An important meeting on tax and tariff reforms was held under the chairmanship of Prime Minister Shehbaz Sharif in which the latest data related to the national economy were reviewed. Addressing the meeting, the Prime Minister said that the positive results of tariff reforms are now clearly visible and this is solid evidence that the government’s policies are moving in the right direction.
The Prime Minister said that recent economic reports show that the pace of the economy is improving due to government reforms. He added that the business community and the public are feeling the economic improvement. On this occasion, he appreciated the FBR and the finance team for their performance.
The meeting was informed that tariff reforms did not have any negative impact on revenue this year, but a 25% increase in duty and tax collection was seen at the import level. According to the report, despite only a 3.6% increase in the quantity of dutiable products, there has been a significant improvement in revenue.
It was further informed that a 41.5% increase has been recorded in duty-free imports, which is being described as a sign of improvement in economic activities and reduction in the cost of raw materials.
On this occasion, the Prime Minister directed that effective administrative measures should be taken to prevent tax evasion and that loopholes in the tax collection system should be completely removed. He said that the pace of reforms should be further accelerated so that exports, manufacturing and investment get more support.
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