Our Correspondent
ISLAMABAD:
Finance Minister Senator Mohammad Ishaq Dar yesterday chaired a meeting
at the Ministry of Finance to review matters pertaining to the Federal Board of
Revenue (FBR) and the Finance Division.
The acting Finance Secretary briefed the
minister on the progress of the various ongoing initiatives and efforts to make
sure that the strong fiscal performance of first quarter was maintained during
the second quarter and beyond.
The Finance Secretary also briefed the
minister on the estimates of gross external financing needs during the current
fiscal year. He said a recently published World Bank Report had erroneously
indicated Pakistan's gross external financing needs at US$ 31 billion for the
current fiscal year. The report was based on misinterpretation of standard definition
of the gross financing needs of the country. Based on the international
reporting standards, Pakistan's actual gross financing need for FY 2017-18 was
estimated at $18 billion (5.3% of GDP) rather than $31 billion (9% of GDP). The
matter had been taken up with the World Bank to rectify the error.
The minister directed the Finance Division to
proactively work with the World Bank to ensure correct reporting of economic
data. He also directed to ensure timely and effective implementation of the
various ongoing initiatives of the ministry.
The FBR Chairman briefed Ishaq Dar on the
progress in taxpayer's outreach program launched by the Bureau for broadening
the tax base.
FBR were holding workshops on e-filing of
returns for members of tax bars, professional bodies and chambers of commerce
and industry. Large corporate employers had been approached for ensuring filing
of returns by all employees receiving taxable salary, he added.
FBR's efforts were yielding results as up to
October 13, more than 352,000 returns had been received as against 162,000 up
to the same date last year, he added.
The minister was further informed that
specialized Broadening of Tax Base (BTB) zones would become fully operational
wef. November 1st, this year.
Ishaq Dar expressed his satisfaction on the
progress made by the FBR and stated that the last date for filing of returns
was extended to October 31 on the genuine demand of tax professionals and trade
organizations.
M. Imran Sharif born in Hyderabad Sindh, he initially worked as a photographer with Pakistani newspaper and currently working as a special correspondent in The Financial Daily since August 2007, He began his journalistic career with Daily Imroz as a photographer.
2 years after serving in Imroz, he served as Special Correspondent of the monthly "Awami Awaz" Hyderabad.
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