What is following year in SAP CYT - Capital Yield Tax?

SAP Term: following year

• Component: CYT

• Component Name: Capital Yield Tax

• Description: Tax year that follows the year of origin.

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• Key Concepts: 
  CYT Capital Yield Tax (CYT) is a tax imposed by the government on the capital gains of individuals and corporations. It is calculated based on the difference between the sale price of an asset and its purchase price. The tax rate for CYT is determined by the government and can vary from year to year. 
  
  How to use it: 
  When filing taxes, individuals and corporations must calculate their CYT liability for the current year. This is done by subtracting the purchase price of an asset from its sale price and multiplying the difference by the applicable tax rate. The resulting amount is then paid to the government as part of the individual or corporation’s tax liability. 
  
  Tips & Tricks: 
  It is important to keep track of changes in CYT rates from year to year, as this can have a significant impact on an individual or corporation’s tax liability. Additionally, individuals and corporations should be aware of any exemptions or deductions that may be available to reduce their CYT liability. 
  
  Related Information: 
  For more information about CYT Capital Yield Tax, please visit the website of your local government or consult a qualified tax professional.