Government taking measures to expand tax net: Miftah Ismail

ISLAMABAD: The Prime Minister's Adviser on Finance, Economic Affairs and Revenue Miftah Ismail said on Monday that the government is taking several measures for enhancing the tax net to increase revenue with the consultation of all stakeholders. "The mobilisation of domestic resources through reforms in taxation is essential to ensure sustainable financing of development as the government would not depend on foreign loans," he said in an interview with a private news channel. Appreciating his predecessor Senator Ishaq Dar, Ismail said Dar contributed towards the country's economic stability and growth. Dar is presently in London seeking medical treatment while a corruption hearing against him is under way here. Ismail assured that in a month, the government will take further steps to make the economy stronger through tax reforms. "We want to facilitate new tax filers and lessen the tax burden on middle class citizens for balancing tax distribution," he said. He further said the government in recent months stabilised the Rupee and tariffs on imported goods to boost exports to reduce the growing balance of payments. Ismail said the government planned tax reforms to focus on widening the tax base, simplifying tax structures, and slashing personal tax rates to encourage more people to file returns. "We have to reduce rates and the prime minister is very eager to especially reduce rates on individuals," Ismail stated. Pakistan has a very narrow tax base and successive governments have promised to rein in tax evaders and boost revenues. "We will probably not go back to the international markets to issue a new bond until the end of next calendar year so it will not be in this fiscal year anymore," he concluded.