The National Tax Agency (NTA) held the third meeting of its expert panel focused on the valuation of stocks that are not traded on any market. The session, summarized in the linked document, reviewed recent academic research, industry practices, and government proposals concerning fair assessment methods for such assets. Panel members included tax officials, valuation specialists, and representatives from the securities industry, who discussed challenges such as the lack of observable market prices, valuation methodologies (e.g., discounted cash flow, net asset value adjustments), and the need for consistency across jurisdictions. The discussion highlighted the importance of transparency, the use of reliable comparable data, and the role of the panel in shaping future regulatory guidance. The expert panel aims to produce a comprehensive set of recommendations that will be incorporated into revised tax policy, ensuring that the valuation of non‑traded stocks aligns with both domestic and international standards while preventing tax avoidance schemes. The meeting also addressed stakeholder feedback and outlined a schedule for follow‑up studies and public consultation.