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ISLAMABAD: The capital gains tax (CGT) collection from Pakistan’s stock exchange stood at Rs4.3 billion during July-March (2022-23) against the Indian stock exchanges’ expected collection of Indian Rs600 billion to Rs800 billion during the current year.

According to the latest data of CGT on the disposal of securities at Pakistan’s stock exchange, the CGT collection from the stock exchange amounted to Rs4.3 billion during July-March (2022-23) against Rs5.6 billion in 2021-22, reflecting a decrease of Rs1.3 billion.

In India, it has been expected to generate 60,000 to 80,000 crores rupees (Indian) as CGT on the stock exchanges this year against 6,000 to 8,000 crores rupees last year.

In Pak rupee terms, the Indian stock exchange’s estimated collection comes to around Rs2 to Rs2.7 trillion this year.

Tax reforms give capital market a level-playing field: SECP chief

On the other hand, collection from Pakistan’s stock exchange does not even come close.

Market experts say that Pakistan’s stock exchange is the lowest taxed in the region. Data reveals that its tax collection is far less than that of neighbouring India.

According to the data of the Securities and Exchange Commission of Pakistan (SECP), the fiscal year 2021-22 was a challenging year for the stock market.

In 2021-22, the KSE-100 index began the year at 47,356.02 points and ended at 41,540.83 points on June 30, 2022, recording a decrease of almost 12.3 percent. The market recorded its highest level of 48,112.21 on August 23, 2021, and touched its lowest level, 40,879.93 on June 13, 2022.

The index posted its highest single-day gain of 1,700.38 points on April 11, 2022. The average daily turnover was 292.69 million shares and 117.78 million shares in ready and futures market, respectively. A total of 530 companies with accumulated paid-up capital of Rs1,525.899 billion are listed on the Pakistan Stock Exchange, while the total market capitalisation is Rs6,956.507 billion, as on June 30, 2022.

Foreign investment in the stock market exhibited a net outflow of $297 million during the year, which is 23 percent lower than the net outflows of $387 million observed in 2020-21, the SECP added.

Copyright Business Recorder, 2023

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Muhammad Ali Apr 01, 2023 09:58am
Who will invest here where insider trading is not a crime as none was ever convicted. Moral bankruptcy achieved during last 75 years has finally pushed us to financial bankruptcy.
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