FORMER prime minister Najib Razak has slammed proposals to implement the capital gains tax, saying equity investors would be driven to foreign markets where they are not taxed for trading shares.

“The CGT on the sales and purchase of shares may appear attractive and populist at first glance. Why should the rich, who make money by ‘playing shares’, not pay their share of taxes? If a tax is imposed on them, surely the gap between rich and poor would be narrowed, right?