KARACHI: Finance Minister Dr Abdul Hafeez Shaikh said Tuesday that government has no plan to introduce any "new tax system" or increase tax rate in the forthcoming national budget 2012- 13.
He was talking to media at the 28th Corporate Excellence Award of Management Association of Pakistan (MAP) at a local hotel. He said that the government was trying to further simplify tax collection and eliminate the chances of any interaction between the FBR and tax payers to minimize the element of corruption.
"Tax net will be broadened and wealthy and affluent people will be brought in this net in the coming budget to enhance the self reliance of the country", he added.
Hafeez said that government will "not" try to further burden the existing honest tax payers and instead aims at improving tax collection.
Outlining the main features of the next budget, he said major issues including unemployment and inflation are being addressed in the budget while efforts will be made to control these two major irritants.
He said government priority is to bring in economic stability in the country and pursue a policy of self reliance.
He said increase in tax revenue will enable the government to undertake development schemes, construct roads, dams, clean drinking water and improve law and order by further increasing efficiency of police.
Earlier, speaking at the award ceremony, he said that tax refund mechanism has been centralized in 2010-11 and this year 55,000 cheques worth Rs 50 billion have been issued to recipients as against 22,000 cheques worth Rs 25 billion last year.
Referring to revenue collection, Dr Hafeez said that tax collection during the nine months of the current fiscal year has recorded a growth of 25 percent over last year.
Talking of efforts against tax evasion, he said FBR has collection Rs 4 billion from influential assesses who tried to evade tax on income.
Finance Minister also gave trophies, awards and certificate among the outstanding corporate entities on their financial and management performances.
Copyright APP (Associated Press of Pakistan), 2012
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