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Print Print 2024-12-09

Now revenue leakages come under govt focus

  • Finance Minister Muhammad Aurangzeb says government is taking all necessary steps to digitalise revenue structure
Published December 9, 2024

ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that the government is taking efforts to plug the revenue leakages.

Sources told Business Recorder that speaking at the Overseas Investors Chamber of Commerce and Industry here the other day, Finance Minister Aurangzeb reiterated the government’s commitment to boost trade and investment and stop leakages in the revenue system.

He shared that the government is taking all necessary steps to digitalise the revenue structure, bring transparency and client friendliness, and reduce leakages. In this regard he pointed out to significant difference between sales tax adjustments being claimed by different companies, quoting the example of beverage sector.

Investment, growth and credit safety: Aurangzeb pledges robust insolvency regime

The finance minister highlighted that the tax authorities would use data analytics to identify potential tax frauds. He shared that the government already had the income and sales tax data of companies sorted by sectors.

The minister again quoted the example of the beverage sector where there was significant difference between sales tax adjustments claimed by different companies. In the beverage sector, the benchmark tax adjustment rate has been set at 7%, by The Coca-Cola Company, but other companies claimed up to 20%, FBR Chairman had shared in a press conference earlier in October 2024, sources added.

FBR Chairman also shared the FBR’s study of the 16 active cases engaged in the manufacturing of aerated water, representing 99% of the total reported sales of aerated waters revealed that some of these cases had claimed excess input tax adjustment of Rs15 billion in fiscal year (2023-2024) as compared to industrial benchmark of the sector. “The major source of fake and dubious input tax is claimed on the purchase of sugar, plastics and services,” FBR study added.

Copyright Business Recorder, 2024

Comments

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Mir Adnan Yakub Dec 09, 2024 08:09am
Govt revenue was already in focus for the last 40 years, but neeyat kharaab Hoti hae. NAB laws says , relaxation to DAKOOs in Pakistan UpTo 49 crores. What will you do to focus them.
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Abdullah Dec 09, 2024 12:53pm
Document and digitalise the economy.finish notes of 5000 and leave only 100 ruppe note.govt should only accept payments from digital sources.those who dont cut them.out of economy.tax them 99%
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faraz khan Dec 09, 2024 01:21pm
Hilton company medicine best company
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