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Agriculture Tax Will be Increasing Pakistan Govt. Forces This Matter

Friday, October 1, 2010

ISLAMABAD: Pakistan’s economic managers may find it difficult to convince the International Monetary Fund (IMF) mission to further delay the introduction of reformed general sales tax (GST from October 1, 2010 to November 1, 2010, official sources informed here on Thursday.

“A number of changes are needed to be made in the draft submitted to the National Assembly by the finance ministry in May this year, including the title of the tax which has been changed to reformed GST instead of value added tax (VAT),” finance secretary Salman Siddique said. He said the provinces would have to submit the new RGST draft in their respective assemblies in 22 days. However, he said the bill would be approved through legislation.

He said that a former lfinance minister had identified FBR as the most corrupt institution in the country. Therefore, masses are not ready to trust it in any way. The entire tax machinery seems to be beyond repair. Talking to a group of developers including Khalid Mughal and Azam Mairaj, he said that the recent policy rate hike is unfortunate; it suggests that the central bank is not ready to believe government’s ability to support fiscal needs from revenue.

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