Track, Trace System To Ensure Transparency In National Tax System:Tarin
ISLAMABAD, (UrduPoint / Pakistan Point News – 2nd Oct, 2021 ) :Federal Minister for Finance and Revenue, Shaukat Tarin Friday said that transparency in tax collection in retail and other economic sectors will be ensured by introducing track and trace system in the national tax system.
The government is trying to increase the country’s revenue under the track and trace system and the industrial sector is fully cooperating in this regard, he said this while addressing the ceremony before the inauguration of ‘Tax Track and Trace System of Federal board of Revenue “at the businesss sight of Pakistan Tobacco Company near Jhelum City.
The minister said the government wants to raise the annual ‘Tax-to- Gross Domestic Production (GDP) ratio upto to 20 percent to strengthen the country’s economy.
He said that Pakistan currently has annual tax-to-GDP ratio of about 8 to 10 percent, which needs to be raised to 20 percent to increase…
