ISLAMABAD: Federal Board of Revenue (FBR) on Friday set up a consultative committee to review tax structure for stock market.
The FBR constituted the consultative committee on capital markets tax reforms, which comprising following members:
Member Inland Revenue Policy, FBR as chairman
Shauzab Ali, Commissioner Securities Market Division, SECP as Member
Farrukh H. Khan, Chief Executive Officer, PSX as Member
Ahmed Ali Mitha, Chief Financial Officer, PSX as Member
Chief (Income Tax Policy), FBR as Secretary.
According to the terms of reference for the committee, it shall act as a forum till budget making exercise for the year 2021/2022, to review tax policies and suggest specific short-term and medium to long term measures for the development of debt and equity market, commodity futures, mutual funds, REITs, corporate and insurance sector, amongst others.
Broadly it will review and recommend all measures that impinge upon the capital markets and its stakeholders.
The committee may invite proposals from relevant stakeholders, deliberate and finalize tax reforms in the aforementioned areas.
The proposals shall be categorized into immediate, medium term and long-term reforms and shall accordingly be prioritized.
First report of the committee shall be submitted to the FBR within 20 days of its constitution.
The FBR said that necessary amendments to the tax laws shall be initiated in consultation with the committee for implementation of the agreed proposals.