Karachi: A long-term strategy has been devised by the Pakistan Tehreek-e-Insaaf (PTI) in order to bring uniformity in tax collection from three major sectors of the economy namely industry, services and agriculture as per their share in GDP.
Currently, a share of 21% in the GDP comes from the industrial sector while it paid 70% of the total taxes in the fiscal year 2018-19. Similarly, the share of the agriculture sector was 19% while its total paid taxes stood at 0.60% and the tax collection for the services sector had been 29.40% while its GDP share was 60%.
The current steps to be taken by the government to hit the parity target include going after people using Benami accounts for the transfer of dollars abroad to build up their illegal assets. A crackdown will be launched against those who have still tried to hide undeclared assets once the Asset Declaration Scheme 2019 comes to an end.
A strategic budget for the fiscal year 2020 is aimed at introducing structural reforms at the Federal Board of Revenue (FBR) and the Ministry of Finance to fix the economy as required. Reforms are set to be completed over the next two years and would pay distributed to the nation.
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