ISLAMABAD, Pakistan: The Adviser to Prime Minister on Finance, Economic Affairs and Revenue Miftah Ismail has said that the federal government is taking several measures for enhancing tax net to increase revenue with the consultation of all provisional stakeholder.
“The mobilization of domestic resources through reforms in taxation is essential to ensure sustainable financing of development as government would not depend on foreign loan”, Miftah Ismail said on Monday in an interview with a Private News Channel.
While appreciating Ishaq Dar, he said that the former finance minister contributed for Country’s economic stability and growth.
Miftah Ismail assured that in a month “We will take further steps to make our economy, more strong through tax reforms.”
“We want to facilitate the new tax filers and less tax burden on middle class citizens for balancing tax distribution”, he said.
The adviser further said that Pakistan’s government has in recent months stabilized the rupee, and tariffs on imported goods to be sought for boosting exports to reduce growing balance of payments.
Ismail said that the government has planned tax reforms to focus on widening the tax base, simplifying tax structures, and slashing personal tax rates to encourage more people to file returns.
“We have to reduce rates and the prime minister is very eager to especially reduce rates on individuals,” Ismail said.
Pakistan has a very narrow tax base and successive governments have promised to rein in tax evaders and boost revenues.
“We will probably not go back to the international markets to issue a new bond until the end of next calendar year so it will not be in this fiscal year anymore,” he concluded.