ISLAMABAD: Special Advisor to Prime Minister on Revenue Haroon Akhtar Khan has said, as a result of consistent implementation of economic measures of the government, the tax to GDP ratio will go up along with total tune of revenue collections in the coming fiscal year.
He also ruled out the impression about the imposition of economic emergency by the government in the form of recently promulgated ordinances pertaining to tax amnesty scheme, repatriation of assets from abroad and voluntary declaration of domestic assets.
While taking part in the debate on Finance Bill 2018-19 in the Senate, Akhtar said that the Federal Board of Revenue (FBR) was performing well and more reforms were being introduced to further accelerate the performance of the tax authority.
In this regard, he said: “We will try to bring the FBR at par to the lead tax authorities of the world to enable it to meet the increasing revenue requirements of the country.” He said the FBR’s revenue collection was some Rs 946 billion in 2013; however, the board has brought the figure of revenue collection to Rs 4,000 billion this year.
He further disclosed that tax rate on the LNG and computers related accessories had been lowered on the recommendations of moved by some 200 relevant associations. Exports have increased by 24% this year and it shows that Pakistan has immense potential for capturing world markets for its products. Moreover, this sharp increase in the exports has also reduced the trade deficit
Haroon Akhtar said that Pakistan Muslim League (N) had presented an ideal and balanced budget in the Parliament. Due to prudent economic policies, the country was moving in right direction and if this pace of progress is continued, the country will become a leading economy soon.
He said that the government had achieved all targets set in last year’s budget; China Pakistan Economic Corridor (CPEC) had become an important project for entire country and all provinces would get benefits of this mega project.
Participating in the debate, Leader of the Opposition Sherry Rehman, and other opposition Senators stressed streamlining the annual economic survey to make more accurate with regard to figures. In this regard additional steps must be taken for increasing credibility of the finance bill. They observed that mechanism of tax collection should be strengthened to collect more taxes in order to improve the economy of the country. The government must pay more focus on remittances to generate foreign currency besides manpower.
