Daily Times

Federal Minister for Finance and Revenue, Shaukat Tarin on Friday said that transparency in tax collection in retail and other economic sectors will be ensured by introducing a track and trace system in the national tax system. The government is trying to increase the country’s revenue under the track and trace system and the industrial sector is fully cooperating in this regard, he said this while addressing the ceremony before the inauguration of ‘Tax Track and Trace System of Federal Board of Revenue “at the business’s site of Pakistan Tobacco Company near Jhelum city. The minister said that the government wants to raise the annual tax-to-GDP ratio upto 20 percent to strengthen the country’s economy. He said that Pakistan currently has an annual tax-to-GDP ratio of about 8 to 10 percent, which needs to be raised 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 raising the annual tax-to-GDP rate in the country. He said that to increase the country’s revenue, the government is modernizing the tax system by using technology.

The FBR is currently modernizing the tax system by promoting automation and digitization. According to Prime Minister Imran Khan’s vision, the ideology of justice and welfare for the state of Madina will be carried forward. Meanwhile after the ceremony, talking to the media person he said that Saudi Arabia had agreed to provide $3.6 billion for purchase of crude oil. Saudi Arabia would pay $3.6 billion to the government of Pakistan on a monthly basis over a period of two years.

He said that the government of Pakistan would receive $150 million per month that would be utilized only for the oil purchase.