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No new taxes or tax rate increases in budget, says Hafeez

April 10, 2012

Finance Minister Abdul Hafeez Sheikh.—File Photo

KARACHI: Finance Minister Dr Abdul Hafeez Shaikh said Tuesday that the government has no plans of introducing any ‘new tax system’ or increasing tax rate in the upcoming national budget 2012-13.

He was speaking to media representatives at the 28th Corporate Excellence Awards of the Management Association of Pakistan (MAP) at a local hotel.

Hafeez said that the government was trying to further simplify tax collection and eliminate the chances of any direct dealings between the FBR and tax payers to minimize the element of corruption.

“Tax net will be broadened and wealthy and affluent people will be brought into this net in the budget to enhance self reliance of the country,” he added.

Hafeez said government will not try to further burden the existing honest tax payers and instead aims at improving tax collection.

Outlining the main features of the next budget, he said major issues including unemployment and inflation are being addressed in the budget while efforts will be made to control these two major irritants.

Hafeez said that an increase in tax revenue will enable the government to undertake further development projects and improve law and order by further increasing efficiency of police.

Referring to revenue collection, Hafeez said that tax collection during the nine months of the current fiscal year had recorded a growth of 25 per cent over last year.