ISLAMABAD
As the government decided to tighten the noose around the non-tax filers, the government is likely to give incentives to the existing taxpayers in the forthcoming budget in order to promote the tax culture in the country.
Sources aware of the budget making process informed that government would facilitate the regular taxpayers in the budget. A person paying more than 15 percent higher tax in a year compared to the previous year would be exempted from the audit, they added. The Federal Board of Revenue (FBR) would propose the government to bring amendment in self-assessment scheme, as the person could not pay less than in a year compared to the last year. Otherwise, he would be selected for the tax audit. Sources further informed that if a taxpayer file its return after due time, he would also be selected for the audit.  
Sources were of the view that govt would not impose taxes on basic food commodities, as it could increase the inflation rate in the country. However, the government is likely to increase tax on cigarettes, mobile phones and some imported commodities in the budget to be announced on Friday.  
It is worth mentioning here that the government has set revenue collection target at Rs 3100 billion for the upcoming fiscal year, which would be 19 percent higher than expected collection of Rs 2605 billion of the outgoing financial year 2014-15. Additional revenue, over and above the current fiscal target of Rs2605 billion, would have to be met through other measures and the withdrawal of tax exemptions.
The government would withdraw tax exemptions worth of Rs 103 billion in the budget 2015-16, as it did in the previous budget. Similarly, the government would impose new taxes worth of Rs 100 billion in the upcoming budget. The government has estimated to raise Rs 300 billion for the next financial year due to the inflation and economic growth (combined 11.5 percent).

Economic survey to be launched tomorrow

APP
ISLAMABAD
The Economic Survey of Pakistan for the outgoing fiscal year 2014-15 is scheduled to be launched here on Thursday (June 4).
Federal Minister for Finance, Senator Muhammad Ishaq Dar would launch the pre-budget document, highlighting the overall performance of economy during the outgoing fiscal year, providing a realistic feedback and basis for planning.
The survey covers the development of all the important sectors of economy, including growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets and inflation and debt and liabilities.
The survey also highlights the performance of education, health and nutrition, besides showing the overall population, labour force and employment, poverty, transport and communication.
It also assesses the issues of environment, contingent liabilities, tax expenditure as well as economic and social indicators.
An official in the Ministry of Finance told APP that all arrangements have been finalized to launch the Economic Survey for 2014-15 on Thursday afternoon.