Finance Minister Dr Abdul Hafeez Sheikh on Tuesday sounded optimism about the success of proposed tax amnesty scheme and gave stern warning to the tax dodgers that undocumented individuals, not availing the facility, would not get any relief after expiry of the deadline.
The minister said the country needed increase in revenue and the government would seriously pursue the initiative. Those who are not going to avail the facility are not going to get any relief after expiry of the deadline, the minister said. Talking to media after the inaugural session of the annual meeting of Pakistan Society of Development Economists, the minister said the summary is being finalised by the Federal Board of Revenue for approval of Tax Registration and Enforcement Initiative 2012 from the Federal Cabinet today (Wednesday).
The minister said in the past tax notices were served on the people without authentic database but this time the government has collected potential taxpayers data based on their assets, vehicles as well as travel record and other expenditures before launching the scheme. Hafeez said the availability of credible data and targeted approach would be very helpful in making the initiative successful.
In reply to another question about holding consultation with political parties, he said the government would initiate talks with political parties from the forum of the parliament after the scheme is tabled in the House. He said the Parliament is the right forum for such discussions and the government would talk to all political parties for broadening of tax base.
He expressed the hope that the country's GDP rate is likely to be around 4 percent in the current fiscal year. Earlier, addressing the opening session of the conference as chief guest, Hafeez while recounting the government achievements stated that inflation has been brought down to single digit from 25 percent.
Hafeez said the tax revenue should be increased and RGST should be imposed in the country. He said the demand should be made to people who have not allowed the government to introduce RGST in the country. The minister said increase in the federal government expenditure was half than the provincial governments.
The minister said serious economic reforms are needed to steer the country out of the prevailing situation. He said the revamping of State Owned Enterprises is required. The minister said the Supreme Court of Pakistan is taking lead in curbing corruption by questioning people within and outside the governments. Additionally, he said National Accountability Bureau (NAB) and Public Accounts Committee (PAC) of the parliament are playing very proactive role and taking serious notice of the issue of corruption in various institutions and departments.
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