ISLAMABAD:Federal Minister for Finance and Revenue Shaukat Tarin Tuesday said the government was taking steps to increase tax collection and save the foreign exchange reserves by automating the overall system through use of modern technology.
“Time is not far when we will achieve our true potential in taxation and saving the foreign exchange reserves,” he said while speaking at the launching ceremony of Automated Currency Declaration System of incoming and outgoing passengers at ports here at the Federal Boar of Revenue (FBR) House.
The minister said both the tax collection and foreign exchange reserves were important for the government, which committed to bring reforms in the two sectors by using technology.
He said the foreign exchange companies and brokers had undue independence as there was no documentation of inflow and outflow of the foreign currency.
The minister also appreciated the role of Federal Investigating Agency (FIA) in identifying the elements involved in over and under invoicing, and transfer of pricing.
He said under invoicing and over invoicing were very big challenges for the government and such problems could be solved by automating the overall system.
Shaukat Tarin said the people had opened up companies in various countries, through which they committed the crime of transfer of pricing. For example, he said, if goods were being imported from China, the invoice was being issued from Dubai.
“We have to use technology across the board whether it is taxation or foreign exchange,” he said. “We will be able to make a difference through technology.”
The minister also thanked the FBR chairman for taking such small but important steps of automation which would bring revolution in the taxation and foreign exchange system.
NADRA Chairman, FIA DG and FBR chairman were also present on the occasion.