Capital markets: No change in tax rate, minister

KARACHI: Dispelling the notion that there would be any double taxation, Sindh Finance Minister Murad Ali Shah on Monday said that the tax rate will not change when revenue collection is shifted from federal to provincial level. The existing federal excise duty will be substituted by provincial sales tax but at the same rate, he said during a visit to the Karachi Stock Exchange (KSE), according to a press release. The minister and KSE Chairman Muneer Kamal constituted a provincial capital market tax working committee, comprising members from KSE and the Finance Division of Sindh Government, to look at the specific details with an overall vision of taxpayer facilitation, while striving for payment efficiency. Senior members of KSE Aqeel Karim Dhedhi, Arif Habib, Ferozuddin Cassim and Yasin Lakhani were also present on the occasion.

Published in The Express Tribune, June 28^th, 2011.