AIRLINK 183.86 Increased By ▲ 3.00 (1.66%)
BOP 11.82 Increased By ▲ 0.15 (1.29%)
CNERGY 7.52 Increased By ▲ 0.02 (0.27%)
FCCL 46.38 Increased By ▲ 0.31 (0.67%)
FFL 16.15 Decreased By ▼ -0.11 (-0.68%)
FLYNG 27.78 Increased By ▲ 0.54 (1.98%)
HUBC 135.09 Increased By ▲ 3.02 (2.29%)
HUMNL 13.06 Increased By ▲ 0.04 (0.31%)
KEL 4.62 Increased By ▲ 0.05 (1.09%)
KOSM 6.20 Increased By ▲ 0.10 (1.64%)
MLCF 59.17 No Change ▼ 0.00 (0%)
OGDC 223.06 Increased By ▲ 1.68 (0.76%)
PACE 5.79 Decreased By ▼ -0.08 (-1.36%)
PAEL 44.95 Decreased By ▼ -0.59 (-1.3%)
PIAHCLA 17.66 Decreased By ▼ -0.30 (-1.67%)
PIBTL 10.66 Increased By ▲ 0.48 (4.72%)
POWER 11.73 Decreased By ▼ -0.12 (-1.01%)
PPL 187.05 Increased By ▲ 2.96 (1.61%)
PRL 36.27 Decreased By ▼ -0.27 (-0.74%)
PTC 24.77 Decreased By ▼ -0.19 (-0.76%)
SEARL 100.95 Decreased By ▼ -0.28 (-0.28%)
SILK 1.15 Decreased By ▼ -0.02 (-1.71%)
SSGC 36.96 Decreased By ▼ -0.30 (-0.81%)
SYM 15.69 Increased By ▲ 0.49 (3.22%)
TELE 7.88 Increased By ▲ 0.08 (1.03%)
TPLP 10.83 Increased By ▲ 0.19 (1.79%)
TRG 66.62 Increased By ▲ 6.06 (10.01%)
WAVESAPP 10.82 No Change ▼ 0.00 (0%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
YOUW 3.81 Increased By ▲ 0.10 (2.7%)
BR100 12,458 Increased By 125.9 (1.02%)
BR30 38,307 Increased By 534.6 (1.42%)
KSE100 117,001 Increased By 801.5 (0.69%)
KSE30 36,134 Increased By 227.9 (0.63%)
Top News

Steps taken to raise tax-to-GDP ratio: Provinces, FBR told to provide details

RECORDER REPORT ISLAMABAD: The Finance Division has asked the Federal Board of Revenue (FBR) and provinces to give de
Published September 29, 2012

fbr-RECORDER REPORT

ISLAMABAD: The Finance Division has asked the Federal Board of Revenue (FBR) and provinces to give details of measures being taken to raise tax-to-GDP ratio to 15 percent by 2014-2015 under the National Finance Commission’s (NFC) 2010 recommendation.

Sources told Business Recorder here on Friday that this would be discussed in the upcoming meeting of provincial Finance Secretaries, FBR and Finance Division.

The 2010 NFC Award recommended that “the federal government and provincial governments should streamline their tax collection systems to reduce leakages and increase their revenues though efforts to improve taxation in order to achieve a 15 percent tax-to-GDP ratio by 2014-15.

Provinces would initiate steps to effectively tax agriculture and real estate sectors. “The federal government and provincial government may take necessary administrative and legislative steps accordingly,” it said.

FBR and Provincial Finance Secretaries would update the Finance Division on the efforts being taken to meet this target. Provinces would also highlight their efforts to raise tax revenues at provincial level, sources added.

The FBR envisages an increase in tax:GDP ratio from existing 9.1 percent to over 10 percent in 2012-2013 by taking administrative measures of Rs176.1 billion including an amnesty scheme that legalizes un-disclosed assets.

Comments

Comments are closed.