The federal government has decided to abolish the Capital Value Tax on financial assets as part of its tax relief and documentation measures.
According to the budget speech, the tax had discouraged people from declaring financial assets and made documentation more complicated.
The government said financial assets are often held in documentary form, and the tax acted as an additional burden on those who declared such assets.
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By abolishing the tax, the government hopes to encourage people to show their financial records and improve overall documentation.
The budget speech also said the move would help reduce compliance complications and make it easier to obtain refunds.
