DM Monitoring
ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin on Thursday said that the government has set a target to increase tax revenue by 20 per cent per annum.
Addressing a virtual press conference here in Islamabad Thursday, Shaukat Tarin said that the government will not impose new taxes on the masses but will broaden the tax net to achieve the target. He vowed to privatize the loss-making state-owned entities (SOEs).
The minister said that they devised long-term and short-term plans to stabilize the country’s economy. PSDP budget to be increased, he said, adding that revenue collection would be enhanced from Rs7 trillion.
Despite the coronavirus pandemic, Pakistan’s economic growth rate rose to 4 per cent during the current fiscal year, the finance minister said, adding that the GDP growth for the next fiscal year is estimated at 5 per cent.
Criticizing the former rulers, Shaukat Tarin said that the PML-N government’s wrong polices had brought the country to the brink of economic disaster. He said that the policies had caused $20 billion loss to the national exchequer. He maintained that the incumbent government had to approach IMF due to the wrong polices of the past government. The finance minister said that they would launch privatization and restructuring program in the country. He further said that the government would provide technical training to one person of each family across the country.
Meanwhile, Minister for Energy Hammad Azhar said five per cent economic growth would be achieved in next fiscal year. Criticizing Shehbaz Sharif and former finance minister Dr Miftah Ismail in a televised message, he expressed the hope that the economic growth would be 6 per cent in 2023.
Alluding to the Pakistan Democratic Movement (PDM) leaders, he said those, who were leveling baseless allegations had ruined the national economy during their own tenures in government. There was huge current account deficit while the country exports had declined during their governments, which, however, was in surplus after a decade, he added. He said the govt had put the national economy on right track despite various challenges while the economy of neighboring had shrunken by 7.8 per cent.
