A weekly review meeting on national tax reforms took place under the chairmanship of Prime Minister Shehbaz Sharif, who said that tariff reforms now show clear positive trends across the tax system.
According to details, the premier said that the improvement forms firm evidence that steps to modernise, make transparent and strengthen the Federal Board of Revenue are on the right path.
The premier said that the latest economic data now supports the government’s wider reform agenda. He said that the pace of economic growth improves day by day and signs of recovery now appear clearly. He said that tariff reforms have caused no negative effect on revenue collection this year.
The meeting was informed that tariff reforms have caused no fall in revenue collection. Duty and tax collection at the import stage rose by 25 per cent, despite only a 3.6 per cent rise in the volume of dutiable goods. Fears that tariff cuts would cause a decline in revenue have proved unfounded. Duty-free imports rose by 41.5 per cent. Officials said that the overall reform programme aims to create a more favourable climate for investment.
The prime minister directed authorities to remove flaws in the tax collection system in major sectors, including tobacco and tiles. He commended the FBR and the entire economic team and instructed them to increase the pace of reforms.
