ISLAMABAD, Nov 27: Minister for Finance Shaukat Aziz on Tuesday said that Pakistan was expected to suffer a revenue loss of over $2 billion as a result of decreased exports, reduced revenues, slow process of privatization and fall in investment inflows.

Speaking at the inaugural session of the recently constituted Advisory Council here on Tuesday, he, however, said that increased remittances through official channels from overseas Pakistanis, stable exchange rate and buoyant stock trading in stock exchanges were some of the redeeming factors.

“Today Pakistan has the highest foreign exchange reserves exceeding $4.3 billion,” he said.

According to a handout issued after the meeting, he also said that government was committed to achieving the goal of tax reforms through induction of quality skill technology and management.

He emphasized that the role of Advisory Council was to build confidence between the collectors and taxpayer. He said the Advisory Council should act as a forum for increasing the tax base. The Council should periodically point out the shortcomings in the management of tax collection and suggest improvements in the CBR.

The finance minister briefed the Council about the post-September 11 economic scenario of Pakistan. He said that the international community has reposed its confidence in the principled stand taken by Pakistan to fight terrorism in all its forms and manifestation.

He also emphasized the need to re-design the business process for efficient tax collection, taxpayer facilitation, audit and enforcement and to reduce “interface” between the taxpayer and tax collector through introduction of modern technology.

Aziz urged the Council to further act as a bridge between the government and the people. The Council, he said, should also play its role to reorient the business community to volunteer tax collection and tax information.

The meeting among other was attended by the chairman CBR, Tariq Saeed, Wazir Jogezai, Javed Saifullah Khan, Iftikhar Ali Malik, Pro. Asif Ali Kazi, Shahzad Alam, Shaikh Muhammad Siddiq, Imran Baghpati, S.M. Naeem and Shabbar H.Zaidi.