The Federal Minister for Finance and Revenue, Shaukat Tarin, chaired a meeting here at the Finance Division with Managing Director/CEO Pakistan Stock Exchange Mr. Farrukh H. Khan to review proposals for Federal Budget 2021-22.
MD, Pakistan Stock Exchange (PSX) gave a detailed presentation on the huge impact of stock markets on wealth creation and mobilization of capital. He said that a broad-based capital market helps to achieve important economic and social objectives like increasing the number of taxpayers, optimizing savings and investment rates, and reducing wealth inequalities. Tax measures are an important policy tool to increase investments and savings in the economy and to stay competitive with other markets.
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The Managing Director submitted proposals to align rates of capital gain tax on disposal of securities in line with regional practices, rationalization of tax rates for companies listed on the stock exchange, an enhanced tax credit for listed small and medium enterprises, unlocking the potential of private funds and many other suggestions that will help broadening the tax base/revenue collection.
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The Finance Minister appreciated the recommendations from the MD Stock Exchange and said that the present government is strongly committed to strengthening the financial markets and is ready to adopt measures that could mobilize capital to more productive sectors.
He further stated that the government is considering to introduce a new tax regime that is in accordance with the changing economic environment. He welcomed the proposals and assured that these will be given due consideration in the upcoming budget.
Adviser to PM on Austerity and Institutional Reforms Dr. Ishrat Hussain, SAPM on Finance and Revenue Dr. Waqar Masood, Chairman FBR and Secretary Finance Division were also present during the meeting.
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