Capital gains tax is imposed at the rate of 20% on (1) gains from the disposal of immovable property situated in the Republic, (2) gains from the disposal of shares of companies not listed on a recognised stock exchange which own immovable property situated in the Republic and (3) gains from the disposal of shares of companies which indirectly own immovable property situated in the Republic and derive at least 50% of their market value from such immovable property.

In the case of share disposals only that part of the gain relating to the immovable property situated in the Republic is subject to capital gains tax.

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