Islamabad: Finance Minister Mohammad Ishaq Dar has said Tax and energy reforms are must for economic stability of the country.
In an interview, he said enhanced tax collection is the only way out to overcome forty billion rupees tax shortfall recorded during first quarter of current fiscal year 2015-16.
Ishaq Dar said forty billion rupees 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 three hundred and sixteen billion rupees to seven hundred billion rupees.
The Minister 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 informed that five hundred million dollars will be received from the World Bank during current month.