Pakistan’s Federal Finance Minister Dr Abdul Hafeez Shaikh has announced that the government is to ease the rules on capital gains tax (CGT) in the hope of boosting investment and reviving trading volumes in the local stock market.
Under the plans announced by the finance minister, the rate of CGT is to be frozen at 10% on securities held for 6 months and at 7.5% on those held for a year until June 2014.
These rates have applied since July 2010, but under current law, from 2013 to 2015, CGT on shares will increase annually by 2.5% on stocks held for less than six months and by 0.5% on stocks held for between six and 12 months, to an eventual maximum of 17.5% and 10% respectively.
The announcement, made during the finance minister's recent visit to the Karachi Stock Exchange (KSE), means that the tax increase due next year will not take place until 2014.
.Tags: tax | investment | business | capital markets | stock exchanges | tax rates | capital gains tax (CGT) | Pakistan
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