Pakistan Retail Sector of Rs20tr to be brought under tax net

Minister for Finance and Revenue Shaukat Tarin says the tax reforms measures are being taken by the government that will bring Pakistan retail sector worth PKR 20 trillion Pakistani rupees into the government's tax net.

Minister for finance and revenue Shaukar Tarin was briefing the Senate’s Standing Committee on Finance and Revenue in Islamabad.

Moreover, Minister Shaukat Tarin also said that the total sale of the retail sector in the country is PKR 20 trillion rupees and only PKR 4 trillion rupees worth of retail sector is under the tax net and the other PKR 16 trillion rupees worth of Pakistan retail sector is currently not in the government's tax net. 

Moreover, Finance minister Shaukat tarin also told in his briefing that Pakistan's Federal Board of Revenue (FBR) has reimbursed about 50 billion rupees in under 6 months in form of Tax Returns, which has never happened in any previous government’s tenure.

Minister Shaukat Tarin said the International Monetary Fund wanted to tax 700 billion rupees but the Pakistani government brought the Tax target more than half down to only 343 billion rupees through talks and negotiations with IMF.

Moreover, Minister Shaukat Tarin also clarified that all changes and tax reforms are not being decided because of the IMF’s pressure, many tax reforms were already planned by the Pakistani government in order to bring socio-economic development to every common man in the country.