Govt Determined To Strengthen Financial Markets: Tarin

Federal Minister for Finance and Revenue, Shaukat Tarin said Monday that the incumbent government was strongly committed to strengthening of the financial markets and was ready to adopt measures that could mobilize capital to more productive sectors

ISLAMABAD, (UrduPoint / Pakistan Point News - 7th Jun, 2021 ) :Federal Minister for Finance and Revenue, Shaukat Tarin said Monday that the incumbent government was strongly committed to strengthening of the financial markets and was ready to adopt measures that could mobilize capital to more productive sectors.

The minister was chairing a meeting here at the Finance Division with Managing Director and Chief Executive Officer, Pakistan Stock Exchange, Farrukh H. Khan to review proposals for Federal Budget 2021-22.

Adviser to the PM for Austerity and Institutional Reforms, Dr. Ishrat Hussain, Special Assistant to Prime Minister (SAPM) on Finance and Revenue, Dr. Waqar Masood, Chairman Federal board of Revenue and Secretary Finance Division were also present during the meeting, according to statement issued by the Finance Ministry.

The finance minister appreciated the recommendations from the MD Stock Exchange and said that the government was considering to introduce new tax regime that is in accordance with the changing economic environment.

He welcomed the proposals and assured that these would be given due consideration in the upcoming budget.

Earlier, 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 tax payers, 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.

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, 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.