2016-17: Brokers protest against budget reforms
100% increase of advance tax in lieu of commission from 0.01% to 0.02% will enhance the cost of business
KARACHI:
The Karachi Stock Brokers’ Association said on Wednesday the proposed budget for 2016-17 seeks to penalise the stock market, which is already documented, transparent and compliant. “The exemplary role being played by the stock market in facilitating revenues for the government through privatisation has been overlooked,” it said in a press statement. With regard to the impact of tax proposals on the capital gains tax (CGT), the association said the extension of the holding period from four to five years for securities will be a major roadblock in the divestment of shares of the PSX. “The entire exercise of divestment will be futile,” it said, adding that the 100% increase of advance tax in lieu of commission from 0.01% to 0.02% will enhance the cost of business in the capital markets.
Published in The Express Tribune, June 9th, 2016.
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