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SCP completes spadework tor CGtr lvy in budget

RECORDER REPORT

_
Freel

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Ths Seflntss and Exchange Commission of Pakistan has

compttd the spadework on th budget proposal for imposition of capital gains tax (CGT) on st6k
exchangs with th aim to generat maximum revenu.
Speaking on the offision of a signing ceremony between the SECP and MCB Bank on payment
collection seryis on Thursday, Raziur Rahman Khan said the commission has studied different
intemational models wher6 CGT is applible.
In this @nnection, the SECP and FBR ar conducting meetings to discuss the lsvy particularly two
issus - what should be th holding psriod of securitios and what should b the bas pric of sharss,

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Razi said.

3 Biggest Myths of
Dividend Investing Free Report!

The intemational modls have rsvealed that CGT on stock markgt should exmpt investment in listd > Corpont Income tax to be cut to 33 percent In
budget
securitiss tor more than 12 months. Rssponding to a qusry, h said that best intemational tax
administrations havs levied CGT on holding ponod. A study being conductd by the @mmission
SpeakeF call for tran3parcncy ln budget maklng
confimed that such type of lew is applibl in differnt countriss. The conpt of CGT on the basis of
prccea3
period
in
Pakistan.
muld
be
applied
inrestrnont
Tobacco prcducts: FBR Proposea Increase In
tatdutle3
Howevsr, the CGT lvy might exemPt invostmsnt in listed securitios for more than 12 months. The
lncentlves for bu3lneatwomen demsnded
SECP has asksd ths FBR to lsvy CGT on capital market, but securities should be sxompted lrom levy
wh6re invostrnsnt is kept for 12 honths or mors. Rai said that th govemment hasn't yt passed the
Govemment wants EAC Input Into 2008{19 budget
law.
integration)
proposed stock xchenges (corPoratisation, dsmutualisation and
Natlonal Assembly llkely to meet on May 22
Eartier, th8 SECP inksd an agreament with MCB Bank for paymont colleclion sruices Under the
No chang In oll products prlces before budget
to
public
sntitiss
payments
and
corporat
made
by
aept
to
bs
agreemsnt, 5OO branchs of MCB will
Steps taksn to llmlt budgetsry denclt to 6.5 petcent,
SECP.
ray3 Naveed
Budget to be unvelld June 7: Naveed Qamar
Rashid I Malik, Commissioner SECP signd the agrsemsnt on behalf of SECP while Muhtashim Ashai,
Senior Vi Presidnucroup Head V\,holesale Banking of MCB inked th agresmnt on bshalf of his
NTC budgt propo3al3: cut In duty on chemlcal raw

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r
i
i

KASB Diroct
Pakistan's Faslest
Access to KSE.
Trade at Karachi
Stock Exchange
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bank.

matedals 3ought

Under th agreemnt, general public and @rporate ntitios will no longer have to obtain bank payment
challan fornis frcm th; bank or other sourms. Thes will b available on tha website ot SECP
be
be Printed from on's dsktop. Paymnt against these foms
ww.scp.gov.pk and
Oeposited in any of th6 SOO MCB branches (list will b available on SECP wbsite). Th6 commission will
providing
this
seryie.
will
be
more
banks,
which
shortly introduce

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This agreement is part ot SECP initiative to facilitate its stakholdrs. lt is also an important componenl
of the e-seruices project to be launched shortly.

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Rashid

Malik, commissioner sEcP said that th sEcP has selectsd McB Bank due to is large

network to facilitats paymnts of public and @rpoEte ntitiss.

He addsd that sEcP has eight regional companies across the country and ths public_and corporate
entitis w6re facing problems in submitting thir paymnts through thess mmpanies. Th ompanies
have beon allowed to file the requisit fom sloctronically by making payment through the bank.
The cremony was also attsnded by sEcP commissioner salman shsikh: sEcP commissioner Tariq
Hussain; SECp axecutivs directora Jav6d Siddiqui and Nazir Shahen; Aali Shati Exsutiv Vica
Presidnt and Divisional head cesh management of ths MCB, Naem Saigol Vics PresidnvNational
Sales Head ot tho Bank, Sobia lfrikhar and Mariam Psrusiz and Head of Intsmal and Extemal Affairs of
the Commission lmEn Ghaznavi.

Copyrlght Business Recorder, 2NE

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