Minister: (Tax, energy reforms a must for economic stability: Dar)

ISLAMABAD: Finance Minister Mohammad Ishaq Dar has said that Tax and energy reforms are must for economic stability of the country.

In an interview on Tuesday, he said enhanced tax collection is the only way out to overcome Rs 40 billion tax shortfall recorded during first quarter of current fiscal year 2015-16.

He said Rs 40 billion taxes will be levied on luxury commodities used by the rich and they will not affect poor and middle class people.

He said development budget has been increased from Rs 316 billion to Rs 700 billion. He said there will be no cut on development funds to meet the tax shortfall.

Ishaq Dar said the government had strived to achieve economic stability particularly during first two years of its tenure which also helped restore the confidence of international financial institutions. He said that $ 500 million will be received from the World Bank during current month.