The Federal Board of Revenue (FBR) has set up a consultative committee to review tax structure for the capital markets. The consultative committee on capital markets tax reforms comprises: Member Inland Revenue Policy, FBR, as chairman; Shauzab Ali, Commissioner Securities Market Division, SECP, as member; Farrukh H Khan, Chief Executive Officer Pakistan Stock Exchange (PSX), as member; Ahmed Ali Mitha, Chief Financial Officer PSX, as member; and chief (income tax policy), FBR, as secretary. According to the terms of reference for the committee, it shall act as a forum till budget making exercise for the year 2021/2022, to review tax policies and suggest specific short-term and medium to long term measures for the development of debt and equity market, commodity futures, mutual funds, REITs, corporate and insurance sector, amongst others. Broadly it will review and recommend all measures that impinge upon the capital markets and its stakeholders. The committee may invite proposals from relevant stakeholders, deliberate and finalize tax reforms in the aforementioned areas. The proposals shall be categorized into immediate, medium term and long-term reforms and shall accordingly be prioritized. First report of the committee shall be submitted to the FBR within 20 days of its constitution. The FBR said that necessary amendments to the tax laws shall be initiated in consultation with the committee for implementation of the agreed proposals.