Govt to retain tax exemptions on basic items: Shaukat Tarin

January 13, 2022: The government has decided in principle not to withdraw exemptions of taxes on basic items such as milk, bread, laptop and solar panels, Minister for Finance, Revenue and Economic Affairs Shaukat Tarin said today. 

Speaking in the National Assembly, the finance minister said the finance supplementary bill, 2021 was aimed at documenting the national economy.

He said the country had Rs 20 trillion worth of retail market out of which only Rs3.5 trillion sales were documented which was alarming.

“We will have to document our economy to achieve our tax to GDP ratio target of 18 to 20% as until it does not achieve, we will not be able to maintain our fiscal balance,” he added.

APP