Equity markets
Retail investors find new way to avoid capital gains tax
At least one individual investor found an ingenious way to put his stock market loss to a good use, offering to ?sell? tax-deductible loss to offset someone else?s gain in an ad published at Parkiet website. He said he would open a new account letting someone else sell his own shares at a loss to reduce exposure to capital gains tax due next April. The two would then split in half the amount ?saved?. The scheme is illegal, SEC says, noting that it has a tracking mechanism to monitor attempts to transfer cash from one account to another this way.
Poland levies 19 percent capital gains tax since January 2004.
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