Track, Trace System To Ensure Transparency In National Tax System:Tarin

ISLAMABAD, (UrduPoint / Pakistan Point News - 2nd Oct, 2021 ) :Federal Minister for Finance and Revenue, Shaukat Tarin Friday said that transparency in tax collection in retail and other economic sectors will be ensured by introducing track and trace system in the national tax system.

The government is trying to increase the country's revenue under the track and trace system and the industrial sector is fully cooperating in this regard, he said this while addressing the ceremony before the inauguration of 'Tax Track and Trace System of Federal board of Revenue "at the businesss sight of Pakistan Tobacco Company near Jhelum City.

The minister said the government wants to raise the annual 'Tax-to- Gross Domestic Production (GDP) ratio upto to 20 percent to strengthen the country's economy.

He said that Pakistan currently has annual tax-to-GDP ratio of about 8 to 10 percent, which needs to be raised to 20 percent to increase employment opportunities in the country.

Shaukat Tarin said that this country needs millions of jobs to employ young people, which requires raising the annual tax-to-GDP rate in the country.

He said that to increase the country's revenue, the government is modernizing the tax system by using technology.

The FBR is currently modernizing the tax system by promoting automation and digitization.

According to Prime Minister Imran Khan's vision, the ideology of justice and welfare for the state of Madinah will be carried forward.

Meanwhile after the ceremony, talking to the media person he said that Saudi Arabia had agreed to provide US$3.6 billion for purchase of crude oil.

Saudi Arabia would pay $3.6 billion to government of Pakistan on monthly basis over a period of two years.

He said the government of Pakistan would receive $150 million per month that would be utilized only for the oil purchase.