Karachi, The government will not bring any new tax system in Federal Budget for next fiscal year 2012-13, says Federal Finance Minister Dr Abdul Hafeez Sheikh.
?We will not try to further burden honest tax payers and will improve further tax collection. We are trying to further simplify revenue collection and eliminating chances of any interaction between Federal Board of revenue FBR and tax payers in order to minimize element of corruption,? he told newsmen here Tuesday at 28th Corporate Excellence Award of Management Association of Pakistan MAP.
Dr Sheikh said tax net will be broadened by bringing wealthy and affluent people under this net. He said important issues including unemployment and inflation would be addressed in the Budget. The government?s priority was to bring economic stability and pursue self reliance policy.
Replying to a question, Minister said increase in revenue collection would enable government undertake development schemes, construct roads, dams, clean drinking water, improve law and order situation by further increasing efficiency of police.
Earlier, in address at MAP awards, he said tax refund mechanism was centralized in fiscal year 2010-11 and in this fiscal year 2011-12, a total of 55,000 cheques of Rs 50 billion issued as against 22,000 of Rs 25 billion last year.
He said revenue collection during nine months of current fiscal year (July- March FY12) recorded 25 percent growth over last year. FBR realized Rs 4 billion from influential assesses who tried to evade tax on income. He gave trophies, awards, certificate to outstanding corporate entities for their financial and management performances.
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