ISLAMABAD: Adviser to PM on Finance Shaukat Tarin said Monday the government would abolish all but two taxes in next two to three years in order to simplify the country’s tax system.
Speaking at Kamyab Jawan Convention in Islamabad, he said all unnecessary taxes such as withholding and turnover ones would be done away with and only two taxes, including general sales tax (GST) and consumption tax, would stay.
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Tarin stressed that the country cannot progress without increasing tax collection. Every citizen will have to play a part if the country is to progress, he added.
“We will try not to trouble you, but you will also have to keep in mind that tax-to-GDP ratio should be increased from nine per cent to a minimum of 20 per cent in order for the country to progress,” the adviser said.
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He pointed out that it is the vision of Prime Minister Imran Khan to facilitate youth in every possible way so they can better serve the nation. The Kamyab Jawan Programme has been launched with the same objective to tap the potential of the youth, he added.
Shaukat Tarin said interest free agriculture and business loans are being disbursed under another initiative of the Kamyab Pakistan Programme to uplift the living standards of about four million marginalized families.
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