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No mechanism yet on FED collection from brokers: no CVT on shares from today
RECORDER REPORT
 Wednesday, 1 Jul, 2009 4:26 am
KARACHI : Karachi Stock Exchange on Tuesday informed its members that the collection of Capital Value Tax (CVT) has been withdrawn only on purchase value of shares of listed companies with effect from July 1, 2009 on the trade/transactions carried out on and after such date as per amendments made in Income Tax Ordinance, 2001 through Finance Bill, 2009.

However, collection of CVT will remain applicable on purchase of Modaraba certificates or any instruments of redeemable capital listed on registered stock exchange in Pakistan. In a notice issued here, the KSE further said that all other applicable taxes would remain unchanged.

On the other hand, the market participants were still confused regarding the collection of FED on brokerage imposed in the budget 2009-10. Till filing of this report any mechanism was not announced by the authorities regarding the collection of FED from brokerage houses.

The KSE board of directors, after detailed discussions with the members of the exchange, had sent proposals to the ministry of finance to collect FED on exchange level rather than through brokers. However, no reply in this regard was received till Tuesday evening. The new tax will have to be collected from the beginning of the new fiscal year ie July 1, however, it is still not announced whether the tax would be collected on exchange level or through brokers.



Copyright Business Recorder, 2009


   
   
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