Minister for Finance and Revenue Shaukat Tarin says the reforms measures being taken by 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.
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.