RECORDER REPORT: Tax amnesty for capital market investors: Finance Minister

KARACHI: Federal Finance Minister Dr. Abdul Hafeez Sheikh has announced that all five proposals including tax amnesty for investors at the stock exchanges submitted by the Security Exchange Commission of Pakistan (SECP) has been approved by the government.

This was announced by the finance minister while addressing the members of the Karachi Stock Exchange (KSE) on Saturday.

He announced that this decision will be effective from April 1.

According to the decision, source of income will not be asked from capital market investors till end 2012, thereafter that wealth will be treated as white, withholding tax on sale of shares will be abolished and the National Clearing Company of Pakistan Ltd. (NCCPL) will deduct Capital Gains Tax (CGT) to avoid income tax issues.