ISLAMABAD: Government has asked Federal Board of Revenue (FBR) regarding the proposal to withdraw the 2pc advance tax imposed on sales/purchase of shares in stock exchange, it is learnt here.
Official sources told Customs Today that government is going to withdraw the 2pc advance tax imposed on sales and purchase of shares, and review to allow stockbrokers to keep capital loss carryover for next three tax years where the net amount of capital losses is eligible to be carried forward into three future tax years; however, the government has asked FBR and Security and Exchange Commission of Pakistan (SECP) to review and provide suggestions and recommendations in this regard.
Sources said that government is committed to provide strong stand to capital market and enhance the shares trading. For this purpose the withdrawal of 2pc advance tax and capital loss carryover are proposed to be included in the upcoming mini budget, sources confirmed.
It is also important to mention here that there is a suggestion to rationalize the capital gain tax on the online activity with an aim to decrease the rate of capital gain tax on the online activities for the real estate.
