KARACHI: Pakistan Stock Exchange (PSX) has submitted its proposals for budget 2018-19 to Miftah Ismail, Adviser to Prime Minister on Finance and Revenue at a meeting held a day earlier.
A statement issued by PSX on Monday said that the PSX delegation including some board members and senior market participants under the chairmanship of Munir Kamal on March 18, 2018 met the adviser regarding federal budget proposals 2018-19.
At the meeting Kamal presented key issues and proposals for the growth and betterment of the capital market which would result in revenue generation and contribution to the national exchequer.
The key proposals that were discussed and deliberated in detail amongst the high level participants included:
- Rationalization of tax on bonus shares;
- Tax on capital gains on disposal of securities under Section 37A of Income Tax Ordinance, 2001 and by foreign investors;
- Rationalization of tax regime for brokers;
- Treatment of unrealized gain on sale of immovable property to a REIT Scheme;
- Investment in REIT should be treated as investment in Stock Fund;
- Tax credit on enlistment of company on the stock exchange;
- Margin Financing System; and
- Taxability of Inter-corporate dividend.
