Islamabad: According to a recent report the Federal Board of Revenue (FBR) has created a five-member committee on capital market tax reforms.
According to the report, the Inland Revenue-Policy Member would be the chairperson of the committee, whereas Securities & Exchange Commission of Pakistan (SECP) Commissioner Shauzab Ali, Pakistan Stock Exchange (PSX) CEO Farrukh Khan, PSX CFO Ahmad Ali Mitha and Income Tax-Policy Chief would be the members of the team.
A declaration issued by the FBR as read “The committee shall act as an opportunity – till budget making exercise for the year 2021-22 – to review tax policies and suggest specific short-term and medium to long term measures for the development of debt and equity market, commodity futures, mutual funds, REITs, corporate and insurance sectors, among others… …. Broadly, it will review and recommend all measures that impinge upon the capital markets and its stakeholders.”
The committee will also be taking in the consideration and proposals from relevant stakeholders, and then deliberate and finalize tax reforms in the above-mentioned areas.
The proposals submitted shall be classified into immediate, medium term and long-term reforms and will be prioritized accordingly.
The first report of the board will be submitted to the FBR within 20 days of its establishment and necessary changes to the tax laws shall be initiated in consultation with the committee for implementation of the agreed applications.
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