Global mobile industry expresses concerns over rising taxes

Govt increases tax on mobile recharge

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Lahore: The government has increased the tax on mobile phone top-ups, and consumers are subject to an additional 15% withholding tax per top-up.

According to the sources issued by Ministry of Finance, an additional withholding tax of Rs9.3 is imposed on recharge of every card costing Rs100. The Telecom companies have announced to levy additional tax on balance recharge and now on a recharge of balance Rs100 the consumers will get a balance of Rs86.9.

In this regard, various telcos are sending text messages to consumers informing them of the tax increase.

The Pakistan Stock Exchange (PSX) KSE 100 index reversed bullishness in early October, rising 212.82 points, or 0.48%, to 44,586.05, and was at 44,373.23 on the last business day.

A total of 296,037,038 shares were traded during the day compared to the trade of 252,760,895 shares the previous day whereas the price of shares stood at Rs 10.457 billion against Rs10.082 billion the previous day.

As many as 558 companies transacted shares in the stock market, 311 of them recorded gain and 227 sustained losses whereas the share price of 20 companies remained unchanged.

The three top trading companies were World Call Telecom with a volume of 57,981,500 shares and price per share of Rs 2.54, Telecard Limited with a volume of 36,993,000 and price per share of Rs 19.26 and Treet corp with volume of 12,892,500 and price per share of Rs 53.97.

Unilever Foods witnessed a maximum increase of Rs 200 per share, closing at Rs 19200.

Rafhan Maize was runner up, share prices of which increased by Rs 125, closing at Rs 10925.

Colgate Palm XB was the biggest loser at Rs 99.95 per share at Rs 2,350, followed by Khyber Tobacco, which fell by Rs 16.48 to close at Rs 318.30.

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