Govt to cut advance tax on stockbrokers
Government would take drastic steps to develop the capital market and promote investment, said Ismail
Government would take drastic steps to develop the capital market and promote investment, said Ismail. PHOTO: FILE
KARACHI:
Sindh Governor Imran Ismail has announced that advance tax on stockbrokers’ commission will be reduced from 0.02% to 0.01% in the upcoming money bill and reiterated that once trading volumes climb, it will be eliminated.
The governor made the announcement during a meeting with the PSX Stockbrokers Association on Friday.
Ismail assured the stockbrokers that the government would take drastic steps to develop the capital market and promote investment in the bourse in a bid to encourage investors.
“Focus will be on the ease of doing business in collaboration with regulatory bodies and all concerns and issues will be resolved in due course,” he emphasised. “Cost of doing business, which is affecting the market, will also be narrowed as proposals have already been floated by a delegation of the stockbrokers.”
Association President Hamad Nazir Kehar, while welcoming remarks made by the governor, stated that the association was seeking rationalisation of taxes on stock investors.
Market watch: Stocks battered as index plummets over 1,300 points
Association Secretary General Adil Ghaffar highlighted the challenges being faced by the brokers of Pakistan Stock Exchange (PSX) and requested the governor to take up them with the federal government.
“The stock market, being fully documented and tax-compliant, should be promoted,” he stressed. “Unfortunately, the investors in the capital market are subjected to an unreasonable tax burden which has reduced turnover to merely 10%.”
Sindh Governor Imran Ismail has announced that advance tax on stockbrokers’ commission will be reduced from 0.02% to 0.01% in the upcoming money bill and reiterated that once trading volumes climb, it will be eliminated.
The governor made the announcement during a meeting with the PSX Stockbrokers Association on Friday.
Ismail assured the stockbrokers that the government would take drastic steps to develop the capital market and promote investment in the bourse in a bid to encourage investors.
“Focus will be on the ease of doing business in collaboration with regulatory bodies and all concerns and issues will be resolved in due course,” he emphasised. “Cost of doing business, which is affecting the market, will also be narrowed as proposals have already been floated by a delegation of the stockbrokers.”
Association President Hamad Nazir Kehar, while welcoming remarks made by the governor, stated that the association was seeking rationalisation of taxes on stock investors.
Market watch: Stocks battered as index plummets over 1,300 points
Association Secretary General Adil Ghaffar highlighted the challenges being faced by the brokers of Pakistan Stock Exchange (PSX) and requested the governor to take up them with the federal government.
“The stock market, being fully documented and tax-compliant, should be promoted,” he stressed. “Unfortunately, the investors in the capital market are subjected to an unreasonable tax burden which has reduced turnover to merely 10%.”