Adviser To Prime Minister On Finance, Dr Abdul Hafeez Shaikh Shares Roadmap To Generate Rs5.55 Trillion Revenues, Protect Vulnerable Segments

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Adviser to Prime Minister on Finance, Dr Abdul Hafeez Shaikh shares roadmap to generate Rs5.55 trillion revenues, protect vulnerable segments

Adviser to Prime Minister on Finance, Dr Abdul Hafeez Shaikh Wednesday said the government had a clear roadmap for generating Rs 5.55 trillion revenues during the upcoming fiscal year (2019-20) and protecting vulnerable segments of the society despite current financial constraints

ISLAMABAD, (UrduPoint / Pakistan Point News - 12th Jun, 2019 ) :Adviser to Prime Minister on Finance, Dr Abdul Hafeez Shaikh Wednesday said the government had a clear roadmap for generating Rs 5.55 trillion revenues during the upcoming fiscal year (2019-20) and protecting vulnerable segments of the society despite current financial constraints.

Sharing the roadmap at the post-budget press conference, the Adviser said the zero-rating of exports would remain intact; however the exporters who were selling their commodities inside the country would be taxed for domestic sales.

Hafeez was flanked by Federal Minister for Planning, Development and Reform Khusro Bakhtiar, Minister for Power Omar Ayub Khan, Minister of State for Revenue Hammad Azhar, Chairman Federal board of Revenue (FBR) Syed Shabbar Zaidi and other top officials of the Finance Ministry.

He said there were around Rs1200 billion domestic textile sales, but just Rs 6 billion to Rs 8 billion taxes were collected, which was unacceptable. He said this sector had to perform national duty and pay due taxes for overall uplift of the national economy.

Similarly, the Adviser said that sales tax on different products would be collected at manufacturing stage, which would help the government boost revenue collections.

In order to remove the misperception that non-filers could go scot-free by just paying higher tax and also to remove certain anomalies, he said, the concept of "non-filer" would be done away with and a scheme had been introduced which would force non-filers to become filers, hence it would help enhance the number of tax filers.

The government, he said, had also made the process of return filing automated and easy, so a person could become filer within just six minutes by registering on the prescribed website of FBR.

Yet explaining another tax measure, the Adviser said, the government would not charge any customs duty on import of raw material that was not being produced inside the country, adding that duties had been enhanced by 4 percent on certain luxury items to curtail imports.

More/maw-mag-raz/

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