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Share investors allowed to pay tax on cost price
The government has decided to allow share investors to pay tax under
Voluntary Disclosure of Income Scheme (VDIS) as per the amount they
invested while purchasing the share, according to media reports.
The government came up with decision by revising its earlier provision
that they should pay tax as per the share price on July 16 last year. The
share marker investors are now liable to pay tax by 10 percent of share
property at the cost price in case such property was gained without paying
tax until mid-July 2007.
According to the Inland Revenue Department (IRD), the new provision has
been introduced considering the continuous downward spiral in the share
prices. The IRD has also reportedly informed all share investors and
business community about the share related change effected in the VDIS
provision.nepalnews.com Feb 6 09
If investors have to pay 10% tax for possessing shares in the bear market at present I wonder who will invest in shares. Has the government gone out of mind? I can understand tax of about 1% on share trades but not 10%. Is this finance minister encouraging investment in capital market or dissuading? God save my country.