Capital market tax reforms: Two more members included in consultative body

ISLAMABAD: The Federal Board of Revenue (FBR) Friday included two more members in the consultative committee on capital market tax reforms to review the tax policies and suggest measures for the development of the capital market and amendments in the tax laws.

The FBR has issued a notification here on Friday for including Adil Ghaffar, Chief Executive Officer First Equity Modarba and Muhammad Lukman, Chief Executive Officer NCCPL as members of the committee.

The FBR Member Inland Revenue Policy would be the chairperson of the committee.

The members of the committee included Shauzab Ali, commissioner Securities Market Division Securities and Exchange Commission of Pakistan (SECP); Farrukh H Khan, chief executive officer Pakistan Stock Exchange (PSX); and Ahmed Ali Mitha, chief financial officer PSX.

The chief Income Tax Policy would be the secretary of the committee.

Under the terms of reference of the committee, the committee shall act as a forum till budget making exercise for the year 2021-22 to review the tax policies and suggest specific short-term and medium to long-term measures for the development of the debt and equity market, commodity futures, mutual funds, the REITs, corporate and insurance sector, among others.

Broadly, it will review and implement all measures that impinge upon the capital markets and its stakeholders.

The committee may invite proposals from relevant stakeholders, deliberate, and finalise tax reforms in the aforementioned areas.

The proposals shall be categorised into immediate, medium-term and long-term reforms and shall accordingly be prioritised, the TORs said.

Necessary amendments in the tax laws shall be initiated in consultation with the committee for implementation of the agreed proposals.