KARACHI: Federal Minister for Finance Senator Ishaq Dar on Tuesday said the PML-N leadership and the government have strong resolve to do maximum possible for development and prosperity of the country through team work and by taking all stakeholders on board, complemented with good governance and transparency.
"Today, our country is facing serious challenges including macro-financing imbalances but our resolve is stronger. PML-N government's actions have started giving results," the Minister said while addressing senior officers of Federal Board of Revenue (FBR) here at the Customs House. Chairman FBR, Tariq Bajwa was also present.
Ishaq Dar expressed serious concern over the country's deteriorated economy, and law and order problem especially in Karachi. International analysts predicted that Pakistan would shortly become a defaulter state, he cautioned.
He urged the FBR officers to increase revenue collection with all fairness and without harassing tax-payers.
Karachi needs special focus as it is the base of revenue generation of the country. In total, he said, Karachi contributes 60 percent of tax / duties' revenue to the national exchequer.
"You have to do an immense job of collecting more revenue. You here have ports, great commercial activity and a large number of industries," he said.
Ishaq Dar said Pakistan Muslim League-Nawaz Government has a comprehensive plan and various initiatives to increase tax and GDP ratio which at present is very low in comparison to many countries.
He said that International Monetary Fund (IMF) wanted Pakistan to boost taxes / duties collection.
He said a meeting is scheduled with IMF representatives and the first tranche of the sanctioned loan is expected to be released soon.
Senator Ishaq Dar said the government was going to offer more incentives to attract local and foreign investment to generate more revenue and employment besides development of the country.
He said the country was also faced with poor infrastructure which was very essential for economic prosperity. The government has planned to increase the development expenditure by 15 percent in the next annual budget.
He spoke of achievements of the present Government made on social and economic fronts over a short period of time including payment of circular debt.
Senator Ishaq Dar said PML-N Government under the leadership of Muhammad Nawaz Sharif has succeeded in gaining the confidence of international financial institutions / agencies. Now, he continued, World Bank, Asian Development Bank and Islamic Development Bank etc., were ready to work with Pakistan government in economic and social sectors.
Referring to increase in power tariffs, the Finance Minister said the government had to implement the tariffs which were approved by National Electric Power Regulatory Authority (NEPRA) in the past but were left un-implemented.
He criticised the previous government for its non-seriousness and lack of financial discipline while running the business of the country.
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