ISLAMABAD, Federal Minister for Finance and Revenue, Shaukat Tarin on Friday said the government has set 5.8 trillion revenue target for coming year 2021-22, which was a sign of the government’s aggressive economic policy.
“Institutional reforms and automation in the FBR will eliminate human intervention so that the process of achieving the annual revenue target can be made transparent” Finance Minister said.
Talking on the fiscal policies in senate session, the minister said the government had already introduced reforms in the Federal Board of Revenue (FBR) to change the system through automation of the institution and ensure transparency for achieving the annual revenue target.
Shaukat Tarin said that there would be no harassment for new tax filers but some measure would be taken by the government and only third parties would have mandate to negotiate with them to settle the tax issues.
Minister said the government collected Rs 4.1 trillion revenues in the first 11 months and hoped that by the end of current fiscal year (2020-21), the revenue collection would increase up to 4.7 trillion.
“We have set Rs 5.8 trillion revenue target for the coming year 2021-22” he said.
He said that the government has decided to introduce the ‘Universal Self-Assessment’ for engaging a third party approach to conduct the audit of 15 million potential taxpayers.
He said the government has collected the information of these people from their electricity and other utility bills.
The government has provided tax incentives in budget 2021-22 and has not imposed any new taxes instead provided relief measures to the industrial sector.
He said that in the new auto policy the government announced reduction of tax on the 1000 CC vehicles while it was already reduced for 800 CC vehicles.
He said the government has also exempted the tax on children milk, medicines and medical equipment and the Information Technology (IT) sector to grant relief to the people.
He said the government has also exempted the taxes on mobiles and poultry industry including the poultry feed ingredients.
“We have also provided tax relief to the construction industry during the COVID- 19 and also reduced the tax from 35 to 20 percent for them to benefit around 40 allied industries that would help increase employment in the country” he said.
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