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Dollar rate has not been set by the govt with IMF: Hammad Azhar

ISLAMABAD: The Minister of State for Revenue Hammad Azhar informed on Thursday that no dollar rate has been sent by the government with the International Monetary Fund (IMF).

The Minister of State for Revenue Hammad Azhar addressed to the ceremony in Islamabad where he said that “From 1971 till now, the economy was slow and foreign exchange reserves began to grow for the first time in January this year.”

Hammad Azhar said that “The economy is moving towards stability.” The Minister of State for Revenue Hammad Azhar continued that “debts are rapidly decreasing”.

The Minister of State for Revenue Hammad Azhar further asserted that “We have not set a dollar rate with the IMF.”

Hammad Azhar criticized the previous governments and said that “Pakistan’s economy was destroyed during the previous terms. Former leaders destroyed Pakistan’s economy during their times and are still determined to do so through their statements.”

The Minister of State for Revenue Hammad Azhar continued that “They should stand in the witness box and respond to questions.”

He informed that the government of Pakistan Tehreek-e-Insaf (PTI) reduced circular debt by 2% and added that “We will close the target we have set for circular debt at Rs250 billion.”

The Minister of State for Revenue Hammad Azhar said that “Quality has been the focus for the audit and we have decided to send very few notices,” related to the draw for the Federal Board of Revenue’s (FBR) audit of taxpayers.

Hammad Azhar said the “For 2017, 14,000 taxpayers will be audited.” It was further added by the Minister of State for Revenue Hammad Azhar that “Last year, 45,000 taxpayers were audited.”

He further said that compared to 9.5% cases last year, 2.2% of income tax cases have been selected this year for audit. Hammad Azhar stated that “This time, 2.5% sales tax cases have been chose for audit as compared to 7.5% cases last year and 8% of excise duty cases have also been selected.”

The Minister of State for Revenue Hammad Azhar said “We are determining the authority of FBR officers for the audit.”

Hammad Azhar further added that “In the future, we will reduce tax on property. We will give facilities to taxpayers and create difficulties for non-filers.”

The Minister of State for Revenue Hammad Azhar “Data of non-filers is being collected,” he said and added that “data which can be investigated is being collected to increase the tax net”.

Hammad Azhar further added on the rising prices of petrol and diesel that “Government only increased the price of petroleum products by half of what OGRA had suggested.”

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