Karachi, December 8, 2024 – The Federal Board of Revenue (FBR) has issued directives to Pakistan Stock Exchange (PSX) investors, requiring them to maintain detailed records of their securities transactions and accounts. This initiative by the FBR is in line with the Income Tax Rules, 2001, and aims to enhance transparency and compliance within the stock market. As per Rule 13I of the Income Tax Rules, the FBR mandates that investors keep records that allow for the verification of their tax obligations. The following guidelines, outlined by the FBR, must be adhered to by all investors: 1. Separate Accounts for Brokerage Activities: Investors are required to maintain distinct records for each brokerage account to ensure clarity and facilitate verification by the FBR. 2. Detailed Documentation: o Fortnightly Ledger Statements: Investors must keep fortnightly ledger statements for every brokerage account, including those held in their own names or benami accounts. o Fortnightly CDC Statements: The FBR requires fortnightly statements of Central Depository Company (CDC) sub-accounts associated with each brokerage account. o Annual Records of Securities: Investors must document the value…