ISLAMABAD – Shaukat Tarin, the Minister of Finance, said on Monday that if a tax culture is to be established, it should begin with legislators.
He remarked that tax plays a vital role in the growth of society while speaking at a gathering to launch the Tax Directory of MPs.
The minister stated that the country cannot flourish until taxes are collected, and that the promotion of tax culture should begin with legislators. “Lawmakers should serve as role models for citizens when it comes to paying taxes.”
Tarin went on to remark that initiatives are being taken to improve tax transparency and simplification, and that whoever holds power in this country hides the tax.
“We can’t even cover our present expenses with our current revenue,” he stated.
In terms of the bill, he stated that the administration will soon get a financial bill from the National Assembly, following which it would be presented to the Senate for final approval, adding that increased taxation in the budget would be adjustable and refundable.
The finance minister stated that the government is taking steps to ensure accurate documentation of the national economy in order to tax and produce various commodities in the future.
The government has increased the volume of duty on luxury items to bring relief to the common masses, he stated, so commodity prices will be decreased shortly.
According to Shaukat Tarin, most countries experienced inflation as a result of the COVID-19 epidemic, but the issue is now progressively being managed.
He also stated that the government is adopting various measures to control the national currency’s devaluation.