Tax Revenues Rise in Pakistan
July 5, 2014 Taxation in Pakistan
ISLAMABAD – Pakistan has seen a historic rise in tax revenues, coming close to reaching its own tax target.
On July 2nd the Ministry of Finance of Pakistan issued a new statement congratulating the Federal Board of Revenue for its efforts to raise tax revenues by 14.5 percent over the 2013 fiscal year, despite the fact that the amount collected is still below the government’s target for the year.
In the 12 months to the end of June 2014, Pakistan saw tax revenues reach a total of PKR 2 224 billion, a level approximately PKR 51 billion lower than the government’s own target, but PKR 285 billion higher compared to the same period last year.
In the newly published statement, the Minister of Finance Senator Ishaq Dar conceded that the collection of tax revenues was below target, but added that the targets “…are always set on the higher end and efforts are made to reach closer to that target”, and added that the levels of growth which were seen were still “…unprecedented in the history of Pakistan”.
The Minster urged the FBR to continue its positive efforts to boost tax revenues in the future, calling for greater efforts to improve tax compliance by easing the process of filing taxes “…so that people prefer to pay taxes rather than evading tax process”.