bc040400065
FULL MEMBER
- Joined
- Feb 24, 2010
- Messages
- 1,092
- Reaction score
- 0
- Country
- Location
CGT to help expand tax net: Hafeez
Tuesday, 29 Jun, 2010
KARACHI: Finance Minister Dr Hafeez Shaikh said on Monday that tax collection machinery will not be allowed to harass the stock market players in the name of Capital Gains Tax (CGT).
He was talking to media after holding a meeting with the members of the Karachi Stock Exchange (KSE) and ringing the bell at the Trading Hall.
KSE managing director Adnan Afridi, Member Federal Board of Revenue (FBR) Asrar Rauf and senior members of the bourse were also present on the occasion.
I have given assurances to KSE members that nobody will be allowed to harass them in the garb of tax collection. Nobody should have any doubt about this, he added.
He said the government can ask the source of income from any assessee under countrys law. But it has nothing to do with CGT, he noted.
Dr Hafeez said that CGT was a good tax which will help in expanding Pakistans tax net. This will become a new source of revenue for the country and will enhance Pakistans self reliance, he added.
The enhanced revenue will also help the government to undertake infrastructure development projects in the country and enable it to meet the basic human needs.The minister pointed out that CGT was imposed after due consultation with all stakeholders.
He said that anybody, who purchased shares before June 30, 2010 and sold them after July 1, 2010 after holding them for six months and making a gain, will be paying 10 per cent CGT.
Similarly, any person, who bought stocks before June 30, 2010 and sold them after July 1, 2010 after holding them for six to 12 months and making gains, will be paying 7.5 per cent CGT.
The minister said that he will make all the efforts to expedite the passing of demutualisation bill in the Senate as soon as possible to boost stock market.
He said the government will be focussing on the growth of stock market and said that new products will also be introduced to further expand the volumes. He pointed out that more public sector enterprises will be listed on the stock market to broaden capital base.
Dr Hafeez said that KSE has remained the best performing stock market in the world during the last 12 years. The KSE was the second best performing market in the world in asset class after gold.
Responding to a question he made it clear that collection of GST on services is the right of provinces under the Constitution and nobody can snatch this right from provinces.
He said that the stance of Sindh Chief Minister Syed Qaim Ali Shah is right in this regard. Nobody can be allowed to create a doubt about this issue as this is the big achievement of the NFC award.APP
DAWN.COM | Business | CGT to help expand tax net: Hafeez
Tuesday, 29 Jun, 2010
KARACHI: Finance Minister Dr Hafeez Shaikh said on Monday that tax collection machinery will not be allowed to harass the stock market players in the name of Capital Gains Tax (CGT).
He was talking to media after holding a meeting with the members of the Karachi Stock Exchange (KSE) and ringing the bell at the Trading Hall.
KSE managing director Adnan Afridi, Member Federal Board of Revenue (FBR) Asrar Rauf and senior members of the bourse were also present on the occasion.
I have given assurances to KSE members that nobody will be allowed to harass them in the garb of tax collection. Nobody should have any doubt about this, he added.
He said the government can ask the source of income from any assessee under countrys law. But it has nothing to do with CGT, he noted.
Dr Hafeez said that CGT was a good tax which will help in expanding Pakistans tax net. This will become a new source of revenue for the country and will enhance Pakistans self reliance, he added.
The enhanced revenue will also help the government to undertake infrastructure development projects in the country and enable it to meet the basic human needs.The minister pointed out that CGT was imposed after due consultation with all stakeholders.
He said that anybody, who purchased shares before June 30, 2010 and sold them after July 1, 2010 after holding them for six months and making a gain, will be paying 10 per cent CGT.
Similarly, any person, who bought stocks before June 30, 2010 and sold them after July 1, 2010 after holding them for six to 12 months and making gains, will be paying 7.5 per cent CGT.
The minister said that he will make all the efforts to expedite the passing of demutualisation bill in the Senate as soon as possible to boost stock market.
He said the government will be focussing on the growth of stock market and said that new products will also be introduced to further expand the volumes. He pointed out that more public sector enterprises will be listed on the stock market to broaden capital base.
Dr Hafeez said that KSE has remained the best performing stock market in the world during the last 12 years. The KSE was the second best performing market in the world in asset class after gold.
Responding to a question he made it clear that collection of GST on services is the right of provinces under the Constitution and nobody can snatch this right from provinces.
He said that the stance of Sindh Chief Minister Syed Qaim Ali Shah is right in this regard. Nobody can be allowed to create a doubt about this issue as this is the big achievement of the NFC award.APP
DAWN.COM | Business | CGT to help expand tax net: Hafeez