Pak-US trade ties to be enhanced, says Dar

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ISLAMABAD: Finance Minister Ishaq Dar has said that the economic ties between Pakistan and the US would be further expanded. He expressed these views while talking to the US Ambassador to Pakistan Richard G Olson on Wednesday.

 

Ambassador Olson congratulated Senator Ishaq Dar on PML-N’s victory in the general elections with a clear mandate from the people.Olson, while talking to the minister, said that the initiatives taken by the new democratic government to revive the economy and stabilise the macro-economic imbalances were encouraging.

 

Meanwhile, Senator Ishaq Dar said on Tuesday that the government was committed to dealing strictly with tax evaders in order to collect the maximum revenue.

 

“In order to achieve the revenue target of Rs2,475 billion for the fiscal year 2013-14, we have to introduce new taxes, enhance the tax base and stop tax evasion,” the finance minister said in an interview with a private TV channel here.

 

Ishaq Dar said the agriculture sector was 23 percent of the total GDP, but the overall tax revenues collection from this sector was only Rs1 billion which was very low. The agriculture tax law already exists, which is the responsibility of the provinces. Therefore, the provincial governments should enforce this law in order to enhance the tax revenue from this sector, he added.

 

Ishaq Dar said that the future of Pakistan’s economy lies in resource mobilisation and revenue generation.The budget, the minister said, envisages taxation measures, which are estimated to yield Rs207 billion while another Rs300 billion would be mopped up through measures like IT connectivity, good governance, expansion of tax net, removal of SROs and plugging of leakages.

 

The FBR has been provided access to bank accounts, he remarked.Ishaq Dar said the agreement with the IMF was necessary to retire the loans taken by the previous governments as the country did not have adequate foreign exchange reserves.

 

In the meanwhile, Ishaq Dar on Wednesday called for evolving a mechanism to monitor the prices of essential items of daily use for ensuring stability in their prices. “The issue of stability of prices of essential items of daily use and their monitoring is a subject which is very close to my heart,” Senator Mohammad Ishaq Dar stated this while chairing the National Price Monitoring Committee held here on Wednesday.

 

The meeting was attended by representatives from the provinces of Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan, Islamabad Capital Territory, and ministries of Industries, Law and Justice, Commerce, Food Security, Interior, Inter Provincial Coordination, Cabinet, Pakistan Bureau of Statistics, Federal Board of Revenue and Utility Stores Corporation.





Courtesy:  The News


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