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Federal Minister for Finance Mr. Ishaq Dar visited FBR Headquarters today and was given a detailed briefing by Mr. M. Abdullah Yusuf, Secretary General Revenue Division / Chairman FBR on the current revenue position and future scenario. A brief résumé of Tax Administration Reforms Program (TARP) was also given. The briefing was also attended by all Board Members and CEO Pakistan Revenue Automation Limited (PRAL). Chairman, FBR apprised the Minister of the plan to enhance Tax to GDP ratio by 5% over next 10 years. He focused on the reform efforts being under-taken by FBR with particular emphasis on improvement in systems and procedures through the help of technology in order to ensure that FBR becomes an efficient and transparent organization.
Mr. Ishaq Dar lauded the efforts of the Federal Board towards collection of higher targets of revenue and emphasized the need to ensure transparency in the system and to provide maximum facilitation to the tax payers at all levels. He also stressed the need to provide adequate incentives to the Agricultural Sector so as to achieve food security for the country.
Mr. Dar emphasized the need for introduction of measures in the forthcoming budget that would lead to introduction of an equitable system of tax wherein relief is provided to the poorer classes. He stressed the need for balancing the fiscal and monetary policy which, due to mismanagement in the past, had resulted in distortions in the economy. The Finance Minister also required of the Federal Board to remove anomalies in taxation system.
The Federal Finance Minister also urged the Board Members to formulate policies for the forthcoming budget in consonance with the aspirations of the people and agenda of the popularly elected government.