Govt mulling to abolish unnecessary withholding taxes: Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Tuesday said that the government was mulling to abolish unnecessary withholding taxes, ARY News Reported.

Addressing a ceremony in Islamabad, Asad Umar underscored the need for reforms in property business. He said that the current tax system could not detect transactions and profit in property business.

The finance minister said that the issue of under invoicing could be resolved through information technology. He said that import from China and Dubai could be checked by IT.

Asad Umar said that the treasury had $1bn foreign reserves and added that the monthly current account deficit was reaching to $2bn. He said that the government had to take tough decisions in the crippling economic situation.

The minister said that strict action against the corrupts was in the country’s interest. He said that best platform for charter of economy was the Senate and the National Assembly committee.

Earlier, Finance Minister Asad Umar on January 23, had presented the Pakistan Tehreek Insaf (PTI) government’s third finance bill which was also the second supplementary budget by this government in the National Assembly.

Speaking in the National Assembly, Asad Umar had said that it was not a budget, but a package for economic reforms. “The government wants a resolution to economic woes of the country”, he said, adding that the government didn’t want next governments to complain about previous government’s wrongdoings.