FBR obtains transaction information of stock members, brokers from NCCPL

FBR obtains transaction information of stock members, brokers from NCCPL

ISLAMABAD: Federal Board of Revenue (FBR) will get transaction information of member, broker and investor of the equity market directly from National Clearing Company of Pakistan Limited (NCCPL).

FBR sources said that under Rule 13J of Income Tax Rules, 2002, provided exchange of information between the FBR and NCCPL.

The rule says: “Information regarding member, broker, investor of a stock exchange, members of PMEX, unit holders in mutual funds required by the FBR shall be obtained directly from NCCPL.

Under the rules, the investors are required to maintain accounts and records separately for each of his brokerage accounts regarding the securities business which sufficiently enable for verification of the discharge of his obligations under the rules.

The FBR said that every investor shall maintain in particular the following accounts and records, namely:-

(a) fortnightly ledger statements of the investor’s brokerage account or each brokerage account if there are more than one account whether in the investor’s own name or any benami accounts, generated by his broker;

(b) fortnightly CDC statements of the investor’s CDC sub account or each CDC sub account corresponding to each brokerage account, if there are more than one brokerage account whether held in the investor’s own name or any benami accounts;

(c) record of security holdings and their value carried in the investor’s brokerage account on 30th June of each year;

(d) record of cash carried in the investor’s brokerage account as on 30th June of each year;

(e) record of funds deposited in the investor’s brokerage account; and

(f) record of funds withdrawn from the investors brokerage account.

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