Mini Budget 2019: Stockbrokers welcome removal of tax on trading

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Stockbrokers welcomed the Mini Budget 2019 as the tax is now removed on trading in the stock market.

Mini budget 2019 is welcomed by investors and brokers in the stock exchange. However, the amendments made in the finance bill suggested the termination of Advance Income Tax under section 233 A of the Income Tax Ordinance.

Dr Hamid Atiq, Federal Board of Revenue’s Member Policy said the yearly collection from this tax was just Rs30 million so it won’t have much effect on the general income continues.

Respecting the move, one intermediary said the abolishment of 0.02% tax will help lessen the expense of working together and support the informal investors which will in the end increment advertise volume.

Abrogation of retention charge on individuals from stock trade in lieu of their bonus (pay from commission would keep on being exhausted under ordinary law), merchants feel it would decrease the documentation bother.

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