News

New govt to decide over CGT on stock trading: FBR Chairman

KARACHI: No decision is being made for the time being regarding imposition of Capital Gains Tax (CGT) on stock market and the new government will take a final decision in this connection. Chairman Federal Board of Revenue (FBR), Abdullah Yousuf said this here on Thursday while speaking on the occasion of the establishment of FBR Foundation for the employees of Custom, Income Tax, Sales Tax and Excise departments. He informed that the tax net is registering a growth of 20 per cent per annum. The goods used to take weeks to get clearance at ports but now it is done in 12 hours because of the ongoing reforms process, Abdullah Yousuf said. He pointed out that container clearance takes only 10 minutes in Singapore, therefore, a lot of work is needed to be done for reducing the clearance time here.

Courtesy Geo

Back to Top