Tax policy being changed from current fiscal year: Sheikh

ISLAMABAD: Finance Minister Abdul Hafeez Sheikh on Thursday said that the tax policy is being changed from current fiscal year.

The finance minister told National Assembly that the Federal Board of Revenue (FBR) collected Rs972 billion as tax during the last seven months.

Responding to calling attention notice, he said 26 percent more tax has been collected as compared to previous year.

The tax collection has been increased due to bold decisions, prudent measures and introduction of reforms in the tax collected system, he said.

FBR has collected Rs1558 billion during the last financial year as tax which was 17 percent more as compared to the corresponding period of the year 2009-10.

It has been decided that the filing of income tax returns would be made mandatory for all National Tax Number (NTN) holders from the new financial year, he said.

Out of 3.1 million NTN holders in the year 2009-10 only 15.8 million people had filed income tax returns. Likewise, in the year 2010-11, only 13.8 million had filed the tax returns out of 3.3 million registered tax payers, he said.

Responding to a question he said there are 700,000 potential income tax payers in the country who have yet to pay income tax. The government has decided to collect income tax from them.

Notices have already been issued to 300,000 potential tax payers. Others are being pursued to collect taxes from them, he said.

Meanwhile, Minister for Commerce Makhdoom Amin Fahim on Thursday informed the Senate that profit of State Life Insurance Corporation (SLIC) was expected at Rs30 billion by current fiscal year.

Replying to a question during Question Hour, he said that SLIC has invested Rs245,012 million in various sectors.

To another question, he said that Trade Development Authority of Pakistan (TDAP) arranged Pakistan's participation in 215 fairs and exhibitions worldwide during the last three years.

Giving the breakup, he said that as many as 73 exhibitions were organised in 2008-09, 62 in 2009-10 and 80 in 2010-11.

The Minister said that participation in international trade fairs was one of the most important marketing tools for the promotion of Pakistan's products in the international market.

Participation in the trade fairs provided a unique opportunity to our exporters to showcase their products to international buyers and negotiating business deals, he added. - APP