ISLAMABAD, March 30: The Central Board of Revenue (CBR) raised Rs2.162 billion revenues in eight months (July-February) of the current fiscal year under the capital value tax (CVT) and withholding tax on the purchase and supply of shares of three stock exchanges.

An official in the CBR told Dawn on Wednesday that the revenue realization from the stock exchanges had already surpassed the annual target. The CBR projected over Rs2 billion to be collected under CVT and withholding tax from stock business during the whole year of 2004-05.

According to the official, because of the boom in the stocks trading, the revenue realization has reached record Rs740.335 million since the levy of duty and taxes during the period February 21 to March 18.

The official said that due to prevalent market situation, the revenue realization from stock trading would witness significant decline in the month ahead.

The government had levied 0.01 per cent CVT on purchase of share through stock exchange and 10 per cent withholding tax from share business on the stock exchange during the budget of 2004-05 with a aim to raise maximum revenue from the sector.