Prime Minister Shahid Khaqan Abbassi has said the government is working on a multi-pronged strategy to reform the country's tax structure. Sharing some details of the strategy at Pakistan Economic Forum in Islamabad Wednesday, he said we plan to lower the tax slabs for the individual taxpayers while minimum threshold of taxable income will also be increased. He said one time tax amnesty scheme will also be announced
ISLAMABAD,(Pakistan Point News - 17th Jan, 2018) Prime Minister Shahid Khaqan Abbassi has said the government is working on a multi-pronged strategy to reform the country's tax structure. Sharing some details of the strategy at Pakistan Economic Forum in Islamabad Wednesday, he said we plan to lower the tax slabs for the individual taxpayers while minimum threshold of taxable income will also be increased. He said one time tax amnesty scheme will also be announced.
The Prime Minister said that tools such as computerized national identity cards and information technology will be used to identify and bring to tax net the affluent class. Shahid Khaqan Abbassi said enhancing tax collection is vital to provide incentives and services to the people of the country. The Prime Minister admitted that high corporate tax is inhibiting the growth of industries. He said the enhancement in tax collection will also enable us to lower the corporate taxes.
He said that the country's exports currently hover around twenty billion Dollars which are not sufficient. He said we need to achieve much higher exports above fifty and sixty billion dollars. Shahid Khaqan Abbassi recalled that when the present government assumed power in 2013, the country was confronted with poor law and order situation, energy shortages and economic problems. He said over the last four and a half years, overall law and order situation has improved to a great extent due to the sacrifices rendered by security forces of the country.
He said despite political instability and turmoil, the energy crisis has been resolved. We have rather set the roadmap to meet the future requirements of energy. He said losses and circular debt are sources of major concern for the government which will also be addressed. The Prime Minister said that the government has taken steps to resolve economic issues.He said we gave an incentive package to the exporters but more needs to be done to make our industries competitive.
In this regard, the government will continue to play the role of facilitator. Shahid Khaqan Abbassi said that multi billion dollars China Pakistan Economic Corridor project throws a great opportunity in the way of Pakistan. He was confident that special economic zones under the corridor project will generate economic activities in the country. The Prime Minister said the next general elections are due in the next few months and expressed the confidence that whosever comes in the power will carry forward the reforms process introduced by incumbent government in different sectors.
