A very important change has been added to the tax act as from 1st January 2023. In the past capital gains on the sales of listed shares and similar financial instruments had the option to be taxed at 28% or at the marginal tax rates. The new law states:
If the capital gain is short term ( bought and sold withing a period of 365 days) and the tax payers taxable income including this capital gain is equal to or greater than 75009 then they dont have the option to get taxed at 28%. meaning they will get taxed at the marginal tax rate which will push all their income most likely into the highest tax bracket which is 48%.
Please feel free to reach out to DMA with any queries.