Drive against tax defaulters from January 25: CGT on bourses from next fiscal year: Tarin

Federal Finance Minister Shaukat Tarin on Sunday said Capital Gains Tax (CGT) would be imposed on stock markets from next fiscal year, saying that a meeting with all stakeholders in this regard would be held this month. Talking in Aaj News' "Aaj Ki Baat" programme, Tarin said the government had a list of 2.5 million tax defaulters.
A major drive against such defaulters would be launched on January 25, he added. He said the present tax to GDP ratio could be significantly enhanced by improving the tax collection system. According to him, a number of sectors have not been paying taxes fully.
Tarin said the National Assembly had already passed the demutualisation of stock markets bill, adding that the Senate would also approve the bill in its ongoing session. He said all the required measures were being taken to settle the circular debt issue. He further said that a hedging programme had been worked out with a view to offsetting the impact of rising oil prices.