<h1>Revised Direct Tax Code: Uniform Capital Gains Tax Rate, New Asset Cost Base Date, No Securities Transaction Tax.</h1> The revised Direct Tax Code (DTC) proposes significant changes to the taxation of capital gains. It eliminates the distinction between short-term and long-term investment assets, introducing a uniform tax rate applicable to all taxpayers, including non-residents. The code suggests a 30% tax rate for non-residents and marginal rates for residents. Additionally, the base date for asset acquisition cost is shifted from April 1, 1981, to April 1, 2000. The DTC also proposes abolishing the Securities Transaction Tax and requires Foreign Institutional Investors to report income from capital market transactions as capital gains, eliminating tax disputes and litigation.