The Federal Bureau of Revenue (FBR) has revealed that 80 tonnes of gold is smuggled into the country annually.
According to Express News, a meeting of the Standing Committee on Finance was held under the chairmanship of Senator Talha Mahmood. Years later he dictates to us to fix the tax system, an active system of taxes will be introduced from July 1, they are trying to fix the flaws in the tax system, the state does not have the resources, the state is on its feet. Can’t stand, MPs give suggestions to increase state revenue.
Senator Farooq Naik said that MPs try to strike a balance between the state and the people, the government is not increasing direct tax collections, the government is imposing a burden on the common man through indirect taxes, fixed taxes from the business community. There is no thought of taking, government expenditure is not controlled, domestic exports are low and imports are high.
In a meeting of the Senate Standing Committee on Finance, the committee rejected the proposal to abolish tax exemption on matches and the proposal of 17% sales tax on gold, diamonds and jewelery.
It was revealed in the meeting that the country imports 80 tons of gold annually through smuggling. Member FBR informed the meeting that 160 tons of gold is used annually in Pakistan and 80 tons of gold is being smuggled from different countries. The gold market in Pakistan is about Rs 2.2 trillion, only Rs 29 billion gold market is declared in FBR.
While Gold Association officials said that not only gold but also diamonds are being smuggled in, Pakistan has no policy or tax system to import gold, out of 36,000 gold miners pay only 54 Goldsmith taxes. Are
Officials at the Ministry of Commerce said that importing gold on a commercial basis is not allowed, adding that one has to arrange dollars oneself to import gold. On which the committee said that steps should be taken to stop the smuggling of gold.
The chairman of the standing committee expressed anger over the absence of the finance minister in the meeting and threatened to reject the mini-budget. Senator Talha Mahmood said that the Finance Minister should state whether the recommendations of the committee are considered or not, there are 14 members of the committee, the finance minister is absent.
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