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Amended finance bill seeks to resolve CGT issues

22 June 2010

The Federal Board of Revenue has confirmed that amendments will be made in the Finance Bill 2010 to clarify the applicability of the Capital Gains Tax (CGT) on securities purchased before June 30, 2010.
The amended Finance Bill will ensure that CGT will be applicable on securities purchased before June 30, 2010 or on June 30 or from July 1, 2010.

Some proposals of the stock exchanges have been accepted to facilitate the process of demutualisation. But the demand of stock exchanges to exempt CGT for foreign investors has not been accepted. The amended Finance Bill 2010 would eliminate the condition for the retail investors/individuals of stock exchanges to file their quarterly returns for advance tax and continue income tax exemption on transfer of assets of stock exchanges to de-mutualised exchanges.

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