Tax system not to improve without documentation of economy: Hafeez Shaikh

KARACHI: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance and Revenue, on Saturday said that taxation system will not be improved without documentation of economy.

He was addressing at a meeting with office bearers of Overseas Investors’ Chamber of Commerce and Industry (OICCI).

He said that achieving economic growth was not possible without generating tax revenue. He said trade community should not fear with the condition of Computerized National Identity Card (CNIC) because without documenting the economy tax system would not improve.

The adviser said that the prime minister was putting all his efforts to facilitate the business community with the realization that trade and business were backbone of the economy.

Shaikh said that the government had overcome the economic challenges. The government is giving around Rs250 billion subsidy to manufacturers and exporters.

In order to improve the taxation system of Federal Board of Revenue (FBR) the government is introducing large scale reforms.

He further said that the government was taken all those steps to strengthen the institutions.

Hafeez Shaikh said that the IMF had shown confidence on reform programs initiated by the government.

The government has not borrowed from the State Bank during past four months. Besides the government also reduced the current account deficit, he added.

He said that in order to facilitate the masses the government had not increased prices of petroleum products.

The adviser pointed out improvement in stock exchange due to measures of the government regarding confidence building of investors.

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