December 10, 2018

PSX Delegation Meets Prime Minister

A meeting of PSX delegation led by the Chairman Sulaiman S. Mehdi, Board Members, prominent brokers and businessmen including Aqeel Karim Dhehdi, Arif Habib and Basheer Janmohammad was held today with the Hon. Prime Minister along with Mr Asad Umar, Hon Governor Sindh and other prominent members of the Cabinet at the Governor House. The meeting was very fruitful and the following points were discussed and agreed, to revive the investors confidence at PSX: 1. Advance Tax of .02% on purchase and sale of shares (both sides) to be reduced to 0.01 %, however on the request of the Chairman the FM agreed to consider abolishing it completely. This has no tax revenue impact on GOP being an adjustable tax; 2. Allow carry forward of capital losses upto 3 years; 3. Rationalisation of Taxation of Holding Companies on inter corporate dividend; 4 Rationalisation of Capital Gain Tax on Equities in line with Real Estate in the next budget; 5. Promote listing of GOP and CPEC projects Debt at PSX; 6. Help curtail over regulation over brokers for promoting equity investments. It was also agreed that the proposed changes will be enacted on fast track.