The article explores how capital gains taxes affect the concept of no-arbitrage in financial markets. It introduces a new condition called robust local no-arbitrage (RLNA) to ensure dynamic no-arbitrage under tax implications. The study shows that no-arbitrage is not a purely local property in the presence of taxes, and it can be sandwiched between two local conditions. Additionally, the researchers demonstrate a unique scenario where two long positions in the same stock can hedge each other, which is not possible in tax-free markets. Finally, they reveal that a model with capital gains taxes can be transformed into one with proportional transaction costs by introducing fictitious securities.