Optimistic: Growth to surpass 3.6% target
There has been a 25% increase in revenue collection during the first eight months of the current fiscal year.
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.
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.