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Duty on electronic share transfer ends

* Sindh CM says step to encourage local and foreign direct and portfolio investment

KARACHI: The Sindh government has decided to do away with stamp duty of 0.1 percent enacted through Finance Act 2006 on electronic share transfer through CDC.

In his budget speech, Sindh Chief Minister Syed Qaim Ali Shah said that the step has been taken to encourage local and foreign direct and portfolio investment and to encourage further development of capital market.

The Finance Act 2006 included electronic documents to be treated as instruments under the Stamp Act and under this the Central Depository Committee was to recover the duty at 0.1 percent on the par value of each electronically transferred share.

The Sindh government has decided to enhance the rate of Special Development and Maintenance of Infrastructure Cess by 0.3 percent on various slabs of the imports.

The chief minister said this is being done to facilitate additional funds to the government for meeting the cost of infrastructure. The finance bill presented by the government said that in the Sindh Finance Act 1994 in section 9, in sub-section (1), for the proviso, the following shall be substituted:-

“i. Provided that cess on gold shall be charged at the rate of 0.125 percent of the total value assessed by the Custom Authorities.

According to finance bill cess will be charged at 0.80 percent of total value of goods as assessed by the Custom Authorities plus one paisa per kilometre for goods weighing upto 1250 kilograms and 0.81 percent of total value of goods plus one paisa per kilometre for goods with weight exceeding 1250 kilogram but not exceeding 2030 kilogram.

The cess will be charged at 0.82 percent of total value of goods plus one paisa per kilometre for goods with weight exceeding 2030 kilogram but not exceeding 4060 kilogram.

The cess will be charged at 0.83 percent of total value of goods plus one paisa per kilometre for goods with weight exceeding 4060 kilogram but not exceeding 8120 kilogram.

The cess will be charged at 0.84 percent of total value of goods plus one paisa per kilometre for goods with weight exceeding 8,120 kilogram but not exceeding 16,000 kilogram.

The cess will be charged at 0.85 percent of total value of goods plus one paisa per kilometre for goods with weigh exceeding 16000 kilogram. staff report

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