ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin has said the reforms measures being taken by the government will bring the retail sector worth 20 trillion rupees into the tax net.
Briefing the Senate’s Standing Committee on Finance and Revenue in Islamabad, he said the total sale of retail sector in the country is 20 trillion rupees but 16 trillion rupees of it is not in the tax net.
The minister said the Federal Board of Revenue has refunded about 50 billion rupees in six months, which has never happened in any government’s tenure.
Shaukat Tarin said the International Monetary Fund wants to tax 700 billion rupees but the government brought the target down to 343 billion rupees through negotiations.
Read more: Tarin warns ‘defaulters’ to pay taxes before govt reaches them
He clarified that all amendments pertaining to the tax are not being undertaken under the IMF’s pressure, as the government already had the agenda to bring tax reforms for socio-economic development of the common man.
Earlier, Shaukat Tarin had advised the unregistered potential taxpayers to initiate paying taxes before the government reaches them with documentary evidence of their assets.
“I assure the nation that change is taking place, we are making use of technology and will reach all potential taxpayers,” he said while addressing the launching ceremony of National Sales Tax Returns (NSTR), organized by Federal Board of Revenue (FBR).
