September 16, 2006	Saturday	Sha'aban 22, 1427

ISLAMABAD, Sept 15: The Central Board of Revenue (CBR) has notified that capital value tax (CVT) will be charged at the time of actual transfer of asset.

An official announcement of the CBR said that registration of mortgage deed in favour of a bank (without power of attorney) would not attract CVT. However, the CVT would be charged at the time of actual transfer of asset in case of default in loan repayment.

The decision was taken following representation of various stakeholders to the CBR that registration authorities were demanding CVT on mortgage deeds executed by the banking companies without power of attorney.