*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 mulling to abolish unnecessary withholding taxes.*
Addressing a ceremony in Islamabad, Asad Umar underscored the need for reforms in property business.
He said that the current tax system could not detect transactions and profit in property business.
The finance minister said that the issue of under invoicing could be resolved through information technology. He said that import from China and Dubai could be checked by IT.
Asad Umar said that the treasury had $1bn foreign reserves and added that the monthly current account deficit was reaching to $2bn. He said that the government had to take tough decisions in the crippling economic situation.
The minister said that strict action against the corrupts was in the country’s interest. He said that best platform for charter of economy was the Senate and the National Assembly committee.