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RPGT: Amendment of Schedule 2 - Interpretation

Updated: Dec 9, 2023

Schedule 2 to the Real Property Gains Tax Act 1976 is amended by inserting two new definitions as follows:-


“co-operative society” means any co-operative society registered under Co-operative Societies Act 1993 [Act 502];


‘ “trust body” has the meaning assigned to it under the Income Tax Act 1967.’.





The amendment to Schedule 2 of the Real Property Gains Tax Act 1976 introduces two new definitions:

  1. Co-operative Society:

    • Definition: "Co-operative society" refers to any co-operative society that is registered under the Co-operative Societies Act 1993 [Act 502].

    • Implication: The inclusion of this definition clarifies that for the purposes of the Real Property Gains Tax Act 1976, a co-operative society is an entity falling under the specified registration criteria.


  1. Trust Body:

    • Definition: "Trust body" adopts the meaning assigned to it under the Income Tax Act 1967.

    • Implication: This definition cross-references the meaning of "trust body" as defined in the Income Tax Act 1967, indicating that the term will have the same interpretation in the Real Property Gains Tax Act 1976.


Tax Implications:

  • The tax implications of these amendments are primarily related to identifying and classifying entities for real property gains tax purposes.

  • Co-operative societies, when registered under the Co-operative Societies Act 1993, will be treated as such for the purposes of real property gains tax.

  • The definition of "trust body" aligns with the meaning in the Income Tax Act 1967, ensuring consistency in interpreting this term across different tax legislations.

In summary, these amendments aim to clarify and consistently apply definitions within the Real Property Gains Tax Act 1976, particularly concerning co-operative societies and trust bodies.


The specific tax implications for individuals or entities may depend on their classification and how these definitions influence their treatment under the Real Property Gains Tax Act.



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