Stockbrokers propose CGT rationalization.
ISLAMABAD -- The PSX Stockbrokers Association has asked the Federal Board of Revenue (FBR) to rationalise the rate of capital gains tax (CGT) on shares trading and use the levy as a tool to incentivise investments. The brokers association urged that the FBR to resolve their concerns and reap the benefits of expected economic boom once the Covid-19 pandemic is over.
A delegation of the brokers association has recently presented their set of demands to the FBR which include rationalisation in the rate of CGT which is 15 per cent on trading of shares and 10pc on mutual funds.
The brokers highlighted that the move was initiated in the middle of the 2000s to promote the mutual funds and the relief period has to be abolished in the next federal budget.
The other key demand of the stock brokers was that the CGT should be used as a tool to encourage and incentivise investments in the bourse. They suggested that CGT rates should be reverted to the pre-2016 level.
Earlier, the CGT was 15pc if the shares were sold within one year of purchase, 10pc if sold within two years and 5pc if disposed of within three years. They urged CGT should be abolished if the holding period was less than three years.
The brokers maintained that the rate incentives would promote the practice of saving in securities.
The association also highlighted that withholding tax was 12pc at transactions in the Pakistan Mercantile Exchange and the Pakistan Stock Exchange for the institutions, whereas the same was 3pc for the individuals. The stock brokers...
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