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Tag Archives: tax-to-GDP ratio

‘Plugging loopholes and consistent tax policy must to raise tax-to-GDP ratio’

Report compiled by Customs, Petroleum Ministry and AGP says revenue collection can be doubled by preventing revenue losses, consistent tax policies and controlling tax evasion     ISLAMABAD: There is a dire need of developing consistency in tax policy and plugging loopholes in the system to increase tax-to-GDP ratio, said a report jointly compiled by Pakistan Customs, Petroleum Ministry and ... Read More »

SRO 608: Punjab chambers in unison against tax at retail level

LAHORE: All major chambers and industrial representative bodies of Punjab, through a unanimous resolution, have pledged to fight against taxation at retail level, calling for immediate withdrawal of SRO 608 and extension in tax returns filing date. The resolution was adopted at a meeting convened by the Lahore Chamber of Commerce & Industry. The meeting was convened to discuss Tax ... Read More »

Sugar millers set to join hands with FBR to widen tax net

LAHORE: The sugar industrialists have expressed their willingness to further boost tax-to-GDP ratio for the revival of economy in the country. Pakistan Sugar Mills Association (PSMA) Punjab zone Chairman Javed Kayani, while talking to media, said that announced that sugar industry was ready to work with Federal Board of Revenue (FBR) to enhance tax net. He said that despite restrictions ... Read More »

Dar praises FBR for tax collection in Q1

ISLAMABAD: Federal Finance Minister Ishaq Dar has praised the performance of FBR in collection of taxes. The minister said revenue target in the current fiscal year would not be changed. He was addressing the introductory session of the Tax Reforms Commission. He said the tax reforms were meant to increase the tax to GDP ratio. The commission should furnish recommendations ... Read More »

Minister Dar urges tax commission to propose realistic recommendations

ISLAMABAD: Federal Finance Minister Ishaq Dar has directed the Tax Reforms Commission (TRC) to finalise realistic recommendations on top priority for sharing these with all the stakeholders. “We want to promote tax culture in the country and wish to broaden the tax net and the government wants to ensure improvement in tax-to-GDP ratio. There are high hopes in the commission ... Read More »

Holder of taxpayer card to get numerous benefits: Bajwa

MULTAN: Federal Board of Revenue (FBR) Chairman Tariq Bajwa disclosed that Nadra had designed a ‘distinction’ card for the taxpayers and holders of this card will get numerous benefits. Addressing members of Multan Chamber of Commerce and Industry (MCCI), Bajwa pointed out that holders of this card would be entitled to pay concessional tax on the purchase of cars and ... Read More »

Efforts, claims to broaden tax net fail to produce

ISLAMABAD: The government, despite tall claims, failed to broaden tax base by bringing in wealthy non-taxpayers into the tax net as only 14 percent of the people have filed returns out of total notices issued during last financial year 2013-14. The government had planned roping in 100,000 wealthy non-taxpayers into tax net every year over the next five years. The ... Read More »

Tax-to-GDP declined: Dar presents 3yrs budget strategy paper to cabinet

ISLAMABAD: Finance Minister Ishaq Dar presented budget strategy paper for 2014-17 to the federal cabinet, setting ambitious targets for reduction in debt build-up and fiscal deficit while conceding that the tax-to-GDP ratio has declined during the current year despite an increase in tax rates. As per details, the minister informed the cabinet that even though tax collection had improved by ... Read More »