ISLAMABAD: Finance Minister Dr Abdul Hafeez Sheikh has said that despite challenges, economic growth is expected to remain the highest in three years at 4% during the current fiscal year – surpassing the Gross Domestic Product (GDP) target of 3.6%. Talking to businessmen on Thursday at budget consultations, he said although Pakistan was passing through a crucial situation‚ there are some sectors of economy that were showing strength. The decision last year to enhance the tax-to-GDP ratio is now showing positive results, he said. There has been a 25% increase in revenue collection during the first eight months of the current fiscal year. “If [the] Federal Board of Revenue achieves [the] collection target of Rs 1,925 billion set for this fiscal year‚ it will amount to 25% increase in tax collection‚“ Sheikh said.
Published in The Express Tribune, April 6th, 2012.
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