KARACHI – Advisor to Prime Minister on Finance Dr Abdul Hafeez Sheikh Sheikh has said that hopefully remittances will reach $12 billion during the current fiscal year.
While talking to the media, he further said that provinces are responsible for collecting agriculture tax. Sheikh said that taxes increased by 27 percent due to addition of new and higher income groups in the tax net. “Pakistan needs economical stability,” he said.  It is pertinent to mention here that under the 18th Constitutional Amendment Bill 2010, provincial governments are responsible to collect the taxes.
With this new paradigm shift, the provincial governments have not properly developed the mechanism for tax collection.
Experts believed that authorities at the provincial level need to develop the proper mechanism for tax collection.
It is worth mentioning here that the State Bank has already reported that the remittances received from different countries of the world showed growth during the first seven months of the current fiscal year.
It has also been reported that overseas Pakistani workers remitted an amount of $7,435.98 million in the first seven months (July 2011 – January 2012) of the current fiscal year FY12.

, showing an impressive growth of 21.54 percent or $1,317.98 million when compared with $6,118.00 million received during the same period of the last fiscal year.