F.P. Report
ISLAMABAD: Minister for Economic Affairs Hammad Azhar on Monday informed the Senate that Federal Board of Revenue (FBR) has achieved 95 per cent of tax collection target in first six months of the current fiscal year.
Winding up discussion on the motion raised by Kalsoom Parveen to discuss the performance of the FBR during the last six months, the minister said concrete measures were being taken to enhance the tax net in the country.
He said tax collection witnessed 16.5 per cent increase owing to the efforts of the government.
The minister said domestic revenue collection also witnessed 28 per cent increase instead of mere imposing duty on imports.
Since its inception, the incumbent government inherited huge current account deficit which has brought down considerably, he added.
He said earlier, 50 per cent taxes were being collected from general sales tax on petroleum products which now have been slashed down to 30 per cent. Sales tax regime was being marginalized, he added.
The minister said it was decided during 7th National Finance Commission Award that tax to GDP collection would be enhanced by 15 per cent till 2015.
However, it could be enhanced to 1-2 per cent during last 10-12 years, he added.
He said the tax to GDP ratio was still around 11 per cent which needed to be enhanced.
Hammad Azhar said number of tax filers have also increased and around 2.7 million people have become new tax filers.
Earlier, Kalsoom Parveen, Siraj ul Haq and Nauman Wazir spoke on the motion.
