Karachi: A team of Brokers have planned to visit SECP in Islamabad to convince officials regarding the collection of Capital Gain Tax (CGT).
According to Alfalah Securities Limited, the proposal is that the tax should be collected under the Presumptive Tax Regime (PTR) instead of on sale of shares which does not demand the disclosure of the source of income. Moreover the capital adequacy requirement should be enhanced for clearing members while keeping it lower for traders.
Traders may be facilitated by the clearing members in case their trade turnover exceeds beyond the allowed level. However, SECP wants to chalk out a timeline for enhancing capital adequacy requirement for brokers to be ultimately raised to PKR 400 mn in order to protect brokers’ clients, in case brokers were declared bankrupt or default.