| GEO Business|
| Hafeez for concrete steps to boost economy|
| Updated at: 1538 PST, Monday, June 28, 2010|
KARACHI: Government is taking measures for the improvement of economic situation; Federal Finance Minister Abdul Hafeez Sheikh said this during his first post budget visit to Karachi Stock Exchange (KSE) on Monday.
According to Geo News, Finance Minister met with KSE members and assured them that government is taking measures to bring improvement in economic situation; however, he made it clear that assistance from private sector will be needed in this connection.
CGT will be implemented from July 1,2010 and those sales their shares within six months will have to pay 10 percent, between 6 to 12 month will have to pay 7.5 percent and after 12 month sale will be exempted from the tax.
About tax collection system, Hafeez Sheikh said that investors will not be harassed, however, question will be asked about source of the money. He made it clear that Sindh will remain collect the tax on services.