The Karachi Stock Exchange (KSE) on Tuesday announced that capital value tax (CVT) on purchase of Modaraba certificates and instruments of redeemable capital listed on any stock exchange in Pakistan has been withdrawn from July 1, 2011 through Finance Bill/Act 2011. "Consequently, no CVT shall be collected by the Exchange on such certificates and instruments from July 1, 2011", a KSE notice issued here on Tuesday said.
The KSE further said that 15 percent flood surcharge on tax payable levied through Income Tax (Amendment) Ordinance 2011 is no more applicable effective July 1, 2011 and onward. Hence, the rates of taxes currently collected by the exchange have been revised as under, to exclude the effect of levy of 15 percent flood surcharge on the tax payable.
KSE said that the advance tax on purchase and sale value of traded shares, advance tax on trade value of shares has been revised from 0.0115 percent of purchase, sale and trade value to 0.01 percent effective July 1, 2011. Similarly, advance tax in respect of financing of carryover trade in share business has been revised from 11.5 percent of carryover value to 10 percent of carryover charge.
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