Sindh to align its valuation table with FBR for CGT collection from Karachi, Hyderabad, Sukkur

KARACHI: Sindh Chief Minister Syed Murad Ali Shah has said that the provincial government is making necessary legislation to align with the valuation table issued by the Federal Board of Revenue for Capital Gains Tax (CGT) collection from three cities including Karachi, Hyderabad and Sukkur.

This he said in his meeting with World Bank Country Director Najy Binhussin, Islamabad, through video link from CM House, said a statement.

Syed Murad Ali Shah was assisted by provincial ministers, Sohail Siyal, Awais QaddirShah, Nasir Shah, Chairman P&D M. Waseem, PSCM Sajid Jamal Abro and concerned secretaries.

The World Bank Country chief was assisted by his officers, Ms Malida Good, Huma Zafar, Lire Ersado, Said Dahdah, Francois Onimus and others.

Discussing Resilient Institutions for sustainable economy, the chief minister said that Sindh has been one of the first provinces to prepare a draft Fiscal Responsibility Legislation.

He added that the fiscal responsibility includes Medium-Term Fiscal Framework (MTFF) and update of the MTFF periodically during the year, Limits on growth of expenditure and limits on fiscal deficit.

The draft legislation has been tabled in the Assembly, he said.

It was pointed out that the FBR has issued valuation tables for three cities including Karachi, Hyderabad, and Sukkur, for Capital Gains Tax collection.

The valuation tables for these three cities were being aligned with the FBR tables, the chief minister said.

Discussing the issues of the encroachments, the chief minister said that on ward the Resettlement and Rehabilitation Framework would be prepared before removing the encroachments.

The meeting discussed different projects launched with the assistance of the World Bank in Karachi to review their progress and streamline their funding.