Tax reforms for PSE, Real Estate & Mini Budget

The mini budget is on its way; a statement of giving relief is being heard as Finance Minister Asad Umer announced that the upcoming mini budget is more focused to give relief and will not impose any new tax. What is it going to be? Is the government finally thinking to give relief to public on taxes? That’s a maybe but what we know is that the government wants to give reform packages for businesses to run in a better shape.The Pakistan Stock Exchange (PSX) had given some suggested plans to the government, which will be part of the mini budget coming very soon. The reforms include removing of 2% advance tax on shares exchange, special reform package for brokers and investors by giving them relief to carry forward their capital losses for next three years and more. The other special business activity that uses to give billions to the tax net was capital gain tax on real estate and properties. The hick on capital gain tax and extending the duration of imposing it made the real estate activity a volatile. The govt. has also made its move to regain this real estate industry by giving some relief of property capital gain tax. These activities might be helpful for the industries to think of putting some more effort in generating businesses.
Prime Minister Imran Khan is going to visit Karachi soon and will meet the business community and PSE delegations. He is going to encourage the investors to put in all possible efforts to enhance business activities in the country. He is also going to discuss the upcoming mini budget’s features that will directly support the investors and the stake holders. The mini budget is going to suggest tax reforms of 150 billion.