business
Thursday Apr 04 2019
By
Web Desk

Govt has not set a dollar rate with IMF: Hammad Azhar

By
Web Desk

ISLAMABAD: Minister of State for Revenue Hammad Azhar on Thursday said the government has not set a dollar rate with the International Monetary Fund (IMF).

Addressing a ceremony in Islamabad, the minister of state for revenue said, "From 1971 till now, the economy was slow and foreign exchange reserves began to grow for the first time in January this year."

"The economy is moving towards stability," Azhar further said and added that "debts are rapidly decreasing".

"We have not set a dollar rate with the IMF," the minister of state for revenue asserted.

Criticising the previous governments, Azhar said, "Pakistan's economy was destroyed during the previous terms. Former leaders destroyed Pakistan's economy during their times and are still determined to do so through their statements."

"The should stand in the witness box and respond to questions," Azhar continued.

Stating that the Pakistan Tehreek-e-Insaf (PTI) government reduced circular debt by 2%, the minister of state for revenue said, "We will close the target we have set for circular debt at Rs250 billion."

Regarding the draw for the Federal Board of Revenue's (FBR) audit of taxpayers, Azhar said, "Quality has been the focus for the audit and we have decided to send very few notices."

"For 2017, 14,000 taxpayers will be audited," he added. "Last year, 45,000 taxpayers were audited."

Azhar further said that this year 2.2% of income tax cases have been selected for audit as compared to 9.5% cases last year. "This time, 2.5% sales tax cases have been chose for audit as compared to 7.5% cases last year and 8.% of excise duty cases have also been selected," he stated.

"We are determining the authority of FBR officers for the audit," Azhar said. 

The minister of state for revenue further said, "In the future, we will reduce tax on property. We will give facilities to taxpayers and create difficulties for non-filers."

"Data of non-filers is being collected," he said and added that "data which can be investigated is being collected to increase the tax net".

On the rise in prices of petrol and diesel, Azhar said, "Government only increased the price of petroleum products by half of what OGRA had suggested."