Reformed GST to be imposed from Oct 1: Shaikh
ISLAMABAD: Federal Finance Minister Dr Hafeez Shaikh announced on Thursday that the reformed General Sales Tax (GST) will be enforced in the country effective from October 1.
Speaking to newsmen, Dr Shaikh said that the government intends to introduce GST in its original format and eliminate all exemptions.
The original form of GST has been distorted by exemptions, and the lobby which has benefited from exemptions is opposing restoration of GST to its original form, he said.
Pakistan, Dr Shaikh said, has the lowest tax-to-GDP ratio in the world with only nine per cent.
He said that the ministry of finance was currently working on formulating new taxes with the objective not to burden common man, rather burden the affluent class.
“Country’s financial situation was not good before the floods but became worse after the devastation of floods,” he said.
Sources
The original form of GST has been distorted by exemptions, and the lobby which has benefited from exemptions is opposing restoration of GST to its original form, he said.
Pakistan, Dr Shaikh said, has the lowest tax-to-GDP ratio in the world with only nine per cent.
He said that the ministry of finance was currently working on formulating new taxes with the objective not to burden common man, rather burden the affluent class.
“Country’s financial situation was not good before the floods but became worse after the devastation of floods,” he said.
Sources
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