KARACHI, June 13: The Governing Board of Directors of the Karachi Stock Exchange in an emergency meeting held on Sunday afternoon discussed the impact of the proposed levy of Capital Value Tax (CVT) on purchase of shares in stock exchanges at the rate of 0.1 per cent of the value of shares transacted as announced in the Federal Budget 2004-2005.

According to a press release, the meeting decided that Arif Habib, chairman, and Moin M. Fudda, managing director, would visit Islamabad to apprise Finance Minister Shaukat Aziz, SECP chairman Dr Tariq Hassan, and CBR chairman Mohammad Abdullah Yousuf about the 'serious impact' of the proposed CVT levy on the stock market trading.