Govt confident of achieving FBR tax collection tartget: Hammad Azhar.

ISLAMABAD -- Minister for Industries and Production Hammad Azhar on Thursday said the government was confident of achieving the Federal Board Revenue (FBR) tax collection target of Rs 4.96 trillion set in the budget 2020-21.

While concluding discussion on the Finance Bill 2020-21 in the National Assembly here, the minister said those who were considering the target as ambitious should know that during the pre-COVID period, the tax collection was increasing at a rate of 17 percent compared to the last year.

He said normally tax collection during last quarter of the financial year remains highest as compared to the first three quarters but unfortunately outbreak of the pandemic dented the overall economy and revised tax target of Rs 4.8 trillion could not be achieved.

The minister pointed out that the present government inherited a weak economy but due to its concerted efforts, the government succeeded in stabilizing the economy which was evident by the fact that all the international financial institutions were praising Pakistan government performance on economic front prior to outbreak of the pandemic.

He said the COVID-19 had affected the whole world and the world economy was projected to be slowed down by 4-6 billion causing loss of US$12 trillion.

In such worst situation, the government had to present a tax free budget he said adding that presenting a tax free budget while enhancing allocations for development as well as education and health budgets in the face of coronavirus shows the true leadership of Prime Minister Imran Khan.

Hammad Azhar said the government achieved remarkable success during the last fiscal year especially in its first nine months while all financial needs had been equated as per resources in this federal budget 2020-21.

The minister said the government tried to minimize the impact of Covid-19 on the economy by pursuing a prudent strategy.

He said the government reduced the current account deficit by 73 percent, trade deficit 31 percent and fiscal deficit by 3.8 percent in the first nine months of current fiscal year.

He said it is also...