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Rs7 billion promissory bonds issued: Hammad Azhar

LAHORE: Revenue Minister Hammad Azhar has announced on his official page on social media that the scheme for promissory notes (bond) has been activated and Rs7 billion of bonds in lieu of sales tax refunds have already been issued, Mettis Global reported.

This action succeeds his previous announcement on the same platform on May 26, 2019, when he said that the government will be implementing promissory notes for immediate clearance of pending funds, flat tax rates for small traders in Islamabad, and single portal online filing of sales tax with provinces.

He mentioned that these initiatives to boost the revenues will materialize within the next two months.

“The above will be in addition to the annual budget that shall be tabled on June 11, 2019, and the Asset Declaration Scheme that has already been announced,” Azhar had added.

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