The government will not burden the existing taxpayers, rather would identify new people to be taxed in the forthcoming budget, Finance Minister Hafeez Shaikh said on Saturday. Addressing a press conference, Shaikh said the Federal Board of Revenue (FBR) had identified 700,000 wealthy people who are enjoying a luxurious life but not paying any tax. He said 55,000 of the total identified wealthy people, had been issued notices to pay taxes as they had cars, large houses and were enjoying foreign tours. The minister pointed out the general sales tax regime was being reformed to increase revenue and become self-sufficient in revenue generation to fund development projects and facilitate the people.
“We are trying to enhance our own revenue resource base instead of relying on foreign assistance”, he added. He said zero rating had been withdrawn from various sectors and the government was trying to bring in more sectors in the tax net without any discrimination. He said the government had been identifying non-income group for cash transfer through the Benazir Income Support Programme, Pakistan Poverty Alleviation Fund and Baitul Maal. Shaikh said the government had drastically cut its expenses to reduce the budget deficit and reach the target of 4.5 percent for the current fiscal year.
