ISLAMABAD (APP) - Before the implementation of Value Added Tax (VAT), a complete consciences would be developed among all the stakeholders including federation, provinces, trade and business for economic stability in the country. Federal Minister for Finance, Economic Affairs and Revenues Shaukat Tarin shared these views while concluding the two-day conference on Value Added Tax (VAT) which was organized by Federal Board of Revenue here. He said that Tax to GDP ratio could be enhanced from 6 to 8 percent by removing zero rating and tax exemptions adding that home grown strategy was the only way to bring out the country from the socio-economic challenges. A technical committee would be formed to review the VAT implementation in the country, he said that the committee would consist of professionals and there would be no political interferences. He said that VAT is vital for revenue generation in the country, he said that trade and business would be take on board and nobody would be harassed. Replaying a question, Tarin said that structural and administrative reforms were introduced in FBR to enhance tax collection as well as to plug the leakages. To another question, that FBR faced Rs. 16 billion revenue shortfall during the first two-month of current fiscal year, he said that the reason behind this fact was that prices of oil was reduced and banking profit was also reduced. Reward would be given on best performances in the FBR and wrong deeds would not be tolerated, he added. About NFC Award meeting, the minister said that the Commission was moving towards right direction after 19 years which would meet again on Sept 18. Presenting the recommendation of the conference, Dr. Hafeez Pasha said that implemented properly, the VAT mode of taxation could generate additional amount of Rs.600 billion for the country. Pakistan was facing budget deficit of Rs.722b and this could be checked by revamping taxation system and removing distortions in the VAT in the country. He was of the view that poverty could be reduced by generating additional resource and revamping the taxation system in the country. He said that VAT key for tax reforms as it would be 3 percent of GDP and provinces would be able to get 1.5 percent share.