Karachi Stock Exchange (KSE) would send its suggestions on Capital Gain Tax Draft Rules to the Federal Board of Revenue in a day or two. It was decided at a meeting between the Federal Board of Revenue and Karachi Stock Exchange, held here on Thursday.
The FBR team led by Member Direct Tax Policy Israr Rauf discussed the Capital Gain Tax Draft Rules with the KSE team headed by managing director of the exchange Adnan Afridi. The members of the KSE board Yasin Lakhani and Farrukh Waqaruddin Junaidi and senior FBR officials also attended the meeting. After a detailed discussion, the copy of final draft rules was handed over to the KSE team. The KSE team would review the draft to finalise its suggestions on the rules.
The FBR would consider the suggestions as per provision of existing law before notifying the final rules for implementation of CGT. Sources said that during the discussions, the KSE team suggested that 10 percent tax on spread earned by margin financier or margin trading funding provider should be treated as full and final liability. The FBR team assured that it will review the issue and consider it as per provision of the existing law.