KARACHI – The federal government’s relief package for the stock market inthe ‘Mini-budget’ on January 23 has brought positive impact.
KSE-100 index settled at 40,254 points with a rise of 958 points within oneweek.
The business-friendly concessions including abolition of the advance tax of0.02pc on share trading under Presumptive Tax Regime and super tax in themini-budget have been welcomed by the stockbrokers and industrialistsaltogether.
It is anticipated that the move would help reduce the cost of doingbusiness and encourage the traders to eventually increase market volume.
The government, through the Finance Act 2015, had imposed 4% super tax onthe banking companies to collect Rs500 million or more whereas for othersthe tax rate was 3% for fiscal year 2016.
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The super tax was being spent on the rehabilitation of internally displacedpersons (IDPs) who were affected due to the war against terrorism at thattime in Pakistan.
Pakistan Stock Exchange shares have risen by Rs125 billion as local andforeign investors have bought shares worth $33 million.
