Hammad Azhar, Minister for Industries and Production said that the country’s tax revenue witnessed a 30% decline due to the adverse impact of the COVID-19 pandemic.
The number of tax filers rose by 40% to 2.6 million from 1.6 million over the previous year. “Our tax collection also witnessed 27% growth before the emergence of coronavirus but saw a 30% decline in the post-pandemic period,” Hammad Azhar said while Speaking during today’s session of the Senate
The Minister expressed the confidence that the situation will improve as business activities have resumed. He said well-off people who are still out of the tax net will be made to pay their due taxes.
The tax collection from salaries of government employees in the fiscal year 2018-19 raked in Rs 5.97 billion whereas Rs 70.47 billion worth of tax was collected from employees of all provincial governments and other departments, Hammad Azhar told
Hammad said efforts are afoot to further broaden the country’s tax base as the database is being used to improve the tax collection with the government considering to phase out import-based duties and focus on domestic taxation.
Speaking about the Pakistan Steel Mill Hammad Azhar said the previous governments failed to revive or privatize Pakistan Steel Mills. “Today, the debt of PSM stands at Rs. 230 billion,” he revealed. He said the government has now decided to lease out the core steel mills operations to revive the Steel Mills.
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