Tuesday Feb 01, 2022
ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin on Tuesday stressed the need for using technology in matters related to taxation and foreign exchange.
Addressing a press conference, the minister said that all “economic matters should be free from obstacles.”
Tarin's comments came after the reports revealed that the Federal Board of Revenue (FBR) has failed to reach its revenue collection target of Rs457 billion for January 2022, falling short by Rs27 billion.
He highlighted that the incumbent government is taking possible measures in this regard, adding that all the government agencies are working responsibly and reforms are underway.
The minister told the reporters that the government is also working on reforms to make the Federal Board of Revenue (FBR) fully automated.
“Taxation and foreign exchange reserves are two very important components of Pakistan economy and are very important for the government,” Tarin reiterated, adding that economic headwinds can be “fixed through automation.”
Shedding light on the problems of the tax system in Pakistan, he said that the people of this county do not pay taxes. However, he was quick to add that the government and the Federal FBR is reaching out to all non-filers.
Tarin highlighted that in some cases, the authorities face difficulties because some traders import goods from China while invoicing comes from Dubai.
“People have opened companies in Dubai, underwriting is taking place from there,” Tarin said, adding that everyone, irrespective of their intellectual abilities, can understand that there is “something fishy about it.”
Tarin further added that as a country, Pakistan needs to progress and move forward, adding that the government is committed to the development of the country.
He further mentioned that under-invoicing is being done in the import of petroleum products as well which is “causing a loss in revenue.”