Tuesday, March 18, 2008

Tax collection from capital markets declining

Despite the massive growth in foreign investment and share trading at the biggest capital market of the country, Karachi Stock Exchange (KSE), the tax collections have been dwindling during the current fiscal year 2007-08.

According to the figures revealed to Daily Times, the tax collection on share trading has declined by 77 percent to stand at Rs 1.2 million during the eight months of the fiscal year as compare to Rs 5.6 million during the same period last fiscal year. Federal Board of Revenue (FBR) levies 0.01 percent tax on share trading under section 233A (1), while it also levies 0.01 percent tax on sale and purchase of shares under the same section. The direct tax collection on sale and purchase of shares from KSE have also declined by 33 percent to stand at Rs 26.3 million during July to February as compare to Rs 39.8 million tax received during the same period of last fiscal year.

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