ISLAMABAD – Finance Minister Asad Umar said the crisis stage of Pakistan’seconomy has passed and now we have entered into economic consolidationphase.
Addressing a ceremony of the launch of Medium Term Economic Framework inIslamabad on Monday afternoon, he said trade will be promoted in the regionto fasten the pace of economic development. He said China-Pakistan EconomicCorridor (CPEC) will integrate the region and increase connectivity.
He said enforcement capacity of the FBR will be increased in order to bringmore and more people into tax net. Asad Umar said the system of FBR isbeing linked with NADRA for easier exchange of information.
Finance Minister said FBR has been directed to simplify the tax form, sothat people do not feel deterred. He said a Tax Unit is also beingestablished with the help of experts.
Asad Umar said in the next budget Supplementary Grants will be abolishedand a new law of Public Finance Management will be introduced.
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He regretted that saving rate of the country is very low in the wholeregion. Asad Umar said saving culture will be promoted in order to increaseinvestment and economic development.
He said linking economic development targets with election objectives isnot reasonable.
