Imran Khan-led Pakistani opposition's political talks should not be seen as anti-army aid

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday said Pakistan's elite classes must pay their share of taxes, a day after the government announced its national budget and set an ambitious tax revenue target of Rs 13 trillion ($46.66 billion) for the year beginning. July 1, a jump of almost 40 percent compared to the current year.

Pakistan must find ways to raise revenue to reduce its budget deficit under reforms being discussed with the IMF, with whom Islamabad is in talks for a bailout of up to $8 billion. The IMF wants Islamabad to carry out gradual fiscal consolidation, expand its existing tax base and improve tax administration and debt sustainability while protecting the most vulnerable.

While preparing the budget, I made it clear that the elite must pay taxes, Sharif said in a statement from the Prime Minister's Office after a meeting on tax reforms, digitalization of the economy and measures aimed at to increase income.

We will eliminate tax evaders and those who help them.

Terming the national tax watchdog, the Federal Board of Revenue (FBR), as the most central wheel of the national economy, Sharif said the incumbent government would provide all necessary resources for development and digitalization of resources human resources of the FBR.

The top priority was to reduce the tax rate while increasing the number of taxpayers, Sharif added, reiterating his government's determination to impose minimum taxes on the poor and the middle class.

We are prioritizing the complete digitalization of the tax system and strengthening the capabilities of the workforce, Sharif said. We are taking steps to integrate eligible taxpayers into the tax net as quickly as possible.

The increase in the tax target in the national budget consists of a 48 percent increase in direct taxes and 35 percent in indirect taxes compared to the revised estimates of the current year. Non-tax revenues, including oil levies, are expected to increase by 64 percent, while sales tax would increase to 18 percent on textile and leather products as well as mobile phones. An increase in property capital gains tax was also announced.

Key objectives for the next fiscal year include reducing the public debt-to-GDP ratio to sustainable levels and prioritizing improvement of Pakistan's balance of payments, according to the government's budget document.

Pakistan forecasts a sharp decline in its budget deficit for the new financial year, to 5.9 percent of GDP, compared to an upwardly revised estimate of 7.4 percent for the current year.

The central bank on Monday warned of possible inflationary effects from the budget, saying limited progress in structural reforms aimed at broadening the tax base meant that increased revenue had to come from higher taxes.

The bank, in a bid to boost growth, cut interest rates on Monday for the first time in four years, cutting them by 150 basis points, in the face of a sharp decline in inflation from a record high from 38 percent last year to 11.8 percent. in May.

GDP is expected to grow 2.4 percent this year, below the budgeted target of 3.5 percent, the government said, despite a 30 percent year-on-year revenue increase and budget deficits. and currents under control.

The growth target for the coming years has been set at 3.6 percent and inflation projected at 12 percent, Aurangzeb said.

With contributions from Reuters

Sources 1/ https://Google.com/ 2/ https://www.arabnews.com/node/2530101 The mention sources can contact us to remove/changing this article

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