ISLAMABAD, (UrduPoint / Pakistan Point News – October 2, 2021): Federal Minister of Finance and Revenue Shaukat Tarin said on Friday that transparency in tax collection in retail and other economic sectors will be ensured by introducing a tracking and traceability system in the national tax. system.
The government is trying to increase the country’s income through the tracking and tracing system and the industrial sector is fully cooperating in this regard, he said at the ceremony preceding the inauguration of the “Tracking and Tracing System”. Federal Revenue Council Tax Tracker “at Pakistan Tobacco Company business sight near Jhelum City.
The minister said the government wanted to increase the annual ratio of taxes on gross domestic production (GDP) up to 20% to strengthen the country’s economy.
He said Pakistan currently has an annual tax-to-GDP ratio of around 8-10 percent, which needs to be increased to 20 percent to increase employment opportunities in the country.
Shaukat Tarin said that this country needs millions of jobs to employ young people, which requires increasing the annual tax rate relative to the country’s GDP.
He said that to increase the country’s income, the government is modernizing the tax system using technology.
The FBR is modernizing the tax system by promoting automation and digitalization.
According to the vision of Prime Minister Imran Khan, the ideology of justice and welfare for the state of Medina will be pursued.
Meanwhile, after the ceremony, speaking to the reporter, he said Saudi Arabia had agreed to provide US $ 3.6 billion for the purchase of crude oil.
Saudi Arabia would pay $ 3.6 billion to the government of Pakistan on a monthly basis over a two-year period.
He said the Pakistani government would receive $ 150 million per month which would only be used for the purchase of oil.