Taxes raised to reduce revenue shortfall: Dar
Ishaq Dar, in a statement in National Assembly, informed the House that there is shortfall of Rs. 196 billion in the revenue collection and the government has taken measure to reduce the shortfall.
“Rs. 41 billion will be collected from regulatory duty on various products”, said Ishaq Dar.
“Increase in General Sales Tax (GST) on petroleum products and changes in other taxes are imperative to meet various needs including release of funds to the provinces from divisible pool”, said Finance Minister.
He said that the government has lowered the revenue collection target to Rs. 2691 billion from Rs. 2810 billion.
Ishaq Dar further informed that there will be no National Tax Number (NTN) for individuals from July 1st and Computerized National Identity Card (CNIC) will be used for this purpose. NTN will only be issued to companies and organizations, he added.
Pakistan People’s Party (PPP) Syed Naveed Qamar has said that the government has shown no respect to the sovereignty of the Parliament as it is imposing taxes without taking the Parliament into confidence. Naveed Qamar, rejecting the increase in taxes, asked government for its immediate withdrawal.