KARACHI – The Karachi Stock Exchange (KSE) has revised upwards its current advance rates of taxes by 15 percent after a recent presidential ordinance levied 15 percent surcharge on the payable taxes. A KSE notice (KSE/N-1544), which was issued by KSE Acting Managing Director Haroon Askari, informed KSE members that it would collect 15 percent more advance taxes on the purchase value, sale value, trade value and in respect of financing the carry over trade of the traded shares from March 15. The revised rates of taxes, which were made and notified in line with the recent amendments made by President Asif Zardari in the Income Tax Ordinance 2001, would be applicable till June 30, 2011, it added.
According to KSE notice, after the addition of 15 percent surcharge on the tax payables, the KSE rates for advance tax on the purchase value and sale value of the traded shares would be 0.0115 percent. While advance taxes on the trade value of shares and in respect of financing of carry over trades in share business will be 0.0115 and 11.5 percent of carry over charge, respectively. The existing rates for the above three items is 0.0015 percent, while the KSE was charging 10 percent of the carry over charge on the finances for carry over share trades.
