Applying IT solutions to check tax evasion, says Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Wednesday warned that tax evaders won’t be spared and said the government is applying IT solutions to check tax evasion and bring reforms in the institution.

Addressing the 'Leaders in Islamabad Business Summit', Umar said the government will chase down tax evaders, and it is taking help from technology to bring more people into the tax net.

A tracking system for tax evaders is in the works, he added.

The finance minister further said that the government has managed to bridge the gap with the International Monetary Fund and further talks will be held with the IMF this week.

Adviser on Commerce Abdul Razak Dawood, addressing the audience on the occasion, said the process of industrialisation has been started in the country, and the results of the government’s policies in this connection will be visible in the coming months.

He said Pakistan’s imports have already compressed as a result of the government’s policies and will continue to be compressed further.

“We are also in the process of finalising a strategy to remove bottlenecks in the promotion of small and medium sector enterprises,” Dawood said, adding that the duties on raw materials have been reduced and more steps will be taken in the next budget to strengthen the SMEs.