Govt has potential to collect Rs 24 trillion revenue: PM Shehbaz

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif said Pakistan has the potential to collect revenues of over Rs 24 trillion more than twice its annual tax target of Rs 9.4 trillion, ARY News reported.

Addressing a ceremony to award shields to hardworking and efficient officers of the Federal Board of Revenue (FBR), the prime minister said that an amount of around three times the annual revenue target is being wasted due to ‘corruption, inefficiency, and negligence’.

“This huge amount could be utilised to pay debts and construct hospitals, schools, universities, and roads in the country,” he added.

The prime minister said that Pakistan is facing multiple challenges including a low tax-to-GDP ratio and external and internal debts that are increasing every passing day.

As regards the amount worth Rs 2.7 trillion held up across various appellate forums, including commissioners’ appeals, Appellant Tribunal Inland Revenue (ATIR) and various courts, he said now the law had been made to recover such amounts.

PM Shehbaz said under the new law, the ATIR members, equivalent to the high court judges would be appointed through an open competition and their tests and interviews would be conducted through reputable institutions such as LUMS, IBA etc.

The prime minister said the members would also get high perks and privileges equivalent to the senior judges.

Pointing to another Rs 756 billion sales tax scam recently uncovered by the FBR, the prime minister said he has already directed the authorities concerned to make every possible to recover such looted money.

Earlier, the prime minister distributed shields to dedicated and hard-working officers of the FBR. PM Shehbaz said that he is proud of the fact that Pakistan possesses plenty of such honest officers who could play their due role in the development and prosperity of the country.

“This practice would multiply in the future and the officers would be fully acknowledged only based on their honesty, efficiency, hard work, and sincerity toward the nation,” he added.