Govt to revise property valuation rates from July 1: revenue minister

ISLAMABAD: Minister of State for Revenue Hammad Azhar here on Thursday said that the government would revise property valuation rates from July 1, ARY News reported.  

Responding to a calling attention notice in the Senate, Hammad Azhar said the government was taking steps to broaden the tax net and added that the next year would be focused on fiscal consolidation and stabilization.

He said Supreme Court’s stay, which has now been vacated, to collect tax on mobile cards and compression of imports caused decline in tax collection. The minister said that the decision would help reduce current account deficit worth Rs12bn.

The minister said that the government reduced indirect taxes on petroleum products. He told the Senate that the government was striving hard to review country’s economy and added that soon the policies would bear fruit and the economic progress would be witnessed.

Read More: Economy needed stabilization policies to deal with deficits: Hammad Azhar

Hammad Azhar said that soon they would launch a sales tax registration portal to facilitate the business community.

The minister said that he Federal Board of Revenue (FBR) faced massive revenue shortfall of Rs238 billion in the previous year. He further said the most of the revenue targets, during the past 10 years, could not be achieved.

The minister told the Senate that they were working on the new revenue collection system to meet the assigned targets.

He said that the federal government in collaboration with the provinces would launch a new programme for sales tax registration and filing.