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ISLAMABAD: In a major move to attract investment in the stock market, Adviser to the Prime Minister on Finance and Revenue, Abdul Hafeez Shaikh will constitute a committee to resolve taxation-related issues pertaining to the capital market including stock market, mutual funds, and real estate investment trust (REIT).

Sources told Business Recorder that the Federal Board of Revenue (FBR) and Pakistan Stock Exchange Limited held a meeting at the FBR House, here on Friday, to discuss the capital market-related issues including taxation, reforms and refunds.

FBR Chairman Javed Ghani chaired the meeting attended by a delegation of PSX headed by Farrukh H Khan, Chief Executive Officer/Managing Director. Ahmed Ali Mitha, Chief Financial Officer also attended the FBR meeting. The PSX delegation shared the issues pertaining to the capital market taxation and proposals to introduce reforms in the stock market.

Tax authorities have assured the PSX that the genuine issues of the capital market would be resolved on top-priority basis, the sources said. According to sources, an official of the Securities and Exchange Commission of Pakistan (SECP) also attended the meeting at the FBR House.

Last year, the SECP had suggested the FBR for reducing Capital Gains Tax (CGT) rates for two years on disposal of listed securities in budget (2020-2021) to attract investment in stock market.

Copyright Business Recorder, 2020