We were surprised to see a news item regarding collection of data of transactions on the stock exchanges by NAB. It may be clarified that all transactions on stock exchanges are based on UIN (Unique Identification Number) of each investor, which is based on the CNIC of each investor. All transaction on stock exchanges invite transactions charges by the stock exchanges, National Clearing Company of Pakistan Limited (NCCPL), withholding tax, CDC charges, SECP charges and CGT (Capital Gain Tax).
The entire data of all transaction arte submitted to SECP on a daily basis. Moreover, no person is admitted as a member of the stock exchange, now known as TREC holders unless, he is a registered taxpayer. Therefore, the stock exchanges are the most tax-compliant and documented entities in the country.
As against strict and full compliance by stock exchanges and its members, such is not the case in commodities and real estate. It is a well known fact that transfer of real estate takes place way below the market rates fixed by the federal and provincial governments know as "collector rate" which is usually less than 20 percent of market value. We hope that NAB will understand our submission and desist from such move, which hurt the investor's sentiments.
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