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WEEKLY
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| Brokers to set mechanism for collecting FED |
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Wednesday, June 24, 2009
By Salman Siddiqui
KARACHI: The senior stocks brokers would formulate the mechanism of collecting Federal Excise Duty (FED), which the government proposed to impose on services provided by the stocks brokers at the rate of 16 per cent from July 01.
This was the outcome of a meeting took place between the Karachi Stock Exchange delegation and adviser to finance minister Shaukat Tarin and his team at Islamabad on Tuesday.
FED is not a levy like other taxes imposed on share transaction, said a meeting participants and added the KSE brokers would device the mechanism of collecting FED and send it to government, which the advisor has agreed.
In this regard, Karachi Stock Exchange has called on an informal meeting of its brokers. in the first part of the meeting the brokers would be briefed about the meeting and in second part they would be asked to suggest the ways of collecting FED, he added.
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ISSN 1563-9479 
