Govt failed to achieve tax target by over Rs100bn, Senate told

• The finance ministry informed that the tax authorities collected Rs2,085 billion against the set target of Rs2,198bn, showing a shortfall of Rs113bn.
• The Senate was informed that from 2015 to July 2019, $25.59 billion were borrowed.

The government failed to achieve the target of tax receipts in the first six months of this fiscal year, the finance ministry told Senate on Friday.

In a written reply, the finance ministry informed that the tax authorities collected Rs2,085 billion against the set target of Rs2,198bn, showing a shortfall of Rs113bn. The Senate was informed that from 2015 to July 2019, $25.59 billion were borrowed.

The ministry told that the foreign exchange reserves at present stood at $18.12 billion. The finance ministry said 124,587 people benefitted, whereas, revenue of over Rs123bn was generated from the Tax Amnesty Scheme.

Federal Minister Hammad Azhar said that in the last six months the fiscal deficit reached Rs1,922 billion, which is five percent of the GDP, while the total deficit accounts for 78pc of the GDP, the minister said that in the coming days the situation will improve.

Senator Mushtaq Ahmed said that the government policies have worsened the economy. Meanwhile, Siraj-ul-Haq said that the government was blaming the previous government for the rising inflation.

Chairman Senate adjourned the meeting till Monday.