ISLAMABAD: The FBR hopes that “Voluntary Tax Filing Scheme” would help simplifying the tax system, reducing the tax ratio and enhancing tax compliance culture by broadening the tax base and also help to enhance revenue collection in the country.
Addressing to launching ceremony of the scheme Chairman Federal Board of Revenue FBR Nisar Muhammad Khan said that national economy had been making significant progress in different sectors and macroeconomic indicators were showing upward growth for last two years.
He said two years before economy was growing at a nominal rate of 2.2 percent with widening fiscal deficits of 8.8 percent with an average 3 percent revenue growth per annum.
There was no culture of reward for fillers besides a long Statutory Regulatory Orders (SROs), which was harming the national economy and slowing down the pace of economic development, he remarked.
Nisar said that government had introduced several reform measures, facilitating the traders by introducing the friendly tax policies and announcing special incentives to promote the tax compliance and broadening the tax base of the country.
Due to these reforms policies and measures, tax to GDP witnessed about 9 percent growth whereas number of tax filers has crossed one million mark and it would be further enhanced, he added.
FBR chairman said that government had abolished SRO regime for saving Rs223 billion and delegated the powers to Parliament for issuing the SROs.
He informed that all relevant stakeholders were taken on board including the representatives of trader bodies of the country for bridging the communication gap between the traders and tax collecting authorities.
He informed that the scheme was equally beneficial for individuals and association of people (AOP) besides the vendors could also get benefit from the scheme.
Speaking on the occasion, Special Assistant to Prime Minister on Revenue, Haroon Akhtar Khan said that government had inherited a very weak economy with low GDP growth, swelling fiscal deficit, on average 18 hours load shedding and deteriorating law and order conditions.
Due to continues hard work and reforms policies of the government, major economic indicators were showing progress as forex reserves have reached to historic highest mark of $21 billion, he remarked.
He said the fiscal deficit reduced from 8.8 percent to 4.3 percent, GDP growth has also witnessed average growth of 5 percent from 2.5 percent per annum and load shedding was now only 4 hours a day.
He said that revenue collection has also registered a remarkable growth as it grew by 22 percent during the month of October, 28 percent in November and 23 percent in December and collection was recorded at Rs. 478 billion in month of December.
Speaking on the occasion, Chairman Anjuman Tajarran, Khawaja Muhammad Shafiq appreciated the government’s efforts to facilitate the traders and assured his full support for the measures taken by the government.
Power demand rises as heat intensifies; LNG cargoes sought to avert load-shedding
ISLAMABAD: As temperatures climb across the country, electricity demand has surged, prompting the Power Division to request four Liquified Natural...
