The Pakistan Stock Brokers Association (PSBA) was invited by the Senate Standing Committee on Finance and Revenue to participate in a crucial meeting today at Parliament House.
The purpose of the meeting was to discuss and present proposals & recommendations for the Pre-Budget Consultation before the Chairman Senator Saleem Mandviwalla, and Committee Members
The PSBA attended the meeting through its representatives, Munir Khanani – Chairman, Ghulam Mujtaba Sakarwala – Director/EC Member, and Bilal Farooq Zardi – Chief Executive & Secretary General.
During the meeting, the Committee received a comprehensive overview from Khanani about the PSBA and PSX’s strategic initiatives aimed at unlocking the potential of Pakistan’s Capital Market.
Sakarwala emphasized that, despite challenges, Pakistan’s Capital Market possesses immense potential. He expressed confidence that through a well-formulated strategy, the market could realize this potential and significantly contribute to the economy.
Zardi gave a detailed presentation on PSBA’s proposals & recommendations. He said that in the past year, we have witnessed a positive economic environment that has contributed significantly and led the market to record levels.
The key proposals included:
- Removal of distortion/anomaly regarding definition of the term “security” & start of its holding period with reference to section 37A of the Income Tax Ordinance 2001;
- Rationalization of tax rates for companies listed on the stock exchange;
- Simplification of KYC, and AML/CFT Regulatory Requirements;
- Charging of Sindh Sales Tax – jurisdiction issues to be settled in the Council of Common Interest;
- Consistent and long-term tax policies; and
- Introduction of investment savings account (ISA)
