The imposition of 0.1 percent capital value tax (CVT) on stock traders has perturbed the entire corporate sector all over the country. In case the tax is not withdrawn, the three stock markets in Pakistan may pull down their shutters for indefinite period.
An urgent meeting of the Board of Directors of KSE was called on Sunday at 4-30 pm. At the same time the Board meeting of Lahore Stock Exchange was also held.
Officials of the stock exchanges have left for Islamabad to meet Finance Minister Shaukat Aziz. Their meeting with Finance Minister at Islamabad was scheduled for 10 pm.
In case the decision is not made in favour of the delegations, the Board of Directors meeting has again been called for June 14 at 8-30 in the morning to take final decision whether the markets should be closed or opened for trading.
It is reported that Shaukat Aziz had summoned the stock exchange officials for the night meeting. Chairman and Managing Director of Karachi Stock Exchange Arif Habib and Moeen Fudda left for Islamabad by the evening flight for Islamabad. Lahore Stock Exchange officials have also left for Islamabad. Islamabad Stock Exchange officials are already there.
It is estimated that total amount of 0.1 percent tax would come to Rs 7.2 billion. This is considered very high by the stock exchange officials and as such, they say, they would be suffer heavy loss in their profits.
Stock exchanges are already paying some dues called ''Laga'' to the Security and Exchange Commission of Pakistan (SECP).
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