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References in periodicals archive ?
It is worth mentioning here that the Capital Value Tax is applicable in urban areas for residential property exceeding an area of one kanal and in case of commercial properties without any threshold of land area or size of the property.
The provincial governments of K-P and Punjab will reduce stamp duties and capital value tax rates to 1% aimed at bringing uniformity in rates and reducing the cost for taxpayers.
Provincial governments should rationalize the taxation and duties implicated on the transfer of immovable property to and from REITs (including the Capital Value Tax, Registration fee and Stamp Duty) as implicated in the province of Sindh.
It is important to note that while revenues from customs, capital value tax and part of federal excise are not shared with provincial governments, the high share of provinces in two buoyant sources of revenues income and sales tax causes a substantial reduction in federal revenues.
These results suggest that consideration may be given (under either a land value or a capital value tax) to a differential rate applied to land classified as (and used as) Agriculture or Commercial Forestry.
Amendment In Capital Value Tax Law (Section 7 of Finance Act, 1989): Consequent upon amendment in the Federal Legislative List of the Constitution of Islamic Republic of Pakistan, through 18th Amendment that the federal government is no more empowered to levy/collect Capital Value Tax on immoveable properties located in provinces.
The break-up of divisible pool taxes showed that Rs1176.8 billion would be collected as income tax, Rs2.23 billion capital value tax, Rs1207 billion sales tax on goods, Rs200 billion federal excise duty and Rs568 billion customs duty in the fiscal year 2019-20.
These are income tax, wealth tax, capital value tax, taxes on sales and purchases of goods imported and exported, produced, manufactured or consumed, export duties on cotton, customs duties, federal excise duties and any other duty levied by the federal government.
This amount does not include evasion of capital value tax, sales tax on services, advance tax of sales and purchase of property which are directly related to the turnover.
The pool of divisible taxes ,which are collected by the federal government , include taxes on income; wealth tax capital value tax; taxes on the sales and purchases of goods imported, exported, produced, manufactured or consumed; export duties on cotton;customs duties; federal excise duties excluding the excise duty on gas charged at well-head,and;any other tax which may be levied by the Federal Government.
The provinces have been requested to abolish the provincial rates for the collection of stamp duty and to collect a total of one percent tax under stamp duty and capital value tax on the value declared by the buyer and the seller
KARACHI -- Pakistan Stock Brokers Association (PBSA) has proposed end of double taxation whereby abolishing tax on dividends, bonus and capital value tax as it has been discouraging foreign as well as domestic investment in the Pakistan stock exchange .