ISLAMABAD: Finance Minister Dr Hafeez Sheikh will give a detailed briefing to President Asif Ali Zardari on Wednesday on the Capital Gains Tax (CGT) implementation issue.
Levy of Capital Gains Tax on the sale of shares in the stock market as proposed in the budget for fiscal year 2011 has sparked concerns in the market.
Zardari while taking note of the uncertainty prevailing in the stock market has convened a high-level meeting on Wednesday. Representatives of the stock market and economic experts will also participate in the meeting.
The situation has got worse following the failure of talks between the representatives of the FBR and the stock exchange.
On the other side, the Senate standing committee on finance had issued clear directives to the government that if it wanted to impose the tax on the sale of shares, it should be imposed on shares purchased prior to June 30.
A member of the committee Ishaq Dar had warned that he would resign from the membership of the committee and move the court if the government did not impose capital gains tax on shares purchased before June 30.
Published in the Express Tribune, June 16th, 2010.
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