Tax revenue to be increased by 20 per cent per annum: finance minister

ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin on Thursday said that the government has set a target to increase tax revenue by 20 per cent per annum, ARY News reported.

Addressing a virtual press conference here in Islamabad today, Shaukat Tarin said that the government will not impose new taxes on the masses but will broaden the tax net to achieve the target. He vowed to privatize the loss-making state-owned entities (SOEs).

The minister said that they devised long-term and short-term plans to stabilize the country’s economy. PSDP budget to be increased, he said, adding that revenue collection would be enhanced from Rs7 trillion.

Despite the coronavirus pandemic, Pakistan’s economic growth rate rose to 4 per cent during the current fiscal year, the finance minister said, adding that the GDP growth for the next fiscal year is estimated at 5 per cent.

Criticizing the former rulers, Shaukat Tarin said that the PML-N government’s wrong polices had brought the country to the brink of economic disaster. He said that the policies had caused $20 billion loss to the national exchequer. He maintained that the incumbent government had to approach IMF due to the wrong polices of the past government.

The finance minister said that they would launch privatization and restructuring program in the country. He further said that the government would provide technical training to one person of each family across the country.