Monday , April 6 2020

Govt to end advance tax on sale and purchase of shares

Islamabad: The government has taken decision to cut advance tax on sale and purchase of shares by 0.02% in the upcoming mini-budget. Stock market players put up this major demand.

The Finance Ministry during its summary has suggested that Section 65C of the Income Tax Ordinance (ITO) allows incentives for listing of companies through tax credits. This incentive can be also increase encouragement in new listings.

Finance ministry details regarding the mini budget will be announced on Jan 23rd, that will show the abolition of  0.02pc on sale/purchase of shares.

Through Finance Act 2016 the rates of advance tax on sale and purchase of securities was doubled from 0.01% to 0.02%

Federal Board of Revenue also took consideration of the proposal submitted by PSX boards.

Finance Ministry has also given recommendation in the alteration that maybe done in the ITO to allow carry forward of capital losses.

 

 

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