KARACHI Oct 29 (Online): Caretaker Finance Minister Dr. Shamshad Akhtar has said that the tax collected by FBR in the first quarter of the current fiscal is more than the target of IMF and during this period the IMF program effectively implemented.
Anti-trafficking campaign is being given much attention and illegal transactions and hoarding are being controlled, she added.
Shamshad Akhtar said there is a special focus on the anti-trafficking campaign and the important role of the law enforcement agencies in the eradication of trafficking and for this I salute our law enforcement agencies.
The government has controlled the inflation with a better strategy, the effort to control the inflation is going on, success is also happening, we have tried to revive the economy and it is not an easy task, she continued.
Finance minister siad “We all have to work together, when we came to government, we were surrounded by problems from all sides but the caretaker government has controlled the situation very quickly, improvement in the value of rupee depends on the market.”
She expressed these views while addressing the members and talking to the media at the Korangi Association of Trade and Industry (KATI) yesterday (Sunday).
Chairman FBR Amjad Towana, President KATI Farazur Rahman, Deputy Chief Patron Zubairchaya and others also spoke on this occasion.
The caretaker finance minister while talking to the media said that the Pakistani rupee has strengthened to 279 rupees against the dollar in the interbank market and its value has improved by 8 percent.
Treasury head said dollar had reached Rs 305 in the interbank and more than that in the open market. Law enforcement agencies played a very good role when this issue came up and I am grateful to them because we knew. that smuggling is taking place, after which the exchange companies were reformed and now the matter is under control.
She said that we should discourage people from using illegal currency, we cannot take external measures to keep the Pakistani rupee stable, the exchange rate is determined by the market, but misuse of our currency is illegal and must be stopped. All government agencies are responsible.
Dr. Shamshad Akhtar said that the tax collected by FBR in the first quarter of the current fiscal is more than the target of IMF.
I have asked them to increase the revenue more because money is needed to run the government, we are trying to implement the reforms suggested by the IMF and the World Bank quickly and during the first quarter the IMF program What has been done effectively: Shamshad
Caretaker Finance Minister said that the IMF team is coming to Pakistan on November 2 and the team of the Ministry of Finance and other ministries will inform them about the program.
She said that it is important to look at the IMF program because when you go to borrow money from the bank, they first look at your credit history and see how you have spent the money, when the IMF funds. If it is issued, money will also come from other international institutions.
Pakistani economy is facing numerous problems, the cottage industry also has problems and they need to be given relief because these can become big industries, treasury head said.
She said we tried to act responsibly, it is important not to panic but see if there is a change, it is important to work together.
Dr. Shamshad Akhtar further said that the agricultural development will also strengthen the GDP, the growth rate of economic development will be 2 to 3 percent, the World Bank has given a careful estimate in this regard, for the first time in 14 months, large scale industry and power sector has grown.
Finance minister further added that production of cement and tractors has improved, fertilizer sales have recovered rapidly, cotton production has increased by 80%, credit to farmers has increased by 44% during July-September, the interbank rupee has stabilized at 279.
The value of the rupee has improved by 8 percent. While reforms in exchange companies have also played an important role, she added.
Shamashad said that war in Ukraine has affected oil prices and commodities, an economic recovery plan has been prepared on the instructions of the Prime Minister, and approval is being sought from the Cabinet to operationalize the Export-Import Bank.
She further maintained that they are talking about opening the export market from different countries, the role of the private sector is important in the restoration of the economy.
Chairman FBR Amjad Towana said that work on reforms and restructuring is going on in FBR, measures are also being taken to increase the tax net, they are working together with other institutions including NADRA.
Agreements have been signed with foreign institutions on digitization, filers and non-filers are under the impression that they have been exempted from additional tax while this is not the case, he went on.
45 lakh non-filers have been filed in the past years, work is also going on in withholding, he added.
After the swipe system is improved, the audit system will also be fine, 12 lakh new taxpayers were added last year, he concluded that the target was to bring 7 lakh new taxpayers, work on restructuring is going on tax payers.
Follow the PNI Facebook page for the latest news and updates.
