PM Shehbaz says around three-time of the annual revenue target was \u201cgoing down the drain\u201d due to corruption
\nISLAMABAD
\nStressing the need for expanding revenue collection, Prime Minister Shehbaz Sharif on Saturday said that Pakistan would leave India or even a greater economy for behind with hard work.
\nHis remarks came as the cash-strapped country\u2019s tax evasion (revenue gap) was estimated to be around Rs5.8 trillion on an annual basis of fiscal year 2022-2023, which makes 6.9% of the GDP, according to The News.
\nOn the other hand, India collected a record $25.15 billion as gross goods and services tax (GST) in April, recording a 12.4% surge from the same period last year, New Delhi claimed this week, according to Reuters.
\nAddressing a ceremony to award shields to the honest, hardworking and efficient officers of the Federal Board of Revenue (FBR), PM Shehbaz said that the country had the potential to collect revenues of over Rs24 trillion against the annual tax target of Rs 9.4 trillion.
\nHe said an amount of around three-time of the annual revenue target was \u201cgoing down the drain\u201d due to corruption, inefficiency and negligence.
\nThe premier said that the nations which believed in reward and punishment made progress.
\nPakistan was facing various challenges, the premier said, adding: \u201cRevenue collection is a big challenge. Neighbouring countries are far ahead of us.\u201d
\nLashing out at the corrupt practices, the country\u2019s chief executive said: \u201cRecoveries that should add to the national exchequer are prone to corruption and fraud.\u201d
\n\u201cWe are compelled to seek loans and approach IMF.\u201d
\nHinting at harsh accountability in the FBR, the premier said: \u201cWe will \u2018separate the white from the black\u2019 on the reports of agencies and the input of the organisation.\u201d
\n\u201cJustice is decided on the basis of merit,\u201d the PM said, adding that the the government would not show leniency to the corrupt officers.
\n\u201cShields are awarded [to the FBR officials] on merit.\u201d
\nPromotion would be given to the official on the basis of merit, he vowed.
\nAs regards the amount worth Rs 2.7 trillions held up across various appellate forums, including commissioners\u2019 appeals, Appellant Tribunal Inland Revenue (ATIR) and various courts, he said now the law had been made to recover such amounts.
\n\u201cRs2700 billion were stuck at various forums, if even half of the amount is returned, is this a bad deal?\u201d
\nPointing to another Rs 756 billion sales tax scam recently uncovered by the FBR, the prime minister said he had directed the authorities concerned to make every possible to recover such looted money.
\nEarlier, the prime minister gave away the shields to the honest and hard working officers of the FBR and said that he was feeling proud that the country had plenty of such honest officers which could play their due role in development and prosperity of the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
PM Shehbaz says around three-time of the annual revenue target was \u201cgoing down the drain\u201d due to corruption ISLAMABAD Stressing the need for expanding revenue collection, Prime Minister Shehbaz Sharif on Saturday said that Pakistan would leave India or even a greater economy for behind with hard work. His remarks came as the cash-strapped country\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":404680,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-404708","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n