in India is currently between 0.017% and 0.1% of total amount received on sale of securities through a recognized Indian stock exchange like the NSE or BSE. From fiscal year 2018–2019, exemption u/s 10(38) has been withdrawn and section 112A has been introduced. The long term capital gain shall be taxable on equities at 10% if the gain exceeds Rs. as per the new section.


title: Capital gains tax

text: However, if equities are held for less than one year and is sold through recognised stock exchange then short term capital gain is taxable at a flat rate of 15% u/s 111A and other surcharges, educational cess are imposed.(w.e.f. 1 April 2009.)


title: Capital gains tax

text: In respect of Immovable property, the holding period has been reduced to two years to be eligible for long term capital gain. Whereas, many other capital investments like Jewellery etc. are considered long term if the holding period is three or more years and are taxed at 20% u/s 112.


title: Capital gains tax

text: Since 5 December 2012, there is a 33% tax on capital gains which generally does not make any allowance for inflation. There are several exclusions and deductions (e.g. agricultural land, primary residence, transfers between spouses). Gains made where the asset was originally purchased before 2003 attract indexation relief (the cost of the asset can be multiplied by a published factor to reflect inflation). Costs of purchase and sale are deductible, and every person has an exempt band of €1,270 per year. Purchases made before 1 January 2002 will have been in the Irish currency of the time, the Irish Punt. When indexing such values to present value, they firstly need to be converted to Euro by multiplying by 1.27 and then indexing to present value.


title: Capital gains tax

text: The absence of indexation relief for transactions on assets acquired since 2003 means that the headline rate of 33% is not directly comparable and is higher than would otherwise be the case in jurisdictions where inflation is taken into account.


title: Capital gains tax

text: The tax rate is 23% on certain investment policies, and rises to 40% on certain offshore gains when they are not declared in time.


title: Capital gains tax

text: Tax on capital gains arising in the first eleven months of the year must be paid by 15 December, and tax on capital gains arising in the last month of the year must be paid by the following 31 January.


title: Capital gains tax

text: Capital gains tax in Israel is set to 15% on the real gains made in non inflation indexed bonds, (Or 20% for a substantial shareholder) 25% on any other capital gains. (Or 30% for a substantial shareholder)


title: Capital gains tax

text: Capital gains tax of corporate income tax 27.5% (IRES) on gains derived from disposals of participations and extraordinary capital gains. For individuals (IRPEF), capital gains shall incur a 26% tax.


title: Capital gains tax

text: In Japan, from 1989 to 2003, there were two options for paying tax on capital gains from the sale of listed stocks. The first, , taxed all proceeds (regardless of profit or loss) at 1.05%. The second method, declaring proceeds as , required individuals to declare 26% of proceeds on their income tax statement. Many traders in Japan used both systems, declaring profits on the Withholding Tax system and losses as taxable income, minimizing the amount of income tax paid.


title: Capital gains tax

text: In 2003, Japan scrapped the system above in favor of a flat 20% tax on gains, though the rate was temporarily halved at 10% and after being postponed a few times the return to the normal rate of 20% is now set for 2014. Losses can be carried forward for three years. Starting in 2009, losses can alternatively be deducted from dividend income declared as "Separate Income" since the tax rate on both categories is equal (i.e., 20% temporarily halved to 10%). Aggregating profits and dividends to reach a single figure taxed at the same rate is fairly innovative.


title: Capital gains tax

text: Capital gains taxes were abolished in Kenya in 1985 to spur growth in the securities and property market. The Kenyan Parliament passed a motion in August 2014 to reintroduce capital gains tax in January 2015 and "is expected to increase the cost of land transaction as investors pass on the cost to buyers. The tax will also affect those investing in shares and debt in the capital markets." The capital gains tax came into effect on 1 January 2015 with 5% as the general applicable tax rate.


title: Capital gains tax

text: As of 1 January 2018 the new corporate income tax act is applicable, according to which the company's profit is taxable at a rate of 20% only upon the distribution of profits. In general the capital gain arising on the disposal of a capital asset is treated as an ordinary income and is subject to a 20% corporate income tax only, when the profit is distributed.


title: Capital gains tax

text: A Latvian company can reduce the tax base by the capital gains the company has earned from the sale of shares, if the Latvian company has held those shares for at least 36 months. If a Latvian holding company sells the shares which it has owned for less than three years, the company should not pay tax at the moment of the sale (but when the capital gain is distributed). However, if the company has held the shares for three years or more, the company can distribute the capital gains as dividends tax-free (except, real estate companies).


title: Capital gains tax

text: Personal income tax like dividends, interest and income from life insurance contracts and private pension funds are taxed at 10%. Capital gains on the disposal of capital assets (such as real estate, shares and bonds) are taxed at 20%.


title: Capital gains tax

text: Capital gains in Lithuania are taxed as a general taxable income, therefore personal income tax or corporate income tax apply. As of 2021, 15% tax rate is applied for the disposal of securities and sale of property.


title: Capital gains tax

text: There is no capital gains tax for equities in Malaysia. Malaysia used to have a capital gains tax on real estate but the tax was repealed in April 2007. However, a real property gains tax (RPGT) has been introduced in 2010 .


title: Capital gains tax

text: i. For property disposed within 3 years after the date of acquisition, it will incur RPGT of 30% (for citizen/permanent residents, non-citizen/non-permanent residents and companies);


title: Capital gains tax

text: ii. For property disposed in the 4th year after the date of acquisition, the RPGT rates are 20% (for citizen/permanent residents and companies) and 30% (for non-citizen/non-permanent residents);


title: Capital gains tax

text: iii. For property disposed in the 5th year after the date of acquisition, the RPGT rates are 15% (for citizen/permanent residents and companies) and 30% (for non-citizen/non-permanent residents); and


title: Capital gains tax

text: iv. For property disposed in the 6th year after the date of acquisition and thereafter, the RPGT rates are 5% (for citizen/permanent residents and companies) and 10% (for non-citizen/non-permanent residents).


title: Capital gains tax

text: Malaysia has imposed capital gain tax on share options and share purchase plan received by employee starting year 2007.


title: Capital gains tax

text: For those trading professionally (buying and selling securities frequently to obtain an income for living) as "traders", this will be considered income subject to personal income tax rates.


title: Capital gains tax

text: Under the Moldovan Tax Code a capital gain is defined as the difference between the acquisition and the disposition price of the capital asset. Only this difference (i.e. the gain) is taxable. The applicable rate is half (1/2) of the income tax rate, which is 12% for individuals and companies after the changes to the tax code from 1 October 2018. Thus, the current capital gains tax is 6% for both individuals and companies. Earlier, between 2008 and 2011, this tax stood at 0% for companies, as the corporate income tax rate has been lowered to 0% to attract foreign investments and to boost the economy.


title: Capital gains tax

text: Not all types of assets are "capital assets". Capital assets include: real estate; shares; stakes in limited liability companies etc.


title: Capital gains tax

text: In Montenegro, capital gains are included in taxable income and are subject to the standard 9% corporate tax rate. They are calculated in accordance with the tax rules and can only be offset against capital losses.


title: Capital gains tax

text: In Morocco, capital gains made from the sale of properties by individuals are taxable with a flat tax rate of 20% of the capital gains. The taxed amount must be higher than 3% of the selling price of the property.


title: Capital gains tax

text: An exemption from the individual income tax in the case of making capital gains by selling a property is applicable if the property is used as a principal residence for a duration of at least 6 years.


title: Capital gains tax

text: In Nepal, Capital Gain Tax refers to gain occurred on the sale of any assets or properties. Since 17 July 2021, the Government of Nepal has introduced the Long Term Tax and Short Term Tax on the gain after sale of shares. For individuals, the Long Term Tax rate is 5% of the gain after deduction of brokerage and commission and the Short Term Tax rate is 7.5% of the gain after deduction of brokerage and commission.


title: Capital gains tax

text: Taxable income under Box 2 category includes dividends and capital gains from a substantial shareholding (inkomsten uit aanmerkelijk belang) (i.e. a shareholding of at least 5%). Income that falls into the Box 2 category is taxed at a flat rate of 25%.


title: Capital gains tax

text: Box 3: taxable income from savings and investments (viz. real estate). However a "theoretical capital yield" of 4% is taxed at a rate of 30% (so 1.2%) but only if the savings plus stocks of a person exceed a threshold of 25.000 euros. This will be raised to a threshold of 30.000 euros in 2018, together with other changes so that people with less wealth, pay lower taxes.


title: Capital gains tax

text: In general an individual will not have to pay tax on capital gains. So if the main residence is sold or shares are sold the profit is not taxable. This is different if the transaction(s) exceed(s) normal asset management. In that case the capital gain is treated as income from other activities or even business income.


title: Capital gains tax

text: So it depends on the actual facts and circumstances how the capital gain is treated. Even judges do not always decide the same.


title: Capital gains tax

text: New Zealand has no capital gains tax, however income tax may be charged on profits from the sale of personal property and land that was acquired for the purposes of resale. This tax is often avoided and not usually enforced, perhaps due to the difficulty in proving intent at the time of purchase. However, there were a few cases of the IRD enforcing the law; in 2004 the government gathered $106.6 million checking on property sales from Queenstown, Wanaka and some areas of Auckland.


title: Capital gains tax

text: In a speech delivered on 3 June 2009, then New Zealand Treasury Secretary John Whitehead called for a capital gains tax to be included in reforms to New Zealand's taxation system. The introduction of a capital gains tax was proposed by the Labour Party as an election campaign strategy in the 2011 and 2014 general elections.


title: Capital gains tax

text: On 17 May 2015, the Fifth National Government announced it would tighten rules for taxing profits on the sale of property. From 1 October 2015, any person selling a residential property within two years of purchase would be taxed on the profits at their marginal income tax rate. This is known as the bright line test. The seller's main home is exempt, as well as properties inherited from deceased estates or transferred as part of a relationship settlement. To help enforcement, all buyers need to supply their IRD number at settlement. Shortly after taking office in 2017, the new Labour government extended the bright line test threshold first from two years to five years, and later to ten years.


title: Capital gains tax

text: In mid-February 2019, the Labour-led Coalition government's independent Tax Working Group recommended implementing a capital gains tax to lower the personal tax rate and to target "polluters". This proposed tax would cover assets such as land, shares, investment properties, business assets and intellectual property but would exclude family homes, cars, boats, and art. The Working Group proposed setting a top tax rate of 33%. The Working Group's chairman Cullen claimed that the capital gains tax would raise NZ$8.3 billion over the next five years, which would be invested into increased social security benefits. In mid-April 2019, the Coalition government announced that it would not be implementing a capital gains tax, citing the inability of members of the governing coalition to reach a consensus on capital gains taxation.


title: Capital gains tax

text: The individual capital gains tax in Norway is 22% (2019). Gains from certain investment vehicles like stocks and bonds are multiplied by 1.44 before calculating tax, resulting in an effective tax rate of 31.68%. In most cases, there is no capital gains tax on profits from sale of one's principal home. This tax was introduced in 2006 through a reform that eliminated the "RISK-system", which intended to avoid the double taxation of capital. The new shareholder model, introduced in 2006, aims to reduce the difference in taxation of capital and labor by taxing dividends beyond a certain level as ordinary income. This means that focus was moved from capital to individuals and their level of income. This system also introduced a deductible allowance equal to the share's acquisition value times the average rate for Treasury bills with a 3-month period adjusted for tax. Shielding interest shall secure financial neutrality in that it returns the taxpayer what he or she alternatively would have achieved in a safe, passive capital placement exempt from additional taxation. The main purpose of the allowance is to prevent adverse shifts in investment and corporate financing structure as a result of the dividend tax. According to the papers explaining the new policy, a dividend tax without such shielding could push up the pressures on the rate of return on equity investments and lead Norwegian investors from equities to bonds, property etc.


title: Capital gains tax

text: There is a 6% Capital Gains Tax and a 1.5% Documentary Stamps on the disposal of real estate in the Philippines. While the Capital Gain Tax is imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including other forms of conditional sale, the Documentary Stamp Tax is imposed on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, rights, or property incident thereto. These two taxes are imposed on the actual price the property has been sold, or on its current Market Value, or on its Zonal Value whichever is higher. Zonal valuation in the Philippines is set by its tax collecting agency, the Bureau of Internal Revenue. Most often, real estate transactions in the Philippines are being sealed higher than their corresponding Market and Zonal values.


title: Capital gains tax

text: As a standard process, the Capital Gain Tax is paid for by the seller, while the Documentary Stamp is paid for by the buyer. However, either of the two parties may pay both taxes depending on the agreement they entered into.


title: Capital gains tax

text: Since 2004 there is one flat tax rate (19%) on capital income. It includes: selling stocks, bonds, mutual funds shares and also interests from bank deposits.


title: Capital gains tax

text: There is a capital gains tax on sale of home and property. Any capital gain ("mais-valia") arising is taxable as income. For residents this is on a sliding scale from 12 to 40%. However, for residents the taxable gain is reduced by 50%. Proven costs that have increased the value during the last five years can be deducted. For non-residents, the capital gain is taxed at a uniform rate of 25%. The capital gain which arises on the sale of own homes or residences, which are the elected main residence of the taxpayer or his family, is tax free if the total profit on sale is reinvested in the acquisition of another home, own residence or building plot in Portugal.


title: Capital gains tax

text: In 1986 and 1987 Portuguese corporations changed their capital structure by increasing the weight of equity capital. This was particularly notorious on quoted companies. In these two years, the government set up a large number of tax incentives to promote equity capital and to encourage the quotation on the Lisbon Stock Exchange. Until 2010, for stock held for more than twelve months the capital gain was exempt. The capital gain of stock held for shorter periods of time was taxable on 10%.


title: Capital gains tax

text: From 2010 onwards, for residents, all capital gain of stock above €500 is taxable on 20%. Investment funds, banks and corporations are exempted of capital gain tax over stock.


title: Capital gains tax

text: In Romania, the net capital gain is subject to income tax at the flat rate of 10%. The taxable amount is calculated based on the difference between the sale price and the acquisition price of the shares. In general, broker/transaction fees in connection with the acquisition or sale are tax deductible.


title: Capital gains tax

text: The individual has to report any sale of shares (i.e. capital gain/loss) through the annual return by 25 May of the year following the one in which the sale was performed and pay the related taxes, based on a self-assessment made considering the information reflected in the annual return, within the same reporting deadline (i.e. 25 May). The health insurance contribution (10%, capped) is also due if the total yearly income from capital gains, alone or together with other categories of income reaches the annual threshold of 12 minimum gross salaries (30600 RON, approx. €6100 as of 2022).


title: Capital gains tax

text: There is no separate tax on capital gains; rather, gains or gross receipt from sale of assets are absorbed into income tax base. Taxation of individual and corporate taxpayers is distinctly different:


title: Capital gains tax

text: Capital gains are subject to a 15% tax for residents and 20% for nonresidents (based on the tax assessment).


title: Capital gains tax

text: Individuals pay 19% or 25% capital gains tax. They are also required to pay 14% health insurance from capital gains.


title: Capital gains tax

text: Individuals pay tax at a tax rate of 27.5%. However, for every five years of ownenership, the rate is reduced: 20% (after five years), 15% (after ten years), 10% (after fifteen years); after twenty years there is no tax. Exception is a tax rate of 40% which applies only to profit on the disposal of derivative in less than one year after purchasing it.


title: Capital gains tax

text: For legal persons in South Africa, 80% of their net profit will attract CGT and for natural persons 40%. This portion of the net gain will be taxed at their marginal tax rate. As an effective tax rate this means a maximum effective rate of 18% (45% maximum marginal tax rate) for individuals is payable, and for corporate taxpayers a maximum of 22.4%. The annual individual and special trust exemption is R40 000.


title: Capital gains tax

text: For individuals holding less than 3% of listed company, there is only 0.3% trade tax for sales of shares. Exchange traded funds are exempt from any trade tax. For larger than 3% shareholders of listed companies or for sales of shares in any unlisted company, capital gains tax in South Korea is 11% for tax residents for sales of shares in small- and medium-sized companies. Rates of 22% and 33% apply in certain other situations. Those who have been resident in Korea for less than five years are exempt from capital gains tax on foreign assets.


title: Capital gains tax

text: There is no capital gains tax on net capital gains made in an ISK (Investeringssparkonto or "Investor Savings Account"), but no offsetting or writing off of capital losses against other income either. Instead, ISK's are taxed yearly as 30% of the assumed gains which is determined based on the current interest levels. As of 2021, the tax is at the minimum level of 0,375% of the total account balance.


title: Capital gains tax

text: The exception are persons considered to be "professional traders". The decision to classify a person as such is made subjectively on a case-by-case basis by the tax authorities. However, it is rather infrequent and there is a set of safe harbour criteria which guarantee non-professional status:


title: Capital gains tax

text: Violating any of them does not automatically result in professional trader status, but may prompt a tax authority to look into individual circumstances and argue for such a status. Professional traders are treated as self-employed persons for tax purposes: realized capital gains are taxed as individual income from self-employment activity and are subject to social contributions (AHV, currently at 10.55% rate for self-employed); capital losses may get deducted from income over the course of up to 7 next years.


title: Capital gains tax

text: Capital gains tax is levied on the sale of real estate property in all cantons. Taxation rules vary significantly by canton.


title: Capital gains tax

text: For natural persons, the tax generally follows a separate progression from income taxes, diminishes with number of years held, and often can be postponed in cases like inheritance or for buying a replacement home. The tax is levied by canton or municipality only; there is no tax at the federal level. However, natural persons involved in real estate trading in a professional manner may be treated as self-employed and taxed at higher rates similarly to a company and, additionally, social contributions would then need to be paid.


title: Capital gains tax

text: For companies, capital gains are taxed as ordinary income at the federal level, and at the cantonal and municipal level, depending on the canton, either as ordinary income or at a special lower tax progression, as for natural persons.


title: Capital gains tax

text: There is no separate capital gains tax in Taiwan. Capital gains are usually taxed as ordinary income. Prior to 1 January 2016, there was a capital gains tax on securities.


title: Capital gains tax

text: No tax is collected from individual investors whose annual transactions are below T$1 billion ($33 million). Transactions above T$1 billion will be charged with a 0.1 percent tax.


title: Capital gains tax

text: There is no separate capital gains tax in Thailand. If capital gains arise outside of Thailand and the gains are not transferred back to Thailand in the same year it is not taxable. All earned income in Thailand from capital gains is taxed the same as regular income. However, if individual earns capital gain from security in the Stock Exchange of Thailand, it is exempted from personal income tax.


title: Capital gains tax

text: If the Turkish resident company has held the shares of the company (a joint stock company or a limited liability company) for more than two years, then 75% of the capital gain is exempt from taxation and the remaining 25% is subject to corporate income tax of 20%. In other words, the effective tax rate is 5%.


title: Capital gains tax

text: Authorities in the UAE have reported considering the introduction of capital-gains taxes on property transactions and on property-based securities.


title: Capital gains tax

text: Channon observes that one of the primary drivers to the introduction of CGT in the UK was the rapid growth in property values post World War II. This led to property developers deliberately leaving office blocks empty so that a rental income could not be established and greater capital gains made. The capital gains tax system was therefore introduced by chancellor James Callaghan in 1965.


title: Capital gains tax

text: Individuals who are residents or ordinarily residents in the United Kingdom (and trustees of various trusts), who are on the basic tax rate are subject to capital gains tax of 18% on profits from residential property, and 10% on gains from all other chargeable assets.


title: Capital gains tax

text: For higher rate taxpayers, the rate is 28% on profits from residential property, and 20% on everything else.


title: Capital gains tax

text: There are exceptions such as for principal private residences, holdings in ISAs or gilts. Certain other gains are allowed to be rolled over upon re-investment. Investments in some start up enterprises are also exempt from CGT. Entrepreneurs' relief allows a lower rate of CGT (10%) to be paid by people who have been involved for a year with a trading company and have a 5% or more shareholding.


title: Capital gains tax

text: Shares in companies with trading properties are eligible for entrepreneurs' relief, but not investment properties.


title: Capital gains tax

text: In the 2021–22 tax year, taxpayers can make £12,300 in capital gains before they have to pay any tax – and couples can pool their allowance. This is the same as it was the year before.


title: Capital gains tax

text: Companies are subject to corporation tax on their "chargeable gains" (the amounts of which are calculated along the lines of capital gains tax in the United Kingdom). Companies cannot claim taper relief, but can claim an indexation allowance to offset the effect of inflation. A corporate substantial shareholdings exemption was introduced on 1 April 2002 for holdings of 10% or more of the shares in another company (30% or more for shares held by a life assurance company's long-term insurance fund). This is effectively a form of UK participation exemption. Almost all of the corporation tax raised on chargeable gains is paid by life assurance companies taxed on the I minus E basis.


title: Capital gains tax

text: The rules governing the taxation of capital gains in the United Kingdom for individuals and companies are contained in the Taxation of Chargeable Gains Act 1992.


title: Capital gains tax

text: In the Chancellor's October 2007 Autumn Statement, draft proposals were announced that would change the applicable rates of CGT as of 6 April 2008. Under these proposals, an individual's annual exemption will continue but taper relief will cease and a single rate of capital gains tax at 18% will be applied to chargeable gains. This new single rate would replace the individual's marginal (Income Tax) rate of tax for CGT purposes. The changes were introduced, at least in part, because the UK government felt that private equity firms were making excessive profits by benefiting from overly generous taper relief on business assets.


title: Capital gains tax

text: The changes were criticised by a number of groups including the Federation of Small Businesses, who claimed that the new rules would increase the CGT liability of small businesses and discourage entrepreneurship in the UK. At the time of the proposals there was concern that the changes would lead to a bulk selling of assets just before the start of the 2008–09 tax year to benefit from existing taper relief. Capital Gains Tax rose to 28% on 23 June 2010 at 00:00.


title: Capital gains tax

text: On 6 April 2016, new lower rates of 10% (for basic taxpayers) and 20% (for higher taxpayers) were introduced for non-property disposals.


title: Capital gains tax

text: Individuals paid capital gains tax at their highest marginal rate of income tax (0%, 10%, 20% or 40% in the tax year 2007/8) but from 6 April 1998 were able to claim a "taper relief" which reduced the amount of a gain that is subject to capital gains tax (thus reducing the effective rate of tax) depending on whether the asset is a "business asset" or a "non-business asset" and the length of the period of ownership. Taper relief provided up to a 75% reduction (leaving 25% taxable) in taxable gains for business assets, and 40% (leaving 60% taxable), for non-business assets, for an individual. Taper relief replaced indexation allowance for individuals, which could still be claimed for assets held prior to 6 April 1998 from the date of purchase until that date, but was itself abolished on 5 April 2008.


title: Capital gains tax

text: In the United States, with certain exceptions, individuals and corporations pay income tax on the net total of all their capital gains. Short-term capital gains are taxed at a higher rate: the ordinary income tax rate. The tax rate for individuals on "long-term capital gains", which are gains on assets that have been held for over one year before being sold, is lower than the ordinary income tax rate, and in some tax brackets there is no tax due on such gains.


title: Capital gains tax

text: The tax rate on long-term gains was reduced in 1997 via the Taxpayer Relief Act of 1997 from 28% to 20% and again in 2003, via the Jobs and Growth Tax Relief Reconciliation Act of 2003, from 20% to 15% for individuals whose highest tax bracket is 15% or more, or from 10% to 5% for individuals in the lowest two income tax brackets (whose highest tax bracket is less than 15%). (See progressive tax.) The reduced 15% tax rate on qualified dividends and capital gains, previously scheduled to expire in 2008, was extended through 2010 as a result of the Tax Increase Prevention and Reconciliation Act signed into law by President Bush on 17 May 2006, which also reduced the 5% rate to 0%. Toward the end of 2010, President Obama signed a law extending the reduced rate on eligible dividends until the end of 2012.


title: Capital gains tax

text: The law allows for individuals to defer capital gains taxes with tax planning strategies such as the structured sale (ensured installment sale), charitable trust (CRT), installment sale, private annuity trust, a 1031 exchange, or an opportunity zone. The United States, unlike almost all other countries, taxes its citizens (with some exceptions) on their worldwide income no matter where in the world they reside. U.S. citizens therefore find it difficult to take advantage of personal tax havens. Although there are some offshore bank accounts that advertise as tax havens, U.S. law requires reporting of income from those accounts, and willful failure to do so constitutes tax evasion.


title: Capital gains tax

text: Depending on the specifics of national tax law, taxpayers may be able to defer, reduce, or avoid capital gains taxes using the following strategies:


title: FIA Super Licence

text: The FIA Super Licence is a driver's qualification allowing the holder to compete in the Formula One World Championship.


title: FIA Super Licence

text: To qualify for an FIA Racing Super Licence an applicant must meet the requirements of the FIA's International Sporting Code, Appendix L, Article 5. As of 2021, the article states:


title: FIA Super Licence

text: In 2020, in response to the COVID-19 pandemic, requirement 6 was amended where if the three-season window includes the year 2020, then the highest scoring three seasons out of the four previous seasons are to be counted. If a driver has accumulated at least 30 points and is currently competing in any of the Championships reported in Supplement 1 and has been unable to accumulate the 40 points due to "circumstances outside their control or reasons of force majeure", the license may be granted at the discretion of the FIA.


title: FIA Super Licence

text: As of December 7, 2022, the Supplement 1 Super Licence points, which also qualify for the 80% rule, are awarded according to the following table:


title: FIA Super Licence

text: In 2019, for a series to award Super Licence points, a championship season must consist of at least five events spanning at least three different circuits, with alternative circuit configurations considered to be separate circuits. Additionally, a series must have at least 12 drivers compete at any event and a minimum of 16 drivers compete across a season to meet the criteria for full points – a series with 12 or more drivers per event and between 12 and 15 over the course of a season will award 75% points, and a series with entry lists of 11 competitors or lower will not be eligible for points. Championships, such as the 2019 F3 Asian Winter Series, may be set aside points but cannot award them if the championship season does not meet this criteria.


title: FIA Super Licence

text: A driver can earn points from either 1 or 2 series in a calendar year. The results from a maximum of 2 championships


title: FIA Super Licence

text: can be accumulated from a single calendar year, provided that the start date of the second championship falls after the end date of the first championship during the year in question.


title: FIA Super Licence

text: For any season ending in 2020 or 2021 the criteria have decreased from racing five events to three, from three tracks to two and from 16 drivers on the first race to 10.


title: FIA Super Licence

text: If multiple drivers complete a season competing in the same car they will be awarded a fraction of their points according to their FIA Driver Categorisation:


title: FIA Super Licence

text: Beginning in the 2019 Formula One season the FIA introduced a requirement for drivers participating in free practice sessions to hold a stand-alone Free Practice Only Super Licence with the holding of a standard Super licence not automatically granting a Free Practice Only Super licence.


title: FIA Super Licence

text: Should the three-calendar year period include the year 2020, the FIA will consider the three seasons with most accumulated points in the season out of four seasons.


title: FIA Super Licence

text: The FIA issue licences subject to a 12-month probation period after first issue which applies to full and free practice licence. At any time during the first 12 months the FIA may review and withdraw a super licence if the standards to continue holding a licence are not being met.


title: FIA Super Licence

text: Super Licences are issued on an annual calendar year basis and must be renewed at the end of each year.


title: FIA Super Licence

text: The FIA have a series of sanctions which can be placed on a driver's Super Licence which are in the form of reprimands and penalty points. If a driver accumulated three reprimands over the course of a season the FIA may impose penalty points. If a driver accumulates 12 or more penalty points in a 12-month period they will receive a one race ban for the next event they are scheduled to participate in. The issuing of penalty points is not subject to reprimands being issued as a pre-requisite.


title: FIA Super Licence

text: The FIA charges the licence holder an annual fee. According to a report on the BBC, the cost of a super licence rose by an average £8,700 in 2009, and there was an extra charge of €2,100 per point earned in 2008—up from €447 per point in 2007. In 2009, Lewis Hamilton would pay £242,000 for his licence for the season.


title: FIA Super Licence

text: Reducing the cost of the super licence represented a significant policy shift for FIA's then-president Max Mosley, who wrote to Formula 1 drivers in February 2009 suggesting that they "race elsewhere if they were unable to pay for their super licences." After Mosley met with representatives from the Grand Prix Drivers' Association (GPDA) on March 23, 2009, the FIA issued a statement: "Following a very positive meeting between FIA President Max Mosley and representatives of the Grand Prix Drivers' Association (GPDA), a proposal will be made to the World Motor Sport Council to revise super licence fees for drivers in the 2010 championship".


title: FIA Super Licence

text: In November 2012, however, FIA announced it would again increase the cost of the super licence. According to McLaren team principal Martin Whitmarsh, the proposed increase would lead to a basic fee of €10,000 ($12,800) for the super licence plus €1,000 ($1,280) for each World Championship point. 2009 Formula 1 World Driver's Champion Jenson Button objected, and expressed his position that all current F1 drivers should pay the same flat fee for their super licences:


title: FIA Super Licence

text: Button's total super licensing costs for the 2010 season, based on his 2009 results, were variously reported as over a quarter of a million Euros by one source and approximately €1M ($1.28M) by others.


title: FIA Super Licence

text: The nationality that appears on the racing licence is identical to a driver's passport. This is not necessarily the same as the country issuing the racing licence. A Frenchman living in Germany would receive a licence issued by the German motorsport authorities, but the nationality displayed on the licence would still be French. In order to race with a licence that displays German, the driver would need to have a German passport as well. Drivers with multiple citizenship choose their "official" nationality.


title: FIA Super Licence

text: As a result of this rule, several mistakes occurred on official entry lists issued by and podium ceremonies organized by the FIA or race organisers, the most notable relating to Eddie Irvine. He was a British citizen throughout his career and he held a racing licence issued by the National Sporting Authority of the Republic of Ireland. The FIA mistakenly issued official entry lists (for the 1995 and 1996 seasons) which stated that Irvine was competing as an Irish national. This situation also created some confusion as to Irvine's nationality when he appeared at podium ceremonies in the Formula One World Championship. During his earliest podium appearances (at the 1995 Canadian Grand Prix, 1996 Australian Grand Prix, 1997 Argentine Grand Prix and 1997 Monaco Grand Prix), an Irish Tricolour was mistakenly flown by the race organisers.


title: FIA Super Licence

text: This rule, however, has not been in force since the beginning of the Formula One World Championship. In the past, the choice of the nationality was up to the driver. Jochen Rindt, for instance, chose to hold in Formula One an Austrian nationality. He competed with a license issued by the Austrian National Sporting Authority during his career, despite the fact he was born in Germany and had German and not Austrian citizenship.


title: Kontinental Hockey League

text: The Kontinental Hockey League (KHL; ) is an international professional ice hockey league founded in 2008. It comprises member clubs based in Russia (19), Belarus (1), Kazakhstan (1) and China (1) for a total of 22 clubs.


title: Kontinental Hockey League

text: It was considered in 2015 to be the premier professional ice hockey league in Europe and Asia, and the second-strongest in the world behind North America's National Hockey League. The KHL had in 2017 the highest total attendance in Europe with 5.32 million spectators in the regular season and third-highest average attendance in Europe with 6,121 spectators per game in the regular season. The Gagarin Cup is awarded annually to the league's playoff champion at the end of each season. The title of Champion of Russia is given to the highest-ranked Russian team.


title: Kontinental Hockey League

text: The league formed from the Russian Superleague (RSL) and the champion of the 2007–08 season of the second division, with 24 teams: 21 from Russia and one each from Belarus, Latvia, and Kazakhstan. The teams were divided into four divisions, based on the performance in previous seasons.


title: Kontinental Hockey League

text: The start of the fourth season was overshadowed by the 2011 Lokomotiv Yaroslavl plane crash on 7 September 2011 in which almost all members of the team Lokomotiv Yaroslavl lost their lives shortly after take-off for their flight to their season-opening game in Minsk. The Opening Cup game in Ufa, which was already underway when news of the disaster arrived, was suspended. In memory of the disaster, 7 September remained a day of mourning on which no KHL regular-season games took place, until after the 2017–18 KHL season. Journalist Vsevolod Kukushkin acted as the first press secretary for the league, after it evolved from the Superleague.


title: Kontinental Hockey League

text: After the 2022 Russian invasion of Ukraine, the National Hockey League suspended operation of its Memorandum of Understanding with the KHL. An NHL memo instructed NHL teams to "immediately cease all dealings [direct or indirect] with the KHL and KHL Clubs [and all representatives of both], as well as with player agents who are based in and continue to do business in Russia."


title: Kontinental Hockey League

text: In the 2009–10 season, Avtomobilist Yekaterinburg joined the KHL and Khimik Voskresensk was transferred to a lower league. In the 2010–11 season, Yugra Khanty-Mansiysk joined the league.


title: Kontinental Hockey League

text: After several attempts by teams from Central Europe and Scandinavia to join the KHL, expansion beyond the borders of the former Soviet Union was finally realized in 2011. Lev Poprad, a newly founded team based in Poprad, Slovakia was admitted to the league. But after only one season, Lev was replaced by a team of the same name, Lev Praha, from Prague, Czech Republic, while Slovan Bratislava from Bratislava, Slovakia and Ukraine's Donbass from Donetsk joined the KHL as expansion teams for the 2012–13 season. Lev and Slovan qualified for the playoffs in their first KHL season.


title: Kontinental Hockey League

text: In 2013, Medveščak from Zagreb, Croatia, previously playing in the Austrian Hockey League, and Russian expansion team Admiral Vladivostok joined the league, thus expanding the league even further. The league comprised 28 teams during the 2013–14 season, of which 21 were based in Russia and 7 located in the other countries.


title: Kontinental Hockey League

text: In 2014, Finnish team Jokerit from Helsinki, Lada Togliatti (which previously played in the league), and newly created team HC Sochi joined the league. However, HC Donbass did not play in the league for the 2014–15 season, due to the Russian intervention in Ukraine, but had intended to rejoin later. Two other teams, Lev Praha and Spartak Moscow, also withdrew from the 2014–15 season due to financial problems.


title: Kontinental Hockey League

text: Prior to the 2015–16 season, Atlant Moscow Oblast withdrew from the KHL due to financial issues, while Spartak Moscow returned after a one-year hiatus. The newly created Chinese club HC Kunlun Red Star from Beijing was admitted for the 2016–17 season.


title: Kontinental Hockey League

text: Prior to the 2017–18 season, Medveščak Zagreb withdrew from the league to rejoin the Austrian league and Metallurg Novokuznetsk was sent down to the VHL.


title: Kontinental Hockey League

text: After the end of the 2018–19 season, HC Slovan Bratislava withdrew from the KHL due to financial issues to rejoin the Slovak Tipsport Liga.


title: Kontinental Hockey League

text: On 24 February 2022, Jokerit announced the team would withdraw from the league for the remainder of the season, including the playoffs, due to the 2022 Russian invasion of Ukraine. On 27 February 2022, Dinamo Riga announced that they too would withdraw for the same reasons.


title: Kontinental Hockey League

text: Since 2009, the league has been divided into East and West conferences. In the current season, both conferences include 12 teams divided into two divisions of 6 teams. Each team plays four games against each division opponent (20), three games against each non-division conference opponent (18), and two games against each non-conference opponent (24) for a total of 62 games.


title: Kontinental Hockey League

text: The eight top-ranked teams in each conference receive playoff berths. Within each conference quarterfinals, semifinals and finals are played before the conference winners play against each other for the Gagarin Cup. The division winners are seeded first and second in their conference, based on their regular-season record. All playoff rounds are played as best-of-seven series. In each round, the top-seeded remaining team is paired with the lowest-seeded team, etc.


title: Kontinental Hockey League

text: In the 2012–13 season, the Nadezhda Cup (Cup of Hope) was introduced, a consolation tournament for the teams who did not qualify for the playoffs. The winning team in the tournament wins the first overall pick in the KHL Junior Draft. The tournament is intended to extend the season and help maintain interest in hockey in the cities of these teams, and help players of national teams prepare for upcoming World Championships.


title: Kontinental Hockey League

text: Though now not as restrictive in maintaining an exclusively Russian composition of players and teams, Russian teams are still not allowed to sign more than five foreign players, while non-Russian teams must have at least five players from their respective countries. Foreign goaltenders on Russian teams are subject to a limit regarding their total seasonal ice time.


title: Kontinental Hockey League

text: Prior to the inaugural season, several KHL teams signed several players from the NHL. A dispute between the two leagues over some of these signings was supposed to have been resolved by an agreement signed on 10 July 2008, whereby each league would honor the contracts of the other, but the signing of Alexander Radulov was made public one day after the agreement (though it was actually signed two days prior to the agreement taking effect), leading to an investigation by the International Ice Hockey Federation. On 4 October 2010, the conflict between the leagues was settled when both signed a new agreement to honor one another's contracts.


title: Kontinental Hockey League

text: The league set up rules for the NHL lockout which lasted from 16 September 2012 to 12 January 2013. According to the special regulations, each KHL team was allowed to add up to three NHL players to its roster, with only one foreign player allowed. More than 40 NHL players, the majority of them Russians, played in the KHL during the lockout.


title: Kontinental Hockey League

text: After the 2022 Russian invasion of Ukraine, some non-Russian players elected to leave their teams, at the risk of forfeiting their salaries. The departing players included former NHL forwards Markus Granlund, Nick Shore, Geoff Platt, Kenny Agostino, Teemu Hartikainen, Philip Larsen, Sakari Manninen, Harri Sateri, Jyrki Jokipakka, Joakim Nordstrom, Lucas Wallmark, and Juho Olkinuora.


title: Kontinental Hockey League

text: During the 2013–2014 season, players representing 16 nations played at least one game in the KHL. A player's nationality is for various reasons sometimes ambiguous. For the table presented below, the nationality "is determined based on the last country that the player represented in international competition. If a player has never played for a national team, usually the country of birth is chosen as the player nationality, unless there is strong evidence indicating otherwise". For players born in former Soviet republics, the situation is often more complex due to dual citizenship and naturalization. Therefore, a list of players born in Ukraine gives case-by-case details for some of those players. In some cases, players can change their nationality registration with the league on a year-by-year basis, and their nationality with the league may not match that of their International Ice Hockey Federation registration. Non-Russians represented about 30–35% of the KHL players and were mostly Central European, Nordic, and North American. In 2015–16, more than 950 players played in the league (see table below). Russian teams are limited to a maximum of 5 foreign players per squad.


title: Kontinental Hockey League

text: The winner of the playoff is awarded the Gagarin Cup. The highest placed Russian team is awarded the title of the Russian champion. The team ranked first in the standings after the regular season, i.e. the winner of the regular season, is awarded the Continental Cup (). The winners of the conference finals are awarded the Eastern Conference Champion Cup () and the Western Conference Champion Cup ().


title: Kontinental Hockey League

text: The KHL presents annual awards to its most successful players. The KHL also awards the Opening Cup annually to the winner of the first game between the Gagarin Cup winner and the runner-up of the previous season. On 10 September 2011, three days after the 2011 Lokomotiv Yaroslavl plane crash, the KHL head office decided to honor the deceased in the 2011 Opening Cup. The League gives the Andrey Starovoytov Award annually to its referees of the year, also called the "Golden Whistle".


title: Kontinental Hockey League

text: Since its foundation in 2008, 35 different clubs have played in the KHL, with 32 having qualified for at least one postseason. Of the 24 founding teams, only Metallurg Novokuznetsk and Khimik Voskresensk had never qualified for the playoffs (both are no longer in the league). The table gives the final regular-season ranks for all teams, with the playoff performance encoded in colors. The teams are ordered by their best championship results.


title: Kontinental Hockey League

text: The Kontinental Hockey League All-Star Game is an exhibition game held annually at the midway point (usually January or February) of the season, with the league's star players playing against each other. Previously played in a "Russian players versus the rest of the world" format, now it is Eastern versus Western Conference.


title: Gotra

text: In Hindu culture, the term gotra (Sanskrit: गोत्र) is considered to be equivalent to lineage. It broadly refers to people who are descendants in an unbroken male line from a common male ancestor or patriline. Generally, the gotra forms an exogamous unit, with marriage within the same gotra being regarded as incest and prohibited by custom. The name of the gotra can be used as a surname, but it is different from a surname and is strictly maintained because of its importance in marriages among Hindus, especially among castes. Pāṇini defines "gotra" as "apatyam pautraprabhrti gotram" (IV. 1. 162), which means "the word "gotra" denotes the descendance (or descendants), "apatya", of a couple consisting of a "pautra", a son and a "bharti", a mother, i.e. a daughter-in-law." (Based on Monier Williams Dictionary definitions.)


title: Gotra

text: When a person says "I am Vipparla-gotra", he means that he traces his descent to the ancient sage Vipparla by an unbroken male descent.


title: Gotra

text: According to the Brihadaranyaka Upanishad 2.2.4," Kashyapa, Atri, Vasistha, Vishvamitra, Gautama Maharishi, Jamadagni and Bharadvaja" are seven sages (also known as saptarishi) and "Jambu Maharishi" is another sage (also known as Renuka, who belongs to Kashyapa). The progeny of these eight sages are declared to be gotras. This enumeration of seven primary & one secondary gotra seems to have been known to Pāṇini. The offspring ("apatya") of these seven are gotras and others than these are called "gotrāvayava.


title: Gotra

text: One who follows the system defined by three sages defines himself as "Tri-a-Vishay". Similarly, for five sages, it is "Pancha-Vishay", and for seven sages, it is "Santa-Vishay".


title: Gotra

text: There exists another theory about gotra: sons and disciples of a sage would have the same gotra; it is believed that they possess similar thoughts and philosophies. People of the same gotra can be found across different castes. Each gotra comprises "pravaras".


title: Gotra

text: As a Rigvedic terms, "gotra" simply means "forward moving descendants". (गौः) गमन करनेवाली means forward moving and (त्र:) stands for Offspring. The specific meaning "family, lineage kin" (as it were "herd within an enclosure") is relatively more recent, first recorded around the mid-1st millennium BCE (e.g., Chandogya Upanishad).


title: Gotra

text: These "lineages" as they developed among the Brahmins of that time meant patrilineal descent. The Brahmanic system was later adopted by other communities, such as the Kshatriyas and Vaishyas


title: Gotra

text: All members of a particular gotra are believed to possess certain common characteristics by way of nature or profession. Many theories have been propounded to explain this system. According to the Vedic theories, the Brahmins are direct descendants of seven sages who are believed to be the sons of Brahma, born out of his mind through yogic prowess. They are (1) Atri, (2) Bharadvaja, (3) Gautama Maharishi, (4) Jamadagni, (5) Kashyapa, (6) Vasishta and (7) Vishvamitra. To this list, Agastya is also sometimes added. These eight sages are called gotrakarins, from whom all 108 gotras (especially of the Brahmins) have evolved. For instance, from Atri sprang the Atreya and Gavisthiras gotras.


title: Gotra

text: According to Robert Vane Russell, many gotras of Hindu religion are of totemic origin which is named after plants, animals, and natural objects. These are universal among tribes but occur also in Hindu castes. The commonest totem names are those of animals, including several which are held sacred by Hindus, as bagh or Nahar, the tiger; bachhas, the calf; murkuria, the peacock; kachhua, the tortoise; nagas, the cobra; hathi, the elephant; bhains, the buffalo; richaria, the bear; Kuliha, the Jackal, Kukura, the dog; kursaal, the deer; Hiran, the black-buck and so on. The utmost variety of names is found, and numerous trees, as well as rice and other crops, salt, sandalwood, cucumber, pepper, and some household implements such as pestle, rolling slab, serve as the names of clans. Thus the name of the rishi Bharadvaja means a lark bird, and Kaushika means descended from Kusha grass, Agastya from Agassi flower, Kashyapa from kachhap a tortoise, Taittiri from titer, partridge bird. Similarly, the origin of other rishis is attributed to animals, Rishyasringa to an antelope, Mandavya to a frog, Kanada to an owl. The usual characteristic of totemism is that the members of a clan regard themselves as related to or descended from, the animals or trees from which the clan takes its name, and abstain from killing or eating them.


title: Gotra

text: A gotra must be distinguished from a "kula". A kula is equal to a particular family, or equal to modern-day "clans". A kula relates to a lineage or a "caste".