Karachi: Haroon Khan, Special Assistant to the Prime Minister for Revenue chaired a high level meeting at of Pakistan Stock Exchange on Friday to discuss federal budget proposals 2017-18 along with Muhammad Zafar-ul-Haq Hijazi Chairman Securities & Exchange Commission of Pakistan SECP, Muhammad Irshad, Chairman Federal Board of Revenue, Akif Saeed Commissioner Securities and Exchange Commission of Pakistan, Ms. Musarat Jabeen Executive Director (SMD) Securities and Exchange Commission of Pakistan and senior officials of the Federal Board of Revenue.
Pakistan Stock Exchange Limited was represented by Muneer Kamal Chairman PSX, Members of the Board of Directors and Taxation Committee PSX. The Chairman, PSX briefed about the successes of the capital market, its importance and the positive steps taken by the government for the betterment of the capital market, economy and the country.
Arif Habib, former President of the Stock Exchange, industrialist and senior capital market specialist along with Abdul Qadir Memon, Chairman Taxation Committee PSX explained in detail the present key issues and proposals for the growth and betterment of the capital market which will 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 Credit on Enlistment on the Stock Exchange, Capital Gain Tax (CGT) on Disposal of Securities, unrealized Gain on sale of Immovable Property to a REIT Scheme, investment in REIT be treated as Investment in Stock Fund, rationalization of Taxation Regime for Brokers, and applicability of Minimum Tax on services rendered or provided by the PSX.
Chairman SECP highlighted the continuous cooperation and coordination extended by the Government to the Commission for the introduction and implementation of healthy and prudent policies and initiatives undertaken by the Commission. He further reiterated the support for the capital market in order to make it the best capital market in the world.
The Chairman Federal Board of Revenue welcomed the proposals presented by PSX and agreed to have further discussions on them. He also assured that the Federal Board of Revenue will give these proposals fair consideration in the best interest of the capital market and economy of the country.
Haroon Khan elaborated on the key fundamental vision and objectives of the Government under the leadership of Prime Minister Mian Nawaz Sharif and the positive outcome of the policies and measures undertaken by the government since coming into power in 2013 under the guidance of Finance Minister Muhammad Ishaq Dar. He was of the opinion that rather than simply criticizing the Government, focus should be on how to grow further and move forward. He also highlighted that governance of the country has become more difficult in recent times than ever before because of the ever growing unique challenges including those related to the region.
