Government Initiates Reforms In Tax And Revenue Culture: Hammad Azhar
Fakhir Rizvi 17 days ago Tue 02nd April 2019 | 11:26 PM
Speaking on the occasion, Minister of State for Revenue Hammad Azhar said the government had initiated reforms in both tax administration and tax laws to promote revenue culture and enhance tax to GDP ratio
He said the government was committed to bring about tax reforms and broadening the tax net for increasing the revenue.
Talking about the economy, the minister said the government had brought down the current account deficit considerably and it would further come down. The next steps would be taken to ensure fiscal stabilization.
Hafiz Pasha said Pakistan was facing many challenges, including the 'elite capture' of economy. The culture of tax concessions, exemptions and SROs was damaging the economy.
He said there were many imbalances in the current tax culture particularly in the agriculture tax system, which needed to be overcome. He also suggested imposition of Capital Gains Tax and inheritance tax, and also highlighted the importance of improving Free Trade Agreement with China as it was highly tilted in China's favour.