TUESDAY MARCH 27: Fiscal year 2012 tax collection shows historic 26 percent increase: Hafeez

ISLAMABAD: Finance Minister Dr Abdul Hafeez Shaikh on Monday said that tax collection by Federal Board of Revenue has shown a remarkable increase of over 26 percent during 2011-12 as compared to the same period of last fiscal year. The collection is the highest in the history; however 70 percent of the total collection is being transferred to the provinces and the federal government is left with less money in real terms.
He said Rs 800 billion has been transferred to the provinces in two years. He was addressing the inaugural session of the two-day 10th Vice Chancellors' Committee meeting organised by the Higher Education Commission (HEC) attended by Vice Chancellors and Rectors of over 130 universities here. Investment in higher education is government's top priority, as Rs 160 billion has been released during the last four years, said Dr Hafeez Shaikh, adding that role of higher education is very important in producing skilled workforce.
While appreciating the performance of the higher education sector during the last decade, the minister said investment in the higher education has resulted in the generation of employment, initiation of research relevant to socio-economic needs and for meeting industry requirements.
He appreciated the HEC for bringing about a revolution in the education sector of a country, which was neglected for long. "But I must add that the government has also played its part in resolving problems being faced by the higher education sector," he added. The minister stressed the degrees awarded by the universities must be worthwhile in the job market. "Before a student takes admission in any programme, he must know the potential of that degree course. The universities should also have a mechanism for measuring and rewarding excellence and there should be a difference between performers and non-performers."
The minister emphasised that the available infrastructure of the universities must be utilised to the fullest, adding that HEC should strengthen the existing campuses. He also underlined the significance of public-private partnerships, stressing that universities should seek ways of attracting investments. He also urged the HEC and the Vice Chancellors to engage the provincial governments for funding the higher education sector, ensuring that no other institution will get more priority than the higher education institutions. He also floated the idea of student loans.
Dr Javaid R Laghari, Chairperson HEC gave an overview of the higher education sector in Pakistan, adding that the modern university, with its mix of teaching, innovation and research, is different from the universities of the past that only served as teaching grounds. "By introducing innovation, creativity and interdisciplinary research as a vital component of teaching and with knowledge exchange programmes, the university contributes more directly to the economy and society than any other institution," he said.
Dr Sohail Naqvi, Executive Director, HEC said that the aim of the gathering of university heads is that "We will educate this nation," adding that the higher education institutions are located across the country. "Now the higher education has taken root in Pakistan and universities are transforming communities," he added. Syed Imtiaz Hussain Gillani, Chairperson Vice Chancellors' Committee and Vice Chancellor, Khyber-Pakhtunkhawa (KP) University of Engineering and Technology Peshawar said that the Committee was a realistic forum for higher education policy formulation. He emphasised that the budget for higher education should be four per cent of the GDP.
Referring to the ever shrinking budget for higher education, he said that vice chancellors are the powerhouse and think tank, which must come up with actionable solution to problems. "We need to do this collectively as one institution. No doubt, public universities are doing a commendable job in difficult times. We should bolster people's trust and define in these two days where we want to go," he said.