Those who don't pay taxes, will be brought into tax net: Shaukat Tarin
ISLAMABAD (92 News) - Minister for Finance Shaukat Tarin has said that those who do not pay taxes will be brought into the tax net on Friday.
Speaking to the floor of National Assembly (NA), Shaukat Tarin said that the government will seek a third party’s help for action against the tax defaulters. “Arrest will be made after legal formalities.”
"Despite the wave of coronavirus, Prime Minister (PM) Imran Khan took a bold decision. In the past, growth has ranged from debt. When PTI came into power, the current account deficit was 20 million dollars. We have no other choice than going IMF. This time the conditions of the IMF were strict. Today our growth is five per cent. Imran Khan took steps for the development of the construction industry," he added.
The finance minister said that the federal government had proposed tax exemption on vehicles up to 800cc. "But we considered the suggestions given by the opposition and the business community and we have decided that one thousand Tax exemption will be given on vehicles up to 1000CC," he maintained.
Shaukat Tarin said that the federal government has slapped a tax on talking on a mobile phone for more than five minutes. He said speaking over your cellphone for more than five minutes will be taxed at 75 paisas, but there will be no tax on an SMS.
Shaukat Tarin said that the current government has increased PSDP by 40 per cent. "Money will be spent on Karachi Transformation Plan. Government initiatives will lead to economic growth. Our circular debt will be further reduced next year," he mentioned.
"The IT industry will export worth of eight billion in the next two years. China was taking some industries to Vietnam but we have persuaded China, now they will bring industries here. The government is also abolishing the withholding tax system."
The minister further said that IMF proposed strict restrictions and demanded to increase power tariff but Imran Khan denied to hike the electricity prices.
