Neglecting capital market in budget regretted.

KARACHI -- Members of PSX Stockbrokers Association (PSA) and other participants of Capital Market are dismayed over the neglect of the Capital Market by the Federal Government in the budget for FY 2020-2021, says a PSA release.

Exorbitant rates of capital gain tax (CGT), absence of distinction between short term gains and gains on long term investments, lack of tax-incentives for companies to get listed and patent errors in relevant income tax laws (taxation of gains on disposal of securities) are not only hampering new listings but are also frustrating investors to abandon the market.

Securities and Exchange Commission of Pakistan (SECP), itself an arm of the Federal Govt. and the Apex Regulator of the corporate world including Capital Market had many a times explained the predicament faced by the Capital Market to the FBR at the highest level. It is unusual and unfortunate that despite the Commission's pointing out, the...