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.