The Federal Board of Revenue (FBR) has formed an advisory committee to review the tax structure for capital markets.
The Advisory Committee on Tax Reform consists of: Member Inland Revenue Policy, FBR, as Chairman; Shaab Ali, Commissioner Securities Market Division, SECP, as a member; Farrukh H. Khan, Chief Executive Officer, Pakistan Stock Exchange (PSX), as a member; Ahmed Ali Mitha, Chief Financial Officer PSX, as a member; And Chief (Income Tax Policy), FBR, as Secretary.
Under the terms of the committee’s reference, it will serve as a forum until the 2021/2022 budgeting exercise, review tax policies, and develop specific short-term and medium-term approaches to debt and equity development. Will suggest long-term measures. Markets, commodity futures, mutual funds, REITs, corporate and insurance sectors, among others.
It will extensively review and propose all measures aimed at the capital markets and its stakeholders. The committee may send suggestions to the concerned stakeholders, deliberately finalizing tax reforms in the above areas.
The proposals will be categorized into immediate, medium and long term reforms and will be prioritized accordingly.
The committee’s first report will be submitted to the FBR within 20 days of its constitution. The FBR said that necessary amendments to the tax laws would be initiated in consultation with the committee to implement the agreed recommendations.
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