Asset Management Companies (AMCs) would submit their working on the anomaly of withholding tax deducted on bonus shares issued in respect of mutual funds, which would be discussed with the Securities and Exchange Commission of Pakistan (SECP) and the Federal Board of Revenue (FBR).
In this regard, the FBR has submitted a progress report on the anomaly of withholding tax deducted on bonus shares issued in respect of mutual funds to the Senate Standing Committee on Finance. Details of the issue revealed that the Senate Standing Committee on Finance in a recent meeting while discussing the agenda regarding the anomaly of withholding tax deducted on bonus shares issued in respect of mutual funds, directed the FBR to hold a meeting with the Securities and Exchange Commission of Pakistan.
Senator Murtaza Wahab and relevant stakeholders submitted a report to the committee. In pursuance to this direction, a meeting was held with the representatives of Asset Management Companies (AMCs) in the conference room of the FBR (HQ).
As a result of the discussion, the representatives requested for time to prepare and present their proposals along with rationale and working on the issue. The request was agreed upon by the FBR and the AMCs are expected to submit their proposals along with their working within a month. In view of the above, as soon as the representatives of the AMCs intimate or inform FBR to hold a meeting to share their proposals and the working as discussed above, the SECP as well as Senator Murtaza Wahab will be requested to join the meeting.
Comments
Comments are closed for this article.