ISLAMABAD: Finance Minister, Senator Muhammad Ishaq Dar said that implementation has been made on 12 points suggested by Tax Reforms Commission (TRC) to improve tax system in country.
The minister said while addressing the inaugural ceremony of new building of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), adding that refunds on which process was completed till June 30 will be cleared in October. Pakistan has enough reserves for six months import, he said.
Due to government’s prudent policies, the country’s economy has made a turnaround from the verge of collapse to stability, he said, adding that the government aimed at lifting the GDP growth rate from current 4.7 percent to 7 percent in near future.
He said that world institutions including World Bank (WB) and International Monetary fund (IMF) have predicted 5 percent growth rate during the current fiscal year.
He said the foreign exchange reserves have increased from less than $7 billion three years ago to over $24 billion now while the forex reserves of State Bank of Pakistan (SBP) have also increased from just $3 billion to $19 billion. He said that the country’s economy has performed well and ranked from negative to positive and now stable adding that 22 reputed financial institutions of the world have acknowledged and appreciated the economic performance by Pakistan.
The minister said that there has been 60 percent increase in the tax collection during the past three years which is a healthy sign for economy. He said that despite slow down in the world economy, a good response was witnessed in the sale of Sukuk bond in the international market which was taken at 5.5 percent rate.
On the occasion, FPCCI President Abdul Rauf Alam and other speakers hailed the efforts of incumbent government to develop Pakistan economically. They urged the finance minister to complete the CPEC project as soon as possible to expedite the development process.
FPCCI Vice President Khalid Turab asked the Federal Board of Revenue (FBR) chairman to review the revenue targets set for current fiscal year.
BR Chairman Nisar Muhammad Khan, Inland Revenue-Policy Member Rehmatullah Khan Wazir, Islamabad Mayor Shiekh Ansar Aziz and others were also present on the occasion.
Talking to Customs Today exclusively, Nisar Muhmmad Khan said that FBR did not have any plan to revise revenue targets, adding that target will be made achievable by expanding the tax base. He said that performance of all departments was evaluated on a daily basis.
Member Rehmatullah made it clear that the board will not put extra burden on existing taxpayers in order to achieve the targets. To overcome shortfall of first quarter, the board will take measures to bring those to table who are not paying even a penny despite earning billions of rupees from country.
