LAHORE, Mar 3: Pakistan is now equated with the fast growing economies like China and India, and is maintaining growth rate at 7-8 per cent.

Dr Salman Shah, adviser to prime minister on Finance, stated this while chairing a meeting at Regional Tax Office (RTO) here on Saturday.

He said Pakistan had come a long way from the brink of bankruptcy to be well placed in the international capital market and to get GDR and long-term investments.

"Although the target is difficult but a consistent policy and determination of the government to move ahead has helped Pakistan's economy enter the second generation of reforms," he observed.

He stressed upon the Central Board of Revenue (CBR) to improve the present tax-to-GDP ratio from 10 per cent to 15 per cent during next ten years. The ongoing CBR reform programme of $150 million to improve its system and procedures, provision of modern facilities to taxpayers and the workforce was a step in right direction, he added.

The PM's adviser also stressed the need for broadening the tax-base, which would enable the government to further reduce tax rates.

He commended the Income Tax officers' efforts to improve revenue collection and overall image of the department.

Regional Income Tax Commissioner Haji Ahmad gave a detailed presentation on restructuring and automation and highlighted the department's efforts to realise the vision of modern tax machinery.

Referring to CBR reforms, he said that with the introduction of USAS, policy of minimum contact with the taxpayers, disposal of pending appeals, developing human resource and automation in the department was a major shift in the policies.—APP