Finance Minister hints at abolishing few taxes, admits current tax system failure to detect property business profits

*ISLAMABAD: **Finance Minister A sad Umar hints at abolishing few taxes,admits current tax system failure to detect property business profits.*

*Finance Minister Asad Umar on Tuesday said that the government was mullingto abolish unnecessary withholding taxes.*

Addressing a ceremony in Islamabad, Asad Umar underscored the need forreforms in property business.

He said that the current tax system could not detect transactions andprofit in property business.

The finance minister said that the issue of under invoicing could beresolved through information technology. He said that import from China andDubai could be checked by IT.

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Asad Umar said that the treasury had $1bn foreign reserves and added thatthe monthly current account deficit was reaching to $2bn. He said that thegovernment had to take tough decisions in the crippling economic situation.

The minister said that strict action against the corrupts was in thecountry’s interest. He said that best platform for charter of economy wasthe Senate and the National Assembly committee.