Collection of Rs3112b taxes during last year is historic achievement: Dar.
ISLAMABAD -- Finance Minister Ishaq Dar says collection of 3112 billion rupee taxes during last year is a historic achievement.
Addressing a ceremony at Federal Board of Revenue in Islamabad on Tuesday afternoon, he pointed out that the tax collection target for the year has been achieved without any downward revision.
The Minister said 60% increase in tax collection during the last three years has brought down the budgetary deficit from 8.8% of the GDP in 2013 to around 4.5% now.
Ishaq Dar expressed the confidence that the tax collection target of 3612 billion rupees for the current financial year would also be achieved. He said this is the highest growth target in terms of exact numbers in any fiscal year in the country.
The Finance Minister said foreign exchange reserves at 23 billion dollar have also peaked to the highest in the history of the country.
He dispelled the impression that foreign exchange reserves have been built with borrowed money. He said the country obtained 15.5 billion dollars in three years and paid back 10 billion dollars of loans secured by previous governments.
The Finance Minister said Pakistan has bright future and if there is consensus among political parties on the economic agenda. He said the country can achieve the status of 18th largest economy of the world in half the period than originally predicted.
He said the country achieved GDP growth rate of 4.7% last year and the Government is determined to take it to 7% over the next two years.