ISLAMABAD: Government has decided to withdraw tax exemptions worth 180 billion rupees, or 0.5 per cent of gross domestic product (GDP) to minimize the budget deficit in 2015-16.
A high level committee will submit a final report on the second phase of tax exemptions withdrawal today. Federal Finance Minister Ishaq Dar chaired the meeting.
The exemptions granted through SROs currently stand at 483billion rupees. In the first phase, Rs105bn exemptions were backed in budget 2014-15.
Dar instructed the meeting to take measure keeping in view government vision to eliminate culture of favor to few.
