AGL 37.62 Decreased By ▼ -0.53 (-1.39%)
AIRLINK 123.15 Increased By ▲ 1.64 (1.35%)
BOP 5.72 Decreased By ▼ -0.13 (-2.22%)
CNERGY 3.74 Decreased By ▼ -0.01 (-0.27%)
DCL 8.39 Decreased By ▼ -0.01 (-0.12%)
DFML 40.67 Decreased By ▼ -0.22 (-0.54%)
DGKC 84.97 Increased By ▲ 0.37 (0.44%)
FCCL 33.33 Increased By ▲ 0.63 (1.93%)
FFBL 65.50 No Change ▼ 0.00 (0%)
FFL 10.04 Decreased By ▼ -0.01 (-0.1%)
HUBC 103.50 Decreased By ▼ -0.30 (-0.29%)
HUMNL 13.40 Increased By ▲ 0.15 (1.13%)
KEL 4.42 Decreased By ▼ -0.01 (-0.23%)
KOSM 7.06 Decreased By ▼ -0.03 (-0.42%)
MLCF 37.85 Increased By ▲ 0.35 (0.93%)
NBP 59.85 Decreased By ▼ -0.40 (-0.66%)
OGDC 178.15 Increased By ▲ 5.90 (3.43%)
PAEL 24.51 Decreased By ▼ -0.29 (-1.17%)
PIBTL 5.70 No Change ▼ 0.00 (0%)
PPL 149.01 Increased By ▲ 7.32 (5.17%)
PRL 22.62 Decreased By ▼ -0.10 (-0.44%)
PTC 14.97 Increased By ▲ 0.23 (1.56%)
SEARL 65.11 Increased By ▲ 0.55 (0.85%)
TELE 7.03 Decreased By ▼ -0.11 (-1.54%)
TOMCL 35.88 Increased By ▲ 0.38 (1.07%)
TPLP 7.30 Increased By ▲ 0.01 (0.14%)
TREET 13.91 Decreased By ▼ -0.29 (-2.04%)
TRG 51.20 Decreased By ▼ -0.55 (-1.06%)
UNITY 26.49 Decreased By ▼ -0.11 (-0.41%)
WTL 1.22 No Change ▼ 0.00 (0%)
BR100 9,605 Increased By 121.6 (1.28%)
BR30 28,945 Increased By 574 (2.02%)
KSE100 89,809 Increased By 842.5 (0.95%)
KSE30 28,088 Increased By 260.6 (0.94%)

The Karachi Stock Exchange (KSE) on Wednesday informed that the Advance Tax in respect of financing of carryover trades in share business collected under Section 233A (1)(d) has been omitted under amendments made in the Income Tax Ordinance, 2012 which will come into force from July 1 this year. Accordingly, the taxes currently collected by the Exchange have been revised as under:
1. Capital Value Tax (CVT) on purchase of shares of a public company listed on a registered stock exchange in Pakistan (section 7 of the Finance Act of 1989 would be collected at the rate of 0.01 percent of the purchase value without any change.
2. Advance Tax on trade value of shares (Section 233A(1)(C) was omitted.
3. Advance Tax in respect of financing of carry over trades in share business (Section 233A(1)(d) 10 percent of the carryover charge was omitted.
4. Advance Tax on purchase value of shares traded in lieu of tax on commission (Section 233A(1)(a) to be collected at the rate of 0.01 percent of purchase value without any change.
5. Advance Tax on sale value of shares traded in lieu of tax on commission (Section 233A(1)(b) to be collected at the rate of 0.01 percent of share value without any change.
The Capital Value Tax (CVT) on purchase of shares of a public listed on a registered stock exchange in Pakistan was inserted in the Finance (Amendment) Ordinance, 2012 promulgated on April 24 this year (as already notified through KSE notice dated April 26, 2012). This is also specified in the Finance Act, 2012.
The advance tax on trade value of share collected under Section 233A(1)(c) was omitted in the Finance (Amendment) Ordinance, 2012 promulgated on April 24 (as already notified through KSE notice dated April 26, 2012). This is also specified in the Finance Act of 2012 - there is no tax now under this head.
Matters relating to Capital Gains Tax (CGT) and Collection of Advance Tax under Section 233A in respect of margin financing in share business at the rate specified in Division 11A of Part IV of First Schedule, as specified in the above mentioned Finance (Amendment) Ordinance, 2012 and the Finance Act, 2012, respectively, are being dealt with separately by the National Clearing Company of Pakistan Limited (NCCPL).

Copyright Business Recorder, 2012

Comments

Comments are closed.