The Authority for Advance Rulings (AAR) delivered a ruling dated 23 July 2009 in the case of Fujitsu Services Limited, UK (AAR/800/2009) on whether a foreign company was eligible to the concessional rate of tax on the long-term capital gains realized from sale of shares of a listed company.

(a) Facts. The Taxpayer (i.e. Fujitsu Services Limited) was a UK-based comp…

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