PR No.24 “Country’s Forex Reserves To Be 21 Billion Us$ Soon” ……..Finance Minister Ishaq Dar Islamabad: December 2, 2015

Finance Minister, Senator Muhammad Ishaq Dar visited the Regional Tax Office, Lahore on Wednesday and addressed officers of Inland Revenue Service and Pakistan Customs Service posted at Lahore. The Minister was accompanied by Mr. Haroon Akhtar Khan, Special Assistant to Prime Minister for Revenue and Mr. Tariq Mahmood Pasha, Additional Secretary Finance.

Chairman Federal Board of Revenue Mr. Nisar Muhammad Khan, Member (IR Operations) Dr. Muhammad Irshad alongwith Chief Commissioners Ch. Safdar Hussain, LTU, Lahore, Ms. Tasneem Rehman, RTO, Lahore, Ms. Rukhsana Yasmin, RTO-II, Lahore and Chief Collector Customs (North) Mr. Rozi Khan Barki, welcomed the guest on arrival.

In his address, the Finance Minister shared with the officers an overview of the national economy. He said that when the present government assumed office, the foreign exchange reserves held by the State Bank of Pakistan were under US$ 3 billion and credit rating of Pakistan was extremely low. He said that through concerted efforts and by the Grace of Allah Almighty the state of economy has been brought out of crises and now most of the Credit Rating Agencies are rating Pakistan as stable economy with a positive outlook. The Minister on this occasion stated that soon Pakistan would achieve the US$ 21 billion forex reserves mark.

He said that despite huge unbudgeted expenditure on natural disaster management and Zarb-e-Azab operation, the Government has been able to meet the country’s financial requirements through resource mobilization and expenditure rationalization.

He stated that new levy of tax amounting to Rs. 40 billion is restricted to the imported luxury items and cigarettes only and media perception about taxation of local goods is altogether wrong. He praised the efforts of the outgoing team of FBR and showed his confidence in the new team for achieving the budgetary targets through facilitating and enforcing tax compliance.