There is good news and there is bad news. First the good news. The State Bank of Pakistan (SBP) affirms that the opening of investor accounts under the Roshan Digital Accounts from mainly the Non-Resident Pakistanis (NRPs) has been very satisfying. The NRPs accounts have grown by around 70 per cent from just under 10,000 in 2020 to over 18,000.
It has as much to do with the confidence in the Pakistan stock exchange (PSX) which has devised with the SBP a one-step simple procedure earmarked for the opening of accounts. Yet the market has attracted just 0.2pc of overseas Pakistanis to invest in the country’s equity market.
FBR Adds New Members in Consultative Committee to Review Tax Policies in Capital Market
The Federal Board of Revenue (FBR) included two more members in the consultative committee on capital market tax reforms to review the tax policies and suggest measures for the development of the capital market and amendments in the tax laws.
The FBR has issued a notification here on Friday for including Adil Ghaffar Chief Executive Officer First Equity Modaraba and Muhammad Lukman Chief Executive Officer NCCPL as members of the committee.
The FBR Member Inland Revenue Policy would be the chairperson of the committee.
The members of the committee included Shauzab Ali, commissioner Securities Market Division Securities and Exchange Commission of Pakistan (SECP); Farrukh H Khan, chief executive officer Pakistan Stock Exchange (PSX); Ahmed Ali Mitha, chief financial officer PSX.
FBR Forms a Committee to Resolve Tax Issues in the Capital Market
In a major development to attract investment in the stock market, the Federal Board of Revenue (FBR) has constituted a committee to resolve taxation-related issues pertaining to the capital market including stock market, mutual funds, and real estate investment trust (REIT).
Senior FBR officials told Propakistani that the FBR has issued an office order for the constitution of the said committee. The committee has been constituted following a meeting between the tax authorities and Pakistan Stock Exchange Limited held at the FBR House on November 27, 2020.
The committee comprises members from the FBR, stock market and the Securities and Exchange Commission of Pakistan (SECP) for introducing capital market reforms and resolve tax related issues of the stock market, top FBR officials added.