Islamabad: In a high-level meeting held in the federal capital, Prime Minister Shehbaz Sharif reviewed in detail the ongoing reform process in the country’s tax structure. During the meeting, the Prime Minister was informed that the recent tariff reforms have not only brought stability to the revenue but also a significant increase in duty collections.
Speaking, the Prime Minister said that the latest data related to the economy is proving that the government’s reform measures are proving fruitful and the pace of growth is gradually increasing. He said that the fruits of economic improvement are coming before the business community and the public, which is an important indicator of restoration of confidence.
The briefing was informed that despite the reduction in tariffs in the current fiscal year, a 25% increase in tax and duty collection has been recorded at the import level. According to officials, there was a marginal increase of 3.6% in the quantity of dutiable goods, despite this, the improvement in revenue is a clear example of the success of the reforms.
It was further said that duty-free imports have increased by 41.5 percent, which is related to the availability of raw materials at the local level and the reduction in production costs. According to officials, this trend will also be helpful in increasing exports in the future.
At the end of the meeting, the Prime Minister issued instructions that strict administrative and institutional measures be taken to curb tax evasion. He said that the shortcomings in the tax collection system should be eliminated immediately and the reform process should be accelerated so that the country’s economy can be built on a strong foundation.
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