The Federal Board of Revenue (FBR) has shown concern over the non-filing of quarterly returns of capital gain tax (CGT) by some companies, and has requested the Karachi Stock Exchange (KSE) to extend assistance in this respect.
During a meeting between FBR officials and the taxation committee of the KSE Board held here on Monday, the FBR gave its assurance that the concerns and anomalies of KSE about SRO 112 (1) 2011, dated February 11, 2011, in respect of rules on computation of CGT would be given due consideration and amendments accordingly would be made and issued at the earliest.
The meeting was held at the Karachi Stock Exchange between senior officials of the Federal Board of Revenue (FBR), headed by Asrar Raouf, Additional Secretary Revenue Division FBR, on the instructions of the Finance Minister, and taxation committee of the Board of Karachi Stock Exchange headed by Abdul Qadir Memon, to discuss with the FBR SRO 112(1)/2011 dated February 11, 2011 in respect of Rules on Computation of Capital Gains Tax. According to a press release, jointly issued by KSE and FBR, following issues were discussed:
1. Proposal in respect of issues already agreed in a meeting held with FBR and KSE Taxation Committee on 17th January, 2011 and communicated vide KSE letter dated January 18, 2011
2. Proposals in respect of issues which have arisen due to inadvertent exclusion of certain provisions in SRO 112(1)/2011 dated 11.02. 2011, which were already provided in the draft Rules published vide SRO 865(1)/2010 dated 07.09.2010
3. Proposals in respect of issues arise due to insertion of new provisions in the SRO 112(1)/2011 dated February 11, 2011.-PR