Finance Minister Senator Ishaq Dar Friday presided over meeting to review implementation status of the budget initiatives 2014-15. The Minister was informed that out of the thirty three such initiatives, most of the initiatives had been fully implemented and progress of various degrees had been achieved on others.
The most prominent of these initiatives among others, include formation of Tax Reforms Commission (which is finalising its report); reduction in markup rates of Exports Re-finance Facility (ERF), Reduction in Markup rates of Long-Term Finance Facility; Sales Tax Refund; establishment of telecentres, Reimbursement of Crop Loan Insurance Scheme (CLIS) Premium; establishment of Exim Bank; LNG Import, Revival & Restructuring of House Building Finance Company Limited and many others.
The Minister while expressing satisfaction on the implementation status of the 2014-15 budget initiatives, also issued instructions to concerned officials to ensure their state of preparedness for launching the credit scheme for small farmers as early as possible. He also issued instructions for a meeting to review the recommendations by the Tax Reforms Commission. He said it was his desire to see the exercise undertaken by the Commission reflected in the budget 2015-16. The Minister later chaired a separate meeting of the FBR, seeking an update on the state of revenue collection. He emphasized that all possible efforts be made to achieve the revenue target for 2014-15 fiscal year.-PR