KARACHI (APP) - A team of Federal Board of Revenue (FBR) led by Member Tax Policy Asrar Raouf held a meeting with representatives of the Karachi Stock Exchange to address issues related to capital gains tax (CGT). According to KSE here Friday, the consensus was reached on achieving tax payer facilitation to ensure widening of the tax net. The meeting also finalised measures for confidence building to achieve the desired results. The committee considered various proposals to avoid hard-ship to tax-payers. A sub-committee comprising members from FBR, and The Karachi Stock Exchange was constituted to consider the same. It was decided that FBR will establish a separate cell for facilitation of foreign investors at Large Taxpayers Unit (LTU) and regional tax office (RTO). This information will be provided to the stock exchange. It was also decided that financing income/markup under securities lending and borrowing regulations, margin financing and any other leverage products as approved by SECP, would be taxed at the rate of 10pc, as full and final tax. Gain or loss under day trading and trading in derivative products would be subject to CGT under section 37A of the income tax ordinance. FBR agreed that suggestions of the exchange with reference to carry forward of capital losses was discussed and shall be given due consideration. All other modalities with respect to computation of CGT were also agreed upon.