The members of PSX Stockbrokers Association (PSA) welcomed the appointment Syed Shabbar Zaidi as Chairman Federal Board of Revenue (FBR). A press release issued here on Wednesday said that Shabbar Zaidi is a renowned and respectable tax expert, who had also been on the board of the Stock Exchange as an independent director.

Shabbar Zaidi is fully aware of the working of the capital market and had contributed greatly in safeguarding the interests of the investors, the press release said. The members also welcomed his opening statement of not harassing honest tax payers. Shabbar Zaidi is aware of the facts that all investors have Unique Identification Number (UIN), generated on the basis of CNICs, the brokers said. He is also aware that the Stock Market is fully documented, they added.

It is hoped that to expand the tax base, the CNICs of all investors would be used to make them tax compliant. The Stock Brokers feel that Shabbar Zaidi will add great value and respect to the working of FBR. "We also appreciate the amnesty scheme authored by Shabbar Zaidi", the brokers said.-PR

Copyright Business Recorder, 2019