The government is examining a budget proposal to make advance tax on purchase and sale of securities as adjustable in coming budget (2018-19). It is learnt that the government may consider a proposal to make advance tax on purchase and sale of securities as adjustable in coming budget (2018-19). In this regard, the budget makers are examining the budget proposal for 2018-19.

If the proposal is being considered in next budget, it would also resolve the issue of blockage or accumulation of refunds, they added.

According to the budget proposals of the Pakistan Stock Exchange (PSX) Stockbrokers Association (PSA) to the Ministry of Finance for 2018-19, advance tax on purchase and sale of securities may be reduced from excessive 0.02% to 0.005% and it may be made adjustable. "Due to being not adjustable, billions of rupees are stuck in refunds impacting our working capital," The PSA said.

Copyright Business Recorder, 2018