Saudi decision on oil facility being awaited, NA told
Crude inventories rose by 655,000 barrels, the market sources said. PHOTO: REUTERS
Minister for Finance and Revenue Shaukat Fayaz Ahmed Tarin on Wednesday said the Federal Board of Revenue (FBR) had collected net revenue of Rs3,996 billion during the year 2020.
During Question Hour in the National Assembly, he said the number of filers was significantly increasing by each year in the country.
The minister said total filers increased from 1.65 million in tax year 2016 to 3.1 million in tax year 2020, showing an increase of 87%.
He said notices were issued to non-filers under Section 114(4) of the Income Tax Ordinance, 2001 for filing of Income Tax return. In case, a taxpayer did not comply with the notices, proceedings under Section 182 of Income Ordinance, 2001 also initiated to impose penalty.
After providing opportunity of being heard to taxpayers the proceedings were finalised as per law, he added.
The minister said, with the approval of the prime minister during financial year 2013-14, an amount of $1.5 billion (equivalent to Rs157.198 billion) received as grant from the Saudi Arabian Monetary Agency, was transferred to the Pakistan Development Fund Limited (PDFL) account in the State Bank of Pakistan.
Read More: Oil down after deep Saudi price cuts spur demand concerns
Tarin said Saudi Arabia was considering extending an oil facility to Pakistan which would be announced soon. He said Roshan Digital Account could allow overseas Pakistanis to directly invest into the shares of companies in Pakistan and in the Stock Exchange of Pakistan.
He said the previous governments had neglected the agriculture sector which decreased the production of wheat and other food items, adding the present government was going to introduce agriculture transformation package which would help to boost the agri sector.
The minister said the present government was going to announce a massive subsidy on DAP fertilizer to provide relief to farmers and boost the agriculture sector.
He said the economy was growing after a longtime and that was why imports were on the rise. APP